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Guaranteed Issue Life Insurance

by Jeff Rose

guranteed term life insuranceWe get tons of inquiries on our site of individuals looking for guaranteed issue term life insurance.

In other words, they want to obtain life insurance without a medical exam.

It sounds to good to be true. Is it? Yes and No.

Let me explain…..

There are policies that will insure you without a medical exam.

Please keep in mind that guarantee issued life insurance policies, would not classify as cheap life insurance.   Far from it.

The main reason is you do not have to answer any medical questions about yourself.

If you are looking for a guaranteed issue policy, they typically do not require any medical questions to be answered.

If you are looking for a simplified issue, or graded benefit insurance they will have just a few medical questions you will have to answer.

You can see the 4 basic questions that will be on all simplified issue or graded benefit policies  below. Keep in mind, there may be more questions depending on the insurance company.:

Please note:If you need a quote for a non-medical exam or guaranteed issue life insurance policy you will need to contact our office to get a quote.

Guranteed Acceptance or Simplied Life Insurance Policy

4 Easy Questions

If you’re a smoker does not mean that you’ll get denied.   It just means that you’ll pay a higher rate.

The big questions are:

  • Are you currently residing in a hospital or long-term-care facility?
  • Do you have AIDS or HIV?
  • Have you been been declared terminally ill?

If you can answer no to these questions then you will get approved for a guaranteed acceptance life insurance policy.  Yes, it’s that easy.   Compared to the 6-8 process that typical underwriting takes when applying to traditional term life insurance, this is a breeze!

Is there a Catch to Guaranteed Issue Life Insurance?

As stated above, you will not get denied for a guaranteed acceptance policy.   So that’s the good news.   What’s the not so good news?  Here’s a few.

  1. Guaranteed Acceptance Insurance is more expensive.  When you think about it, it has to be.  There is no exam so the insurance company really knows nothing about you.  To protect themselves they have to charge more for it.
  2. You won’t get as much coverage.  If you’re needing $2 million dollars of term life insurance, then this is not the product for you.  Depending on the insurance company, guaranteed issued policies will usually be in the $10k -$25k range.
  3. Most likely a graded death benefit.  This means that if you buy the policy today and die a week from now, your beneficiaries will just get the premium back that you paid plus interest.  They will not receive the actual face amount.   Most guaranteed acceptance have a 3 year graded benefit period before they would receive the full amount.

 Types of Guaranteed Issue Policies (Term or Whole Life)

Guaranteed issue policies can typically be issued in two forms: term or whole life.   Whole life policies will cost more, but can build some cash value if that’s a concern of yours.

Guaranteed Issue Life Insurance Companies

Americo offers a guaranteed issue whole life product that does not require a medical exam. This product is available for ages 50-75 and has a max issue amount of $10k.

United Home Life offers a guaranteed issue whole life product that also requires no exam.   The product is available for ages 45-75 but will only cover up to $10k.

Other Options-  Simplified Issue

Many people confuse Guaranteed Issue Life Insurance vs. Simplified Issue Life Insurance. There is a difference.

Graded Benefit Whole Life Insurance

  1. Is the annual premium at least $360?
  2. Are you currently employed and have you actively and continuously participated in the duties of your regular occupation on a full time basis (at least 30 hours per week) for the past 6 months? Or,
  3. If retired or currently unemployed, are you physically and mentally capable of being employed on an active full time basis?
  4. Have you been disabled for 30 days or longer during the previous 12 months, and has said disability prevented you from performing your normal daily duties or activities, or are you currently receiving disability benefits?
  5. In the last 5 years, have you been diagnosed by a member of the medical profession as having, or have you been tested positive for or been treated by a member of the medical profession for any of the following: Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC), HIV virus, or any other disease or disorder of the immune system?
  6. Within the past 24 months, have you used or are you currently using narcotics, amphetamines or any controlled substance, other than on the advice of a physician?
  7. Are you now receiving or within the past 12 months have you received chemo or radiation therapy for cancer or have you ever been diagnosed as being terminally ill?
  8. Do you require any assistance with two or more of the following activities: bathing, dressing, toileting, indoor or outdoor mobility, or eating or do you use oxygen for a medical condition?

1ClickCoverage

National Brokerage has a new product that does not require a medical exam. The best part about this product is that you can do the application online and be approved within 10 minutes! This is the fastest approval for life insurance around. With 1ClickCoverage they ask a series of questions about your medical history, as long as you can answer no to these questions, you can be approved for life insurance today. Click here to apply now!

Rapid Decision Express

Guranteed Issue Life Insurance Questionnaire

Sample $25k Insurance Needs example

Guranteed Issue Life Insurance Options

Simplified Life Options

If any question below is answered “Yes”, you are not eligible for this plan of insurance.

  • Do you currently receive kidney dialysis or require oxygen use or have you received or been told that you need an organ transplant or have you been diagnosed as having a terminal illness? (Terminal illness is defined as any illness diagnosed that would reasonably be expected to cause death within twenty-four (24) months.)
  • Do you require assistance to feed, bathe, dress or take your own medication or are you currently confined to a hospital, nursing home, mental facility, hospice, or require home health care?
  • Have you ever tested positive for the AIDS virus or been diagnosed or treated, or recommended for treatment for AIDS (Acquired Immune Deficiency Syndrome), ARC (AIDS Related Complex) or any other immune disorder?
  • In the past twelve (12) months:
  •   Other than for temporary or minor conditions, have you been hospitalized two or more times?
  • Other than preventive, maintenance or risk lowering medications prescribed, have you been treated for or diagnosed with any cancer (other than Basal Cell skin cancer), heart attack, stroke, or had heart surgery (including angioplasty)?
  • Have you used any illegal drugs, been treated for or advised to have treatment for drug abuse?

Please note:If you need a quote for a non-medical exam or guaranteed issue life insurance policy you will need to contact our office to get a quote.

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