Aug 212011

Guaranteed Acceptance Life Insurance

With many life insurance companies you cannot be turned down for guarantee issue life insurance unless you are in a long-term care facility or in a hospital.

To procure guaranteed issue life insurance policies you answer no medical questions, take no medical examinations, and take no medical tests. It is intended for individuals whose health problems prevent them obtaining ordinary life insurance coverage.

Since there is no underwriting, getting coverage can be finished in a short time; sometimes only a few minutes. Compare this to systematically underwritten life insurance which may take up to two months to complete.

Guaranteed issue life insurance companies may offer either guaranteed issue term insurance or guaranteed issue whole life insurance.  In deciding which is most appropriate for you, consider the premium and how long you want the coverage.  Whole life is permanent coverage and term insurance is temporary.

Insurance companies set the cost for life insurance based on the insured’s age, sex, health history, and other risk factors such as driving record and dangerous hobbies. When you are buying guarantee issue life insurance the company knows nothing about your physical condition or other risk factors. This means the company is taking on greater risk so the insurance company will charge higher premiums.

Because of this, guaranteed acceptance life insurance is more expensive. Do not buy guaranteed issue life insurance just to avoid taking a medical exam. If you are somewhat healthy you may meet the criteria for simplified issue life insurance or even regularly underwritten life insurance – all less expensive than life insurance that is guaranteed issue.

Examples of people who may profit from guarantee issue life insurance are:

Cancer patients or recent cancer patients

Diabetics with difficulty achieving good control

People with unrestrained blood pressure

COPD patients

Other significant medical history

For more information click on guaranteed acceptance life.

 August 21, 2011  Posted by at 6:40 pm Guaranteed Issue Life Insurance