Are you getting turned down for insurance because of health issues? Do you feel as though you’ll never find insurance? Are you familiar with guaranteed issue life insurance?
Is it the right insurance for you?
Guaranteed issue life insurance is intended especially for persons aged 40 to 75 who have difficulty getting insured. This type of insurance is also attractive because the premiumsAn insurance premium, or premium, is an amount that a person or company must pay on a regular basis to keep their insurance in effect. For example, if Mary has to pay $200 per year to keep her life insurance in effect, then the premium is $200.
The insurance premium should not be confused with the face amount, or insured amount, which is the amount that the insurance company has to pay out. In the same example, if Mary has life insurance that pays $100,000 to Peter upon her death, then the face amount is $100,000. are fixed and there are no medical exams or health questions. But be careful! Insurers know that people who buy this kind of insurance are generally in poor health, which is why the premiums cost more than those for other types of life insurance.
If you think you’re in good health, you might be better off applying for permanent (whole life) insurance, which usually provides higher amounts of coverage and isn’t necessarily more expensive. If the insurer refuses your application, you can always buy guaranteed issue life insurance.
You’re eligible as long as you haven’t reached the specified age limit.
The amount of insurance
Unlike whole life insurance, the amount of the insurance you might receive under a guaranteed issue life insurance policy is limited. The maximum amount could be $10,000, $20,000 or $50,000.
However, the insurance payout is often higher in the case of an accidental death. Don’t be impressed by the amounts offered. Since nobody knows what they will die from, consider this protection as a bonus or a winning lottery ticket for your beneficiary if you die in an accident. In fact, your need for insurance doesn’t increase because you die accidentally.
Time to cancel without any obligation
You generally have 10 to 30 days to cancel the insurance free of charge.
What happens if you die in the first two years of coverage?
Fees may be deducted from those amounts. If your death isn’t related to an illness that existed when you bought the insurance, the insurer could choose to pay the full amount of insurance even if you die within the first two years of the contract. The same is true if you die in an accident. The terms and conditions of the insurance vary from one contract to another, so make sure that you read them carefully before signing yours.