Our team offers guaranteed issue life insurance to help you make sure your family is taken care of after your passing.
As you age, it’s important to consider your long-term medical needs, and to plan for your end-of-life needs as well. While it is not enjoyable to think about these matters, it is necessary to do so in order to be prepared for any scenario. Fortunately, you don’t have to sort out your affairs all by yourself, but can instead turn to our experienced team here at Senior Insurance Advisors. One of the many ways in which we can help you is by providing guaranteed issue life insurance, and in this article, we’ll provide an overview of how this type of insurance works.
To put it simply, guaranteed issue life insurance is a type of life insurance policy that does not require you to answer any health questions, undergo any medical exams, or submit your medical records for the insurer to review. Essentially, it offers those with underlying medical conditions a way to get life insurance coverage that they might otherwise be denied due to insurers deeming them too high-risk.
There is a flip side to this, however, and it is that guaranteed issue life insurance has a waiting period–if you die during that waiting period (which is typically two to three years), your beneficiaries will not receive the policy’s death benefit. This waiting period prevents people from signing up for this type of insurance on their deathbeds and claiming thousands of dollars in benefits for their families, and instead helps make sure that it is used as it is intended–as a way for aging or ill people to get life insurance that they otherwise would not be able to secure.