What is Guaranteed Life Insurance?

Guaranteed life insurance, also known as guaranteed issue life insurance, is a type of life insurance policy that is designed for individuals who may not be eligible for other types of life insurance policies due to age or health issues.

With guaranteed life insurance, the applicant is guaranteed to be approved for coverage as long as they meet the policy’s eligibility requirements, which usually involve being within a certain age range (typically between 50 and 85 years old) and not currently receiving hospice or long-term care.

One of the main benefits of guaranteed life insurance is that there are typically no medical exams or health questions required to qualify for coverage. This can be particularly appealing for individuals who have pre-existing medical conditions that may make it difficult to get approved for traditional life insurance policies.

However, because there is no underwriting involved, guaranteed life insurance policies often come with higher premiums than other types of life insurance. Additionally, the death benefit for a guaranteed life insurance policy is usually limited to a certain amount, which may not be enough to cover all of the policyholder’s final expenses.

Overall, guaranteed life insurance can be a good option for individuals who are unable to qualify for other types of life insurance policies, but it is important to carefully consider the costs and benefits before making a decision. Speak with one of our licensed advisors to find the best carrier for you today to get protected.