Guaranteed acceptance life insurance is a good option for anyone who has been turned down for term or whole life insurance policies for whatever reasons. As you can imagine no one is turned down for this type of life insurance. If someone were it wouldn’t be guaranteed.
Many companies carry guaranteed acceptance life insurance. It is not always called guaranteed acceptance. Some companies call it guaranteed issue life insurance or life insurance without an exam. You can get this insurance from major companies like mutual of Omaha, New York life or AARP or from more local insurance companies.
The most common people to get guaranteed issue life insurance are smokers, seniors, and people with medical conditions (you can learn more here about affordable life insurance for smokers). Each of these groups is likely to get rejected or to get put into a high risk category. Obviously if you can get approved for traditional life insurance it is much less expensive and should be the route you go. The only way to know is to get a set of quotes.
Unlike other forms of life insurance, guaranteed acceptance life insurance has some limits onto how much coverage you can get. Most likely you will be able to find policies from five thousand to fifty thousand dollars. Getting any guaranteed issue life insurance policy that is larger than this is possible but you should be prepared to pay an exorbitant premium.
You should also know that guaranteed acceptance life insurance is that it can come with a graded benefit. This means that if you happen to die during the first two years that instead of you beneficiaries getting the full amount of the policy they will receive only premiums that were paid plus a little bit of interest. The obvious reason is to keep people who are on their death bed from purchasing the insurance at the last hour and getting a windfall from the guaranteed issue life insurance for their heirs.
Other than the obvious benefit of definitely being approved, guaranteed acceptance life insurance can be whatever type of life insurance you want. You can choose between both term policies and whole life insurance policies. Term gives you a nice steady rate and whole life will cover you for the rest of your life. Guaranteed issue life insurance is much more versatile in this way.
At TermLife360.com we are dedicated to helping you find the best life insurance for your needs. Whether you can qualify for traditional life insurance or need to purchase guaranteed acceptance life insurance we can help you get the information you need to make the best decision for you.