High-risk life insurance
Many seniors suffer from chronic diseases or other impairments that cause them to be in the market for high-risk life insurance.
You may be one of these people who find it impossible to get life insurance. But high-risk life insurance, or guaranteed issue life insurance, is your solution!
What is high-risk life insurance?
Guaranteed life insurance is the policy that was created for people who normally can’t get coverage because of their “high risk.”
There is no health underwriting and an extremely brief application process.
Benefits of guaranteed life insurance
Other than the fact virtually everyone is guaranteed acceptance and the fact that there is no medical exam, there are other benefits to this policy:
- The premium never goes up
- The benefit never goes down
- Coverage does not expire as long as premiums are paid
- No medical exam
- No health questions
Is there a waiting period?
There is at least a two-year waiting period with this type of insurance.
This means until the “waiting period” is over your benefit will either be on a graded scale or at least the amount of premium you paid in.
However, depending on your health issues, we can sometimes find a company who will offer you a simplified issue policy.
And some companies offer a rider that not only will pay out the full death benefit if your death was caused by an accident in that time period, but pay out double.
What does guaranteed issue life insurance cost?
Premiums are higher for this type of insurance because of the risk associated with the people who need it.
However, the trade-off is it is guaranteed acceptance, coverage does not expire, and premiums do not increase. This is meant as a sort of “last-resort” policy when you cannot find coverage through other means.
And you certainly don’t want to have to pass off your final expenses to your surviving family.
How do I apply?
We can help you through this process and find you the best solutions for your life insurance needs. Click below to get rates from multiple insurance companies so you can be sure to get the best deal available.
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