guaranteed issue life insurance under 40 Guaranteed issue life insurance [you will be accepted if you meet the

It might seem too good to be true, but it isn't: guaranteed issue life insurance promises death benefit coverage without medical underwriting or medical exams. This means those who are generally declined from life insurance policies due to a serious medical condition can get covered. But it's key to understand the details of this type of insurance before you commit.

What is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is exactly what it sounds like: it's an insurance policy guaranteed to be issued, regardless of health conditions, with coverage beginning almost immediately.

Typically, guaranteed issue life insurance policies carry lower death benefits, usually under $25,000. These policies don't cover pre-existing conditions for the first two years of the policy, although natural death is covered from the time the policy is issued.

Who is Guaranteed Issue Life Insurance For?

People who are generally declined insurance policies due to health reasons (like chronic heart or lung conditions, cancer, or diabetes) would benefit from this type of policy. Also, people who are getting up in age and likely to be declined due to age restrictions (generally over 65 years of age).​

What to Look for in a Guaranteed Issue Life Insurance Policy

When shopping for guaranteed issue life insurance, there are a few things to consider. It’s always a good idea to review a policy before signing on the dotted line. Here’s what to look for:

• Coverage amount: Most policies will be within the $5,000 to $25,000 range.
• Benefit period: Generally, the company will offer policy periods of either 10, 20, or 30 years.
• The waiting period: This is the amount of time you should wait before filing a claim; this is usually two years.
• Replacement clauses: Some companies offer a one-time replacement of the policy under certain conditions.
• Application requirements: Make sure you fulfill the requirements of the application, such as residency status and proof of income.
• Premiums: Understand how the payments are structured and how they will increase or decrease with age.

Where to Buy Guaranteed Issue Life Insurance

You’ll be able to find guaranteed issue life insurance policies from many life insurance companies, brokers, and agencies, including Outline Financial. Working with an experienced insurance broker who can review the various options and make sure you're getting the best coverage for your budget is always a good idea.

Why Get Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is the perfect solution for those who are unable to get approved for a traditional life insurance policy. It is important to note, however, that the death benefits are limited and you may not get the same coverage levels or flexibility as you would with traditional life insurance. Still, guaranteed issue life insurance provides a way to secure coverage when other options are not available.

Understanding the details of guaranteed issue life insurance is key to making sure you're getting the right coverage for your needs. With a thorough understanding of the policy and shopping around for the best rates, you can be sure you’re promoting the financial security of your loved ones.

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