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Today’s Video Topic Is About Guaranteed Acceptance Term Life Insurance. Does It Actually Exist?
Most likely you’re watching this video because you want that question answered, and perhaps you are convinced that term insurance is the best form of life insurance. You have an opinion that either yourself or your loved one whom you’re looking a term insurance product for has health that would not otherwise qualify for any other type of product.
If that’s the case, then watch the video or read further because, as is my job, I am going to inform you on your options and educate you on some alternative options. If, in fact, this thing called guaranteed acceptance term life insurance is not what you think it is and in fact maybe doesn’t even exist.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Here’s An Overview Of Today’s Topics:
- What Is Guaranteed Issue Term Life Insurance?
- Why Do People Want Guaranteed Issue Term Life Insurance?
- Stories From The Field
- Does Guaranteed Issue Term Life Insurance Actually Exist?
- The 5 Top Reasons Why People Buy Guaranteed Issue Life Insurance
- Term Life Vs Whole Life Insurance
- Alternative To Guaranteed Issue Term Life Insurance
- How To Apply
- Burial Insurance Rates, Age 40 to 90*
- Case Study Examples
- Next Steps
What is Guaranteed Issue Term Life insurance?
Let’s go ahead and answer what guaranteed acceptance term life insurance really means.
The concept of guaranteed acceptance means that there are no health questions – you’re accepted for who you are and whatever your situation is. If you can qualify based on age, it lasts for a stated period of time before cancelling.
That’s the term life portion of the definition. Term lasts usually for 10, 20, 30 years, sometimes in increments in between and then before it cancels, it skyrockets high enough. It’s not worth considering.
Within that period of term insurance, there are level premiums. What this means is that there are no price increases during the term of that policy and how it works.
The concept or the idea behind guaranteed acceptance term life is that it shares the same concept as regular term insurance except it’s more flexible on underwriting while also maintaining or retaining a lower price than whole life insurance.
Why do people want Guaranteed Issue Term life insurance
One reason people liked the idea of buying guaranteed acceptance term life is that they looked at whole life and they think it’s so expensive. I don’t want to touch that. Maybe term is a little better priced because term typically is whether you qualify.
Why do they want it?
First of all, people want guaranteed acceptance because they have a perception of bad health.
The fact that what your health is may not be so bad relative to what the underwriters at the insurance companies think. A lot of people want these kinds of plans and jump on because they think they can’t qualify for anything better.
Then you have the added influence of the financial gurus on TV or on radio that beat the drum of term insurance at all costs without personal consideration for you.
I think that’s foolish to say the least. Their advice isn’t any good since it just may not be relevant considering your circumstances.
Certainly if you couldn’t qualify for term insurance, why would it be the greatest thing ever?
It’s not. It’s nothing. Whereas other options may be hopefully. What I’m trying to say here is that cultural influence and financial matters. That term is by and large always the defacto way. You should buy life insurance when many times it isn’t.
Again, how do they know what your personal circumstances are to to tell you that term insurance is the right option? Many times the funny thing is a lot of these financial gurus don’t even have a life insurance license and they’re giving advice on what you should do.
That’s why you see the disclaimer says, this is just for educational purposes only. ‘No, don’t take us too seriously’ is what they’re saying half the time. Then they don’t know the people who are looking for guaranteed acceptance term life insurance or guaranteed issue term life insurance. They don’t know any other office, so they’re just kind of sticking with that the now.
We are hear to help. To get a free quote call us at (888) 626-0439 or send us a message using the communication box found on this page.
It takes 10 mintues or less and you will be under no obligation to buy from us. We’ be happy to answer any questions you might have and walk you through the application process.
Stories from the field
I want to share a story that demonstrates what Buy Life Insurance for Burial can do for clients, even if they have had a significant history of health problems.
In 2013 I was working iin a rural area of Alabama. I’d had a good day making house calls and speaking with people who had requested life insurance information. I was getting ready to wrap up for the day, but had one more stop to make.
The small, single story house sat beside a large sign promenantly displayed in the gravel driveway. The sign read: Any damage done to your person or your property is not the fault of this property owner. The Nights.
A small fear quickly crept into my stomach. Typically, when seeing threats like this one, I turn around and leave. But for some reason, with it being my last stop of the day, I decided to park and get out of my car.
I imediately noticed a gentleman sitting on the front porch staring at me. Deciding a lighthearted approach would be best, I called out to him and said, “You must be the man I’m looking for.”
Mr. Night was not amused. Without any sort of welcome he immediately demanded to know what my business was.
I tried to explain I had received a request card, but that here was no phone number on it for me to call ahead of time. “I know I am dropping in unannounced,” I applogized. “But I’m dropping in because you or your wife had requested some information about life insurance.”
Without a word Mr. Night got up and went inside to grab his wife. When she came out we proceeded to talk as Mr. Night wondered off to the garage.
Mrs. Night explained to me that she understood the importance of life insurance. She had been married before and her previous husband had ensured he had life insurance in place before he passed away.
The death claim had made a huge difference. She confessed had her late husband not had life insurance she would have never been able to afford his funeral and burial.
Now that she was remarried she was concerned about what would happen if Mr. Night passed away, as he didn’t have any sort of coverage in place. They had very little savings and she knew from experience how much a funeral could cost.
There was only one problem. Mr. Night had had open heart surgery three years prior and the only life insurance programs he qualified for seemed to all require a 2 year wait period for coverage.
I assured her that my company would approve her husband for first day full coverage despite his unique circumstances and that she shouldn’t have to worry about not having quality insurance.
Her last concern was the cost. She could only afford $20 a month because they were on a tight income. Mr. Night was not working and they were living off a meager income each month.
I showed her what Buy Life Insurance for Burial could offer her and she was thrilled. She immediately decided we needed to speak with her husband and get him to sign the paperwork.
We found Mr. Night tinkering around under the hood of a truck in the garage. Mrs. Night told him we had discussed it and she wanted him to sign the paperwork to get life insurance. Mr. Night was not nearly as thrilled as his wife. In fact, he was not thrilled at all.
“I’m not signing no damn insurance papers,” Mr. Night replied. “This man trespassed on my property. What does he think he’s doing here anyway?”
As his voice escalated, it took all I had to not bolt out the door. I was sure we were going to have a situation on our hands if we didn’t calm Mr. Night down.
“You’re lucky your not buried dead in my backyard the way you showed up,” Mr. Night continued.
His wife remained calm and told him he needed to calm down as well. Surprisingly, after a minute or so he did calm down. I remained silently to the side as his wife explained her concerns over him not having life insurance.
I was speechless when he agreed to sign the papers. I thought I was going to be buried dead in his yard, but here I was walking away with a signed application for life insurance.
As you can imagine I took the application and walked as fast as possible to my car to get the heck out of there. In the end, though this story is funny in retrospect, it’s also a reportant reminder to me of how important life insurance can be.
A few years later I got a death claim for Mr. Night. He had passed away from natural causes. We were able to pay his wife the full amount on his claim.
I know for a fact had she not had that money, she would have gone into debt trying to cover her husband’s final expenses. Clearly, she knew what she was doing when she decided her husband needed to get life insurance.
Does Guaranteed Issue Term Life insurance actually exist?
Let’s just ask the question. Does this stuff actually exists? I can tell you this. The only time I’ve seen guaranteed issue term life insurance exists if you work or you’re underemployed. If you work and have a job, you’re going to be offered some kind of group plan that doesn’t ask health questions.
That’s the extent I’ve seen of this, but what I’ve discovered is a lot of people looking for this in fact don’t work because they can’t work. Maybe they’re disabled or health isn’t good and they know they need insurance.
I haven’t seen a standalone product that’s guaranteed issue. I’ve seen term insurance that has loose underwriting which allows people with OK health the potential for life insurance or I should say term life insurance coverage.
Here’s the problem I have with this approach. When you look at the financial, a lot of times, the way these programs work, the rates are just silly.
One big advantage of buying term insurance is that it’s by and large a much lower price per dollar of coverage relative to other options like permanent or whole life insurance. But when you start getting into the realm of people with health problems, people who have had OK or worst health issues – if they get approved for this term insurance products – the price invariably has to be a lot higher.
It gets to the point where it’s so high that it’s interchangeable between a company that might fully protect the client from the first day without a waiting period but doesn’t cancel either. So it becomes silly.
It doesn’t make any sense to spend any money on a guaranteed acceptance term life or modify term life insurance plan. We can just get fully covered and not have to worry about getting cancelled because with term insurance of any sort there is the potential to outlive the coverage. If you’re in bad health or OK health, what if you do?
You wouldn’t have it when you need it. This is something to seriously consider. The waiting periods before the full coverage for the modify term insurance allow people with not so good health and they may last a lot longer. I’ve seen products that forced a three year waiting period before you’re fully covered by the term insurance, even a four year waiting period before you’re fully covered.
That’s term insurance. But who cares. What if you’re dead in three years or four years, wouldn’t you want to be covered immediately? Because there are products in some cases that will. That’s the problem I have with these guaranteed issue term life insurance concepts.
Term vs. Whole Life Insurance
Let me talk about the products that can give you some of these advantages.
Unlike term life insurance, whole life insurance does the following.
First of all, the rates never increase with a whole life insurance product. They’re guaranteed in the contract of the life insurance. Let’s say the same. Whereas term insurance, sometimes don’t cancel, go through the roof and many times there’s term insurance that goes up every five years in incremental steps.
Your coverage can never cancel due to age or health either. When you take out a whole life insurance plan, it can’t cancel you. The only condition is you got to pay the premiums, but then it’s understandable and in some cases where all you would get or these three or four-year waiting period of term plans.
There are plans that will have no waiting period as long as you can pass underwriting with whole life insurance so you can get fully protected potentially. Term insurance is historically more difficult on underwriting than simplified issue whole life insurance. That’s the one beauty of a simplified issue.
Whole life insurance product, like what I represent, there’s a lot more flexibility on health issues to get first a full coverage with a whole life insurance products.
If you like what you have read so far, why not give us a call at (888) 626-0439 and find out what you might qualify for.
You’ll speak to an expert in the field who can answer any questions you might have and gives you a free, no obligation quote.
The 5 top reasons why people buy guaranteed issue life insurance
Sometimes, if an individual is suffering from chronic health issues, guaranteed issue life insurance is a last resort option that does offer the chance to get coverage. If you have been declined before, there’s a good chance you will qualify for guaranteed issue simply because this type of product does not ask any health questions.
2.Final expense coverage
Final expense coverage is an important motivator for those seeking life insurance because they want to make sure their final expenses are taken care of. Those seeking final expense coverage are not typically looking for a large amount of coverage. They simply want enough to pay for their funeral or cremation so that their family doesn’t have to cover the expense.
3.No questions asked
If you have been declined in the past due to the questions asked on a life insurance application, a guaranteed issue life insurance policy might be the right product for you. There are no health questions required to qualify. All you have to do is sign your name. It’s that simple!
4.Can’t cancel due to age or health
Regardless of your age or health condition, guaranteed issue life insurance will not cancel. This is good news for those looking for a long term product they can rely on, even if they lived to an old age.
5.Rates never go up – If you are on a fixed income or have a particular amount of money to spend on life insurance each month, guaranteed issue is a great option because the rates will never increase due to age or health.
Alternatives to Guaranteed Issue Term Life Insurance
There are some several alternatives. The guaranteed issue term life insurance worth considering. Again, I’m going to show you final expense whole life.
I’m going to show you some prices at 65 years old. The pros I’ve just described to you about whole life insurance rates never go up covered, never cancels. Yet, you have the opportunity to be fully covered. The cons are compared to guaranteed issue term life insurance.
The price points are close to being the same but if you are in perfect shape, there’s going to be a big difference between term life that doesn’t have a guaranteed acceptance component to the final expense plan.
Now let me show you some rates – a 65 year old male and female for $10,000 coverage – so you can get an idea of what your offerings are.
You can see a 65 year old male, non-smoker, $10,000 in coverage from the mid $40s to upper $50s for first day full coverage. Then we’ll look at a 65 year old female nonsmoker, $10,000 in coverage from upper $30 to mid $40, depending on which company you may qualify for.
Now let’s talk about guaranteed issue whole life insurance. This is where your health really is not good enough to qualify for a final expense whole life plan. This would be what you originally had in mind just with the term insurance plan but now with a whole life insurance plan.
The pros with these is there is no health questions asked and this product actually does exist. There are no health questions asked and you still get the benefits of a whole life insurance plan. The rates never go up, coverage never cancels.
But the drawback is there is a two-year waiting period for natural death coverage. If you die from natural causes within the two-year period, the premiums you paid are refunded to your beneficiary as death benefit, plus, depending on the company, approximately a 10 percent interest rate above and beyond.
Let me show you some rates. For a 65 year old female for $10,000 in coverage, the top two are the only ones worth considering in the present day, mid $50s for either company. For male, 65 years, $10,000 plan, you’re looking at somewhere between $73 to $85.
How to qualify for life insurance program to cover burial costs
Let’s say you’ve got to the point where you are convinced you need life insurance and you either have OK health or bad health, but you want to move forward to get some kind of life insurance in place with some of the options that I showed you. The application process, if you would to work with me as simple.
First of all, you want to pick an agent you trust and alike. I hopefully I’ve made that case to you just through the demonstration of how well I know about these products and how I can help you.
If you and I work together, the process is very simple. We just draw a quote. I ask you a series of health questions and probing questions to figure out what your goals are and then show you what I can do.
Assuming you like it, we do an application over the phone or via email. Then over the course of several days or weeks, depending on the circumstances, if the policy is good and you get approved, you’re approved for your coverage. We get a decision either way approved or not.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
Case study examples
Burial Coverage on a Fixed Income
A 45 year old gentleman named Mr. Jole called us to find out about getting burial insurance to cover his final expenses. He was in generally good health, but was on a fixed income and was concerned about being able to afford quality coverage.
We looked at a number of options to find the best value coverage for this client and were able to get him first day coverage at a premium price. He was thrilled with the end result and thankful to have coverage that met his budget requirements.
Though we can’t guarantee the same outcome for every applicant, we do our best to provide quality coverage at an affordable price to every client who contacts us.
10 Year Term Insurance
A young woman gave us a call last month looking for life insurance coverage for a 10 year bank loan. She wanted to expand her business, but in order to get the bank loan she needed to get life insurance coverage. She was in generally good health, but did suffer from depression on and off throughout her life. She was taking anti-depressants and was concerned this would affect her application.
I assured her that we would do our best to find high quality coverage despite her health condition. We looked at a number of options and found a 10 year term policy that offered her the coverage her bank required.
Every application is unique and we can’t guarantee coverage, but we certainly do our best to meet the needs of our clients by shopping among competitive providers to find the best possible coverage solutions.
Now, if you like what you hear or read and you’d like to apply, here’s what you need to do. Visit my website buylifeinsuranceforburial.com and request a free quote via the Messenger at the bottom of your screen on the website.
You can click the contact box at the top of the page or the message box at the below. Send me a message, tell me what you’re looking for.
You can also call me on 888-02-646 to speak with me live. Just want to call it is fine. Leave a message if you don’t get me. I speak a lot of people all the time, I’m always on the phone and I’ll get back to you quickly. I can tell you in 5 – 10 minutes how it’s going to work. If it’s great, perfect. If it’s not, I am not going to give you a hard time.
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Thanks for stopping by and reading this article. I hope it has been useful and I hope it has encouraged you to get a free quote. Call us at (888) 626-0439 or send us a request and we will get in touch with you within 24 business hours.