If you’re concerned about getting life insurance for yourself or a loved one who has experienced significant health problems in the past, don’t worry.
In this article I will share options and explain how our team at Buy Life Insurance For Burial can help people aged 40 to 50 find quality guaranteed issue life insurance.
So, let’s get started.
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As the name implies, guaranteed issue life insurance policies are guaranteed to be issued.
That means regardless of your health, you cannot be declined or turned down (as long as you’re in the required age range).
This is very useful since, for a lot of people, a medical condition can appear without warning.
And most insurance companies will give clients with specific health issues a hard time.
But, luckily, that’s exactly what guaranteed issue life insurance solves.
Simply put, there are NO health questions involved, meaning people with otherwise impossible to insure health problems can still secure quality life insurance.
As long as you complete the application in a sound mind, then you’ll be approved for guaranteed issue coverage.
Guarantee Issue Is Whole Life Insurance
It important to understand that guaranteed issue is whole life insurance.
With whole life insurance plans, you can rest assured knowing that your coverage can never be taken away.
Plus, unlike term insurance and sometimes universal life insurance, your whole life insurance premiums never increase. This is honestly fantastic.
No matter how long you live, your insurance premium cannot go up. This is a huge relief.
Another added benefit is that these plans cannot cancel due to age or health. At the end of the day, we don’t know when the worst will happen.
That’s why it’s important to secure a plan that doesn’t “run out.” And as long as you pay the premium, whole life insurance plans guarantee that you’ll always be covered.
But, are there restrictions on natural death for guaranteed issue coverage?
Guaranteed issue coverage definitely has several genuinely fantastic benefits.
- It’s guaranteed to be issued.
- There are no health questions.
- As long as the premium is paid, it can never cancel due to age or health.
- The premium cannot increase in price.
However, no matter how good something seems, there will always be drawbacks.
The Cons Of Guaranteed Issue
And the most significant downside with guaranteed issue life insurance is that many companies enforce a multi-year waiting period before your coverage is active.
The key here is to try to negotiate the lowest possible waiting period.
You don’t want to get stuck with an insurance plan that makes you wait five years before you’re covered for natural death.
So what is an okay amount of time to wait for your coverage to activate?
The best guaranteed issue life insurance carriers we offer at Buy Life Insurance For Burial cover natural death after a two-year waiting period.
And in some cases, we can secure what’s called a “near guaranteed issue” plan that covers half of the coverage amount in the second year.
In other words, a $10,000 plan will equal $5,000 during the second year.
Our goal at Buy Life Insurance For Burial is to get as much coverage active as soon as possible. No one wants the worst to happen before their cover comes into full effect.
Remember, it’s extremely difficult to find guaranteed issue coverage for people aged 40 to 50.
But, luckily, we have a few companies that we rely on to secure you or your loved one guaranteed acceptance coverage or near guaranteed acceptance coverage if you fall within this age range.
#1 Great Western Life Insurance
Great Western Life Insurance Company is based out of Salt Lake City, Utah. They’ve been in business for several years and specialize in helping people between the ages of 40 and 80 with guaranteed acceptance life insurance.
Regardless of your health history, as long as you can complete an application in a sound mind, you’ll be approved for coverage.
Plus, you’re 100% approved for accidental death from day one. And if you die from natural causes within the first two years, your premium dollars (plus 10% interest) will be paid to your chosen beneficiary.
If you pass away at any time after the second year, your beneficiary will receive the full death benefit.
Plans start from $1,000 and go up to $40,000 in coverage. Most clients choose somewhere in between.
Great Western Life Insurance is available in most states and a solid choice for clients aged 40 to 50.
#2 Guarantee Trust Life
New to the final expense burial insurance market, Guarantee Trust Life, GTL, offers a new final expense product we call a “near guaranteed issue” plan.
Just be aware the application process does ask a few health questions.
If that’s the case, why not opt for a guaranteed issue plan instead? No questions asked (literally!)
That’s a good question. And the main reason is that (unlike Great Western) Guaranteed Trust Life covers 50% of the coverage amount during the second year.
Let’s compare the two quickly.
Imagine you take out a $10,000 plan with both insurance companies. If you pass away in the first year, both companies will refund your money.
Great Western will refund your money plus 10% in interest, while Guaranteed Trust Life will refund your money plus a 5% interest.
So, in the first year, Great Western appears to be the better choice. However, it’s during the second year that matters.
If you pass away in the second year, Great Western refunds the premium plus 10%. However, Guaranteed Trust Life now pays your beneficiary $5,000 (50% of your initial plan).
We recommend opting for this plan from Guaranteed Trust Life because no one can promise you tomorrow.
Unfortunate things happen in life. And at least with Guaranteed Trust Life, you can rest assured that your family will receive at least half of your coverage to help pay for final expenses.
Guarantee Trust Life starts with a minimum death benefit amount of $2,500 up to $25,000.
The following health conditions can be covered by guaranteed issue life insurance for people aged 40 to 50:
- Congestive heart failure
- Heart attack
- Cancer within the last 12 months
- 24/7 oxygen use
- Recent drug problems
- Hospitalizations overnight
The good news is that even if your condition wasn’t listed above (while you may not qualify for guaranteed issue coverage), you may still be eligible for first-day full cover.
So don’t panic if you don’t see your specific health condition. Instead, reach out to our team at Buy Life Insurance For Burial.
We can help you discover your available options. You never know we might be able to find a plan that’s significantly better than you expected.
But, what happens if you can’t find a plan with first -day full cover?
If we can’t find a plan that offers first -day full coverage, don’t worry. Just like we mentioned above, when this happens, our goal is to secure you the most amount of cover as soon as possible.
Remember, Guarantee Trust Life provides 50% of the death benefit during the second year, which is honestly a fantastic deal.
At Buy Life Insurance For Burial, we’re committed to finding an affordable plan that not only matches our client’s requirements but also provides the most cover as quickly as possible.
To request a free quote, call us directly at (888) 626 0439! Or, submit a quote request online here.
If you would like to speak to a trusted member of our team, we can run a quote for you in under ten minutes.
There’s absolutely no pressure to accept. We’ll explain how it works and let you decide if it makes sense for you.
To submit a quote request online, you can also click the “quote request” button. Then, fill in your information. You’ll receive a free quote straight away.
I hope you found this article helpful and enjoyed learning about how our guaranteed issue life insurance policies work for people 40 to 50.
Feel free to comment on this article below if you have any questions. Thank you for reading!