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I’m Going To Talk About About Guaranteed Issue Life Insurance, Who’s Offering It, And In What Circumstances You Would Want Guaranteed Issue Insurance
NOTE: Learn more about guaranteed issue life insurance coverage in my new review video below.
Hopefully, by the end you’ll know that many people do not require guaranteed issue, even with serious health conditions. They can actually get better coverage elsewhere.
Here’s An Overview Of Today’s Topic:
What Is It?
First of all, what is guaranteed issue life insurance? Simply put, it means that it doesn’t matter what your health is or what medications you take. They
guarantee you will receive a policy as long as you fit their age guidelines. For example, if you’re 52-85, they’ll give you a coverage plan that will last forever. The downside is the company knows that people who qualify for these plans generally do not have the best health. The fine print many people are unaware of states that there is a 2-year waiting period for natural death, meaning if the person dies from natural causes, the beneficiary only receives a refund on the premiums paid in plus a little bit of interest.
What’s The Problem?
Why is this bad? We don’t know when we’re going to die. We hope it won’t be in the next 2 years, but what if it is? Therefore, we need some level of guarantee, if we can qualify for it. The good news is 95% of the people I deal with, which is people over 50 with all sorts of health problems such as heart issues, cancer, diabetes, COPD, etc., do not require a guaranteed issue plan.
They can often get full first-day coverage, although that’s not a guarantee. Either way, something is better than nothing, right? That’s why I always tell my clients not to go with a guaranteed issue plan until they’ve checked out other options from a licensed life insurance agent who represents multiple companies like I do.
What Other Choices Are There?
Here’s what I recommend. First of all, don’t deal with a company you see through the mail. Most of those companies are guaranteed acceptance players such as Colonial Penn, Mutual of Omaha, and AARP. They all offer products that don’t ask health questions and make you wait 2 years. Before you go that route, talk to me. I help all sorts of people with health issues find much better coverage than that from your run-of-the-mill life insurance company.
Next, go to my website at buylifeinsuranceforburial.com. You can either call the number and ask for a quote, or you can fill out the no-obligation quote request form. We’ll figure out what, if anything, you can qualify for. Like I said, most people qualify for some kind of plan that will fully cover them from the first day or even partially cover them from the first day without a 2-year wait.
There are some circumstances where guaranteed issue is the best option, but the odds are you can get much better coverage and you deserve it. I’ve talked to too many people whose family members have died just days before the 2-year waiting period was up and the family gets nothing. Had they had first-day full coverage, they would have been covered.