Who should consider a guaranteed issue life insurance? People with certain medical conditions, or above a certain age, may have difficult time obtaining life insurance.
These individuals are sometimes referred to as uninsurable.
Sometimes getting life insurance is important in order to protect loved ones in case of an unexpected death.
In these cases, guaranteed issue life insurance policy is probably the best alternative for uninsurable.
What do you have to know before getting guaranteed issue insurance?
Smoking may affect the premiums, but will not prevent you from getting an insurance policy.
Comparing rates and buying an insurance policy Different insurance companies offer different insurance products with different conditions.
It is important to compare both, the rates and the terms of the policy before buying.
Some employers offer a life insurance policy, without having to go through a medical examination.
This option is often available only for new employees.
If you are uninsurable, and your employer offers this option, check this option first.
It is normally the least expensive, and with the best terms.
If your employer does not offer this option, you can start by searching prices and conditions online, but eventually, it makes sense to talk to an agent, a broker or a financial advisor, so you can understand your options better.
When working with an agent, only work with a reputable and reliable agent.
Make sure you understand what you are buying.
Remember that Insurance agents have to be licensed by the state and work on commission.
Avoid working with an agent that pressures you to purchase any product without clearly explaining the benefits.
Additionally, while some agents work only with a single company, other work with several companies that sell insurance in your state.
If you'd like to be able to compare several different products, it makes sense to work with an agent that works with more than one insurance company.
Not all insurance companies offer guaranteed issue policies.
Companies that offer this type of policies include Prudential Life Insurance Company, Guaranteed Trust Life, United Home Life and American National.
Make sure you buy from a highly rated company with solid financial base.
These individuals are sometimes referred to as uninsurable.
Sometimes getting life insurance is important in order to protect loved ones in case of an unexpected death.
In these cases, guaranteed issue life insurance policy is probably the best alternative for uninsurable.
What do you have to know before getting guaranteed issue insurance?
- Benefits are often lower than the face amount in the first couple of years.
- These policies are normally more expensive than standard policies.
- Often coverage is limited and can go only up to $50,000
- Sometimes the amount of premiums paid throughout the period of the policy is higher than the death benefits paid to the beneficiaries.
- There are often age limitations (75 to 85 and sometimes younger, depending on the company.
- Some insurance carriers are not licensed to sell insurance in some of the states
Smoking may affect the premiums, but will not prevent you from getting an insurance policy.
Comparing rates and buying an insurance policy Different insurance companies offer different insurance products with different conditions.
It is important to compare both, the rates and the terms of the policy before buying.
Some employers offer a life insurance policy, without having to go through a medical examination.
This option is often available only for new employees.
If you are uninsurable, and your employer offers this option, check this option first.
It is normally the least expensive, and with the best terms.
If your employer does not offer this option, you can start by searching prices and conditions online, but eventually, it makes sense to talk to an agent, a broker or a financial advisor, so you can understand your options better.
When working with an agent, only work with a reputable and reliable agent.
Make sure you understand what you are buying.
Remember that Insurance agents have to be licensed by the state and work on commission.
Avoid working with an agent that pressures you to purchase any product without clearly explaining the benefits.
Additionally, while some agents work only with a single company, other work with several companies that sell insurance in your state.
If you'd like to be able to compare several different products, it makes sense to work with an agent that works with more than one insurance company.
Not all insurance companies offer guaranteed issue policies.
Companies that offer this type of policies include Prudential Life Insurance Company, Guaranteed Trust Life, United Home Life and American National.
Make sure you buy from a highly rated company with solid financial base.
