Guaranteed Issue Life Insurance

Qualifying for a life insurance is often associated with various eligibility criteria like age and health conditions. Most of these policies require the applicant to undergo medical examination to prove the same. There are many people, who do not have enough time to undergo such procedures. Some others may simply detest such cumbersome physical exams. They may search for a life insurance with no physical exam. There are some others, who have tried all the available options, but failed to qualify for life insurance, due to some serious medical problems. If you are a person, who has been disqualified for standard life insurance schemes, due to such reasons, then, you may opt for guaranteed issue life insurance.

What is a Guaranteed Issue Life Insurance

As the name rightly suggests, it is a life insurance scheme that is said to be guaranteed for everyone, despite their health condition or illnesses. In other words, you won't be disqualified for a life insurance policy on the grounds of health problems. These schemes are aimed at those, who fail to qualify for standard life insurance policies, due to a serious health conditions or old age. As per this scheme, there is no mandatory requirement of physical exam and you don't have to fill in the lengthy questionnaire regarding your health conditions. However, there are some terms and conditions attached to this life insurance policy that may be disadvantageous for the policy holder. So, it is very much necessary for you to understand the terms of such policies, before joining such schemes.

Guaranteed Issue Life Insurance - Features

These life insurance policies are often promoted as ideal, for elderly and those with serious illnesses. Even though, the features of these policies may slightly vary from one company to other, the basic features will almost be the same.

• As far as the eligibility criteria for guaranteed issue life insurance is concerned, the age limit set by most companies is 45-50 to 80-85. However, people above the age of 75 are usually not considered.
• Another feature of guaranteed issue life insurance is that there will be no medical examination or health questions. When compared to other life insurance policies with no physical exam, this scheme may not even require you to answer any health questions. As acceptance is guaranteed in this scheme, it covers almost all serious illnesses, ranging from cancer to HIV/AIDS.
• Apart from the above said features, there are some others that may not be advantageous for the policy holder. One of them is that, most of these guaranteed issue insurance policies have graded benefits for the first two or three years. This means, if the policy holder dies within the specific time period (2 or 3 years), then, the beneficiaries will get only a portion of the death benefits.
• It has been observed that most of these schemes have a two-year time period and only after this period, full death benefits will be paid. One exemption for this condition is death caused by accident.
• Apart from that, most of these policies have a limited death benefit amount, but are found to be very much in demand, as they cover burial expenses, debts left in the estate and medical bills.
• Another such feature is the hefty premiums, that may be charged in these schemes. However, being a whole life insurance policy, there will be no change in premium amounts and the death benefit.

In short, guaranteed issue life insurance is ideal for those who could not qualify for other standard life insurance policies. You may apply online for guaranteed issue life insurance quotes. If you want to enroll for this scheme, please ensure that you understand the terms and conditions beforehand.