Guaranteed Issue Life Insurance
Some people never purchase life insurance because they are under the impression that they would be denied coverage based on some kind of preexisting health condition. While it is true that many life insurance companies will not insure someone with serious health or medical problems, there is a solution: guaranteed issue life insurance. This coverage is the best solution for many consumers, so compare guaranteed issue life insurance quotes to get a cheap, affordable policy and rates.
Why Was I Denied Coverage?
Many life insurance companies require a medical exam before extending coverage (however, no exam life insurance is available). The reason for this is to decrease insurance fraud and to protect their bottom line. Life insurance companies have the right to deny coverage to those who are already seriously ill or have preexisting medical conditions such as diabetes or heart disease because these individuals are considered “high risk” (see high risk life insurance). The insurer believes a person’s health or other factors, like having a dangerous occupation or hobby means they’re a bad insurance gamble and will likely cost the insurer.
Why Is Guaranteed Issue Life Insurance Different?
Guaranteed life insurance is different because you will never have to go to a medical exam or answer any questions about health, occupation, hobbies, etc. The only information the insurer has is your age and sex. Unless you try to buy life insurance coverage while in a hospital or long-term-care facility, you will be covered. It can be either guaranteed term or a type of permanent life insurance like guaranteed whole life. The biggest negative is the costly life insurance rates of guaranteed life insurance.
Since the insurer is essentially underwriting a life insurance policy without a medical exam and knows nothing about you, the life insurance company will charge you higher premiums, but affordable policies can still be found.
Simply stated, guaranteed life insurance offers:
- NO medical questions
- NO medical or physical exams
- NO medical tests
Life Insurance Quotes
If you are in good health and would normally qualify for cheaper traditional life insurance, you don’t need guaranteed issue life insurance. Consumers will get coverage quicker with guaranteed issue due to the lack of underwriting and no exam, but you have to weigh the premium costs against this benefit.
TheLifeInsuranceQuote.com offers free, instant life insurance quotes online, so you can compare prices to find the best rates and policy for your situation. By entering your 5-digit zip code, we ensure you buy the best, cheap life insurance available on the market.
Enter your zip code, choose a life insurance company, and begin an online quote now to find the best guaranteed issue life insurance for you and your family.
