Understanding Guaranteed Issue Life Insurance Policies
Most people would consider this type of life insurance minimal, overpriced and with a very low payout so why would a person sign up for such a plan? It comes down to your health and age. Let's say you are in bad health, not just over weight, but will a condition that won't improve such as diabetes or worse. You would be considered uninsurable by most standards and in fact you might be here reading this because of that. A guaranteed issue life insurance policy at this point would work well for you simply because you could get insurance coverage that under normal circumstances wouldn't be available, the payout however will be minimal, usually enough to cover burial costs!
Who Qualifies for a Guaranteed Life insurance Plan
Well, everyone qualifies and you won't need to do a health or medical exam, online you will be asked specific health questions and that's it. This type of life insurance plans are expensive since you would be considered high risk they mostly don't payout in the first two years so a life insurance company can recoup some of their costs. Premiums are considerable higher as mentioned earlier usually three to four times higher than a term life insurance policy but then it is the difference between getting coverage or not. Most premiums payout a maximum of $5,000 to $50,000. As you can see its limited in what it can do for your loved ones.
How to compare guaranteed issue life insurance companies
Since most guaranteed issue life insurance companies won't require you to get a medical exam you can compare online multiple quotes in just a few minutes. It's convenient but you need to look at more than the cost of the life insurance premium per month, please consider and compare the following:
-How long before each premium will payout in case of accidental death?
-What is the amount the life insurance policy pays my beneficiary?
-Finally, how much does the monthly premium cost and is it a fixed cost?
Consider all these things before you make your final decision and come to us to compare, we are always here to help!