Guaranteed Issue Life Insurance

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Guaranteed Life Insurance can be a great way to get life insurance coverage in the right circumstances. Just like every other life insurance policy, it might not be the right policy for everyone, but it does serve its purpose.

In this article, we will be covering everything you need to know about this type of life insurance, including requirements and what you can expect to pay. Read on to learn more.

What is Guaranteed Issue Life Insurance?

Life insurance products come in many different flavors with often complicated-sounding names, which can feel intimidating to those who are new to life insurance. Many life insurance companies also put their own twist on the policy name, making it confusing as to what is actually being offered.

Guaranteed Issue Life Insurance is one such product. It goes by many different names, depending on the insurance company you’re talking to. In most cases, the word ‘guaranteed’ or the phrase ‘no questions’ will be present in the name. After all, this is the main feature of this product.

This is because Guaranteed Issue Life Insurance policies have no underwriting, which means that an insurance company will issue this type of policy to pretty much anyone who applies for it.

There are no medical exams involved, although there are some other criteria that need to be met. These tend to vary from one company to the next, and we will cover these later on in this article, so stick around.

What Type of Life Insurance is Guaranteed Issue?

As we mentioned earlier, life insurance products come in different shapes and sizes. This can help people with different requirements find something that fits their needs and budgets.

Generally speaking, Guaranteed Issue Life Insurance policies are of the whole life variety.

This means a number of things, and while each insurance company will have its own fine print, all whole life insurance policies have the following;

  • Fixed monthly payments
  • Fixed death benefit
  • Life-long policy
  • Cash value accrual

While a Guaranteed Issue Life Insurance policy is a type of Whole Life Insurance policy, it is not the same. Whole Life Insurance policies typically require medical exams and are generally cheaper. We will cover this in more detail later.

It is also worth noting that a Guaranteed Issue insurance policy comes with a graded period. This means that if you pass away during the first two years from when you take out the policy, your beneficiaries will not get the full benefits, but rather the premiums paid to date and accrued interest). The interest percentage and period will vary from one company to another. You may also find policy exceptions that grant the full benefit if the insured’s death is due to an accident.

What Are The Requirements?

There aren’t a lot of requirements when it comes to taking out this kind of policy, but there are some.

Availability

Not all companies offer Guaranteed Issue Life Insurance in all states. You will need to make sure that the company you would like to take out a policy with is offering Guaranteed Issue Life policy in your state

Age

Generally speaking, Guaranteed Issue Life Insurance policies can be taken out between the ages of 50 and 80. Some companies might extend the age eligibility beyond this, which can allow you to get coverage earlier or later in life.

Sound Mind

Just like every other legally-binding contract, you need to be of sound mind to sign it. Although this requirement might be obvious, it is well worth noting when it comes to life insurance.

As long as you satisfy these criteria, you can get a Guaranteed Issue Life Insurance policy.

Pros and Cons

When to get a Guaranteed Issue Life Insurance policy, just like everything else in life, there are pros and cons. This is why it’s important to only choose this type of life insurance when it is the best option available.

Make sure you check what else might be available to you before committing to a Guaranteed Issue policy. Do not assume that just because you’re in poor health, insurance companies will deny you every other type of policy. Make sure you shop around!!

Pros

  • No medical exam
  • Low barrier to entry
  • Decent coverage for basic expenses

Cons

  • Can be expensive
  • Graded benefit period
  • Limited coverage options

How Much Does It Cost?

Understanding the cost of a policy can help you make the right choice for you. We are listing sample prices below, which you can use as an indication of what a Guaranteed Issue Life Insurance policy might cost you.

Keep in mind that the company might change its prices without notice. Because of this, it is always advisable to get in touch with a few different ones and ask for the latest prices.

Mutual of Omaha

  • Rating: A+
  • Age: From 45 to 85
  • Coverage availability: From $2,000 to $25,000
  • Excluded States: CT, MT, NY, OR
  • Waiting Period: 2 years
  • Interest accrued: 10%
  • Learn More: Mutual of Omaha Life Insurance Review

Sample monthly rates for male customers:

Age $5,000 $10,000 $20,000
50 $18.50 $36.00 $71.00
60 $28.00 $55.00 $109.00
70 $45.00 $89.00 $177.00
80 $83.50 $166.00 $331.00

Sample monthly rates for female customers

Age $5,000 $10,000 $20,000
50 $15.50 $30.00 $59.00
60 $21.50 $42.00 $83.00
70 $35.00 $69.00 $137.00
80 $70.25 $139.50 $278.00

Get Started:

AIG

  • Rating: A
  • Age: From 50 to 80
  • Coverage availability: From $2,000 to $25,000
  • Excluded States: NY
  • Waiting Period: 2 years
  • Interest accrued: 10%
  • Learn More: AIG Life Insurance Review

Sample monthly rates for male customers:

Age $5,000 $10,000 $20,000
50 $26.96 $51.92 $101.85
60 $32.58 $63.17 $124.33
70 $47.57 $93.14 $184.28
80 $88.57 $175.15 $348.30

Sample monthly rates for female customers:

Age $5,000 $10,000 $20,000
50 $18.92 $35.83 $69.66
60 $23.57 $66.70 $88.27
70 $36.21 $70.41 $138.83
80 $68.56 $135.12 $268.25

Get Started:

Gerber

  • Rating: A
  • Age: From 50 to 80
  • Coverage availability: From $5,000 to $25,000
  • Excluded States: MT
  • Waiting Period: 2 years
  • Interest accrued: 10%
  • Learn More: Gerber Life Insurance Review

Sample monthly rates for male customers:

Age $5,000 $10,000 $20,000
50 $19.66 $38.41 $75.90
60 $28.78 $56.65 $112.38
70 $44.41 $87.91 $174.90
80 $110.92 $220.92 $440.92

Sample monthly rates for female customers:

Age $5,000 $10,000 $20,000
50 $14.53 $28.14 $55.36
60 $23.70 $46.48 $92.03
70 $34.83 $68.75 $136.58
80 $76.54 $152.17 $303.42

Physicians Mutual

  • Rating: A
  • Age: From 50 to 80
  • Coverage availability: From $3,000 to $10,000
  • Excluded States: AR, KS, MN, MO, NJ, NY, PA, WA
  • Waiting Period: 2 years
  • Interest accrued: 10%

Sample monthly rates for male customers:

Age $5,000 $10,000 $20,000
50 $21.50 $42.00 NA
60 $29.00 $57.00 NA
70 $46.50 $92.00 NA
80 $94.25 $187.50 NA

Sample monthly rates for female customers:

Age $5,000 $10,000 $20,000
50 $15.75 $30.50 NA
60 $24.00 $47.00 NA
70 $36.50 $72.00 NA
80 $67.00 $133.00 NA

AAA Life Insurance Company

  • Rating: A-
  • Age: From 45 to 85
  • Coverage availability: From $5,000 to $25,000
  • Excluded States: NY
  • Waiting Period: 2 years
  • Interest accrued: 30%

Sample monthly rates for male customers:

Age $5,000 $10,000 $20,000
50 $33.00 $55.00 $98.00
60 $33.00 $59.00 $106.00
70 $49.00 $92.00 $169.00
80 $80.00 $150.00 $280.00

Sample monthly rates for female customers:

Age $5,000 $10,000 $20,000
50 $26.00 $44.00 $73.00
60 $26.00 $46.00 $83.00
70 $39.00 $72.00 $135.00
80 $70.00 $112.00 $207.00

Mass Mutual Financial Group

  • Rating: A++
  • Age: From 50 to 75
  • Coverage availability: From $2,000 to $25,000
  • Excluded States: AK, DC, HI, MT, ND, WY
  • Waiting Period: 2 years
  • Interest accrued: 10%

Sample monthly rates for male customers:

Age $5,000 $10,000 $20,000
50 $25.25 $49.00 $96.50
60 $36.25 $71.00 $140.50
70 $60.75 $120.00 $238.50
80 NA NA NA

Sample monthly rates for female customers:

Age $5,000 $10,000 $20,000
50 $21.00 $40.50 $79.50
60 $28.00 $54.50 $107.50
70 $42.75 $84.00 $166.50
80 NA NA NA

AARP Life Insurance Program from New York Life

  • Rating: A++
  • Age: From 50 to 80
  • Coverage availability: From $5,000 to $25,000
  • Excluded States: NJ, WA
  • Waiting Period: 2 years
  • Interest accrued: 10%
  • Learn More: AARP Life Insurance Review

Sample monthly rates for male customers:

Age $5,000 $10,000 $20,000
50 $23.00 $45.00 $88.00
60 $31.00 $60.00 $119.00
70 $43.00 $85.00 $168.00
80 $54.00 $106.00 $210.00

Sample monthly rates for female customers:

Age $5,000 $10,000 $20,000
50 $20.00 $38.00 $74.00
60 $27.00 $52.00 $103.00
70 $39.00 $76.00 $150.00
80 $49.00 $96.00 $191.00

Vantis Life

  • Rating: A-
  • Age: From 50 to 80
  • Coverage availability: From $2,000 to $20,000
  • Excluded States: MT, NY, WA
  • Waiting Period: 2 years
  • Interest accrued: 10%

Sample monthly rates for male customers:

Age $5,000 $10,000 $20,000
50 $21.46 $40.66 $79.07
60 $27.50 $53.56 $104.87
70 $44.83 $87.00 $171.76
80 $83.62 $165.00 $327.74

Sample monthly rates for female customers:

Age $5,000 $10,000 $20,000
50 $19.29 $36.33 $70.42
60 $24.26 $46.27 $90.29
70 $36.13 $70.00 $137.75
80 $67.63 $133.00 $263.75

Guaranteed Issue Life Insurance Can Be a Great Option

If you’ve been declined other forms of life insurance, Guaranteed Issue Life Insurance can help you put your mind at rest that your final expenses will be taken care of.

As the insurance company is assuming more risk since there is no medical exam, the rates are going to be higher.

Because of this, it is important to speak to different companies and ask about eligibility for other types of policies to make sure you can make the best decision for you.

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