Do you or someone you know have a medical condition? Have you previously been turned down for other life insurance policies? If you’ve struggled to find a policy that will meet your needs and that you will qualify for, there may be a solution with guaranteed acceptance life insurance.
When people have heart attacks, strokes, cancer or a history of other serious illnesses, they’re automatically flagged by insurance companies as a higher risk. Because an insurance provider will base whether or not they decide to insure a person and/or the price they will charge the individual for their insurance coverage largely on their health history, it can be difficult to first find a provider who will cover you and then find one that will charge you a reasonable rate for your policy.
This is where guaranteed acceptance life insurance, also known as guaranteed issue life insurance, comes in. Typically, with these types of policies, the insurance applicant will not have to take a medical test and will not be required to answer any questions about their health. For someone who has had a heart attack or other serious medical event, this can be the best and sometimes only way that they will get the coverage they need.
While this type of policy has its obvious benefits for those who have exhausted all other insurance avenues, there are a couple of downsides to this policy. The first is that an insurance shopper will pay more for this policy and the second is that there is typically a two year waiting period for the death benefit, which means that if the insurance holder dies (not in an accident) within two years of the policy being issued, only the premium will be returned. This means, then, that for those who are healthy and who will pass a medical exam without any problems, it might be better to choose term life insurance or a permanent policy instead.
If you have questions about guaranteed acceptance life insurance, or any other policy, contact the team of agents at TermLife-Insurance.com. We’re standing by to help you get the coverage you need for a price that’s affordable.