Guaranteed Issue Life Insurance

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For those that have been previously denied life insurance due to health should consider taking out a policy that does not require medical information of any kind and therefore guarantees approval.

Facts about guaranteed life insurance:

• There is no medical exam of any kind
• You cannot be turned down for guaranteed issue life insurance
• It is designed for individuals who have previously denied due to health issues
• There is no underwriting process, so the approval process can happen the same day
• It can be purchased as term based or as a permanent policy
• Guaranteed life insurance is more expensive than application based and exam required policies

To reiterate, there are no medical questions, no exams, and no health tests for a guaranteed life insurance policy.

Increased Cost
Life insurance is a calculated risk that uses information from the customer to determine premiums that will ensure the insurance company will make money from the policy. Because the only personal information shared in a guaranteed life insurance application about the individual is the person’s age and gender, the risk is much higher for the insurance agency. Another factor that will greatly increase the cost of guaranteed life insurance premiums is if the customer acquires a permanent life insurance policy, in which death benefit payouts are all but assured.