In this insurance we don`t need to qualify medical exam which some insurance company require and if the insured dies before the end of this time, than don`t need to take mind because it provides a graded benefit. To find it easily you only need to fill out your insurance information one time and get fast quotes for your guaranteed issue life insurance policy.
Before go in deep we should know that what is guaranteed issue term life insurance, as we know that with guaranteed issue life insurance no medical exam is required. At the most, you’ll have to answer some health-related questions, although some policies don’t end of this time,
Guaranteed issue term life insurance was created for those who have trouble obtaining basic term life insurance coverage. It is also known as a simplified issue policy. In exchange for guaranteed coverage, you will be charged a higher term life insurance premium. Purchasing a guaranteed issue term life insurance policy is ideal for people who were born with or have developed constant medical problems.
If you initially buy the five year term, you may renew every five years after that until the age of 80. At age 80 your policy automatically becomes exchangeable for a stable life insurance policy. If you choose to purchase the 20 year term, your monthly rates will stay the same for the full term of your policy regardless of any rate increases. Upon completion of the first 20 years you have the option of purchasing an additional 20 year guaranteed issue term life policy. A 65 year old in decent health can still buy term. They may not be able to find a 30 year term policy, but they can find 10 year policies at affordable rates. Maybe that extra 10 years will be enough to pay off an extended mortgage or get the kids out of the house.
There are some insurance carriers offers the option to convert a 20 year term policy into permanent life insurance coverage after the first 20 year period is over.
There are many benefits by this insurance:-
1- It cannot be canceled in case when you develop a fatal poor health.
2- You can activate an accelerated death benefit in case of physical condition.
3- Your coverage is guaranteed to stay active for the whole term of your coverage. If you purchased the 20 year term, reporting would end if your benefits were accelerated.
4- You have the 30-days money back guarantee on the policy. If you decide that the guaranteed issue term life insurance policy is not for you
The good news is that people are expected to live longer, even longer than they did a decade ago. Since we did live long enough for our term policies to expire, we can expect to live even longer! However, we may not have outlived our need for coverage. Exclude
Sometimes the waiting period is 2 or 3 years, and that is used instead of health underwriting to qualify applicants. So, if you are considering a senior life policy, try to qualify for simplified issue instead of guaranteed issue if you can. But guaranteed issue policies usually refund all premiums paid with interest even if the waiting period has not been satisfied. So, for an older person who cannot find any other insurance, it is still a good deal.