Guaranteed life insurance is a type of insurance policy where you are guaranteed acceptance. This type of policy differs from standard policies because it does not require you answer health questions or undergo a medical exam. Sometimes referred to as “guaranteed issue” or “final expense” polices, they are meant for those with medical issues that may otherwise disqualify them from more traditional forms of life insurance.
Most of these polices are have limited qualifying questions, restricted amounts and for some you have to wait for a period of time before they will pay death benefits. People who wish to know that they will not leave behind a significant financial burden in the form of funeral costs, extended medical bills, or their personal debt, may opt for this type of coverage.
It is important that before you purchase any insurance policy that you understand your options. Many people simply default to a guaranteed life insurance policy because they assume their medical issue will disqualify them from traditional life insurance policies. Unfortunately these people may be paying unnecessarily higher premiums, because they didn’t first discuss their options with a life insurance professional first. It is also worth note that if your illness is controlled, and you are still in reasonably good health, that you could be getting coverage without paying the extra for your premiums.
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