It might be surprising to read that it isn’t too difficult to find the cheapest guaranteed issue life insurance. Usually people familiar with how life insurance works wouldn’t put together cheap and guaranteed issue because when people are seeking a guaranteed issue plan, it usually means they are a higher risk customer. However, it isn’t always true that a guaranteed issue policy has to be a lot more expensive and there are often options that people aren’t even aware of. The secret to finding the cheapest guaranteed issue life insurance policy is using a life insurance broker.
What is a life insurance broker?
A life insurance broker is a type of licensed specialist agent who works with numerous insurance companies. This is vastly different from a life insurance agent who only works with one company. One company means one rate, one plan, fewer options… A broker working with numerous companies means that the customer gets the most coverage at the best price because they can compare options. This is one of the best ways for getting the cheapest guaranteed issue life insurance.
How to find a life insurance broker?
You already have! Assurance Life is a life insurance brokerage company working with many companies such as Mutual of Omaha, AIG, Family Benefit, and many more well known insurance companies. Finding an insurance broker is a little different than using an individual agent. An agent may have a storefront office or be referred by the actual insurance company. A broker can have a storefront office but would be representing YOU the client, not the individual insurance company. Often brokerages work through the internet or over the phone because we help clients all across the country rather than in one small area. This is highly beneficial because it gives the customer the power to get the best life insurance plan for their unique needs.
How does a broker find the cheapest guaranteed issue life insurance?
Once you have found a broker, they will take a short application for you that can be used with any of their many companies. You may start out thinking you need a guaranteed issue plan which is usually for clients with a high risk medial profile but often, a broker can convert your application so that you are approved for preferred or graded coverage- both of which are less expensive and go into effect faster than a guaranteed approval plan. Assurance Life can examine the reason you think you may need a guaranteed issue plan- maybe a recent surgery, diagnosis, or chronic condition- compare these medical flags up against the numerous companies we use, and see if one company may not consider that medical issue a red flag. One company may decline for COPD while another company doesn’t. One company might have an 18 month history question about cancer while another company asked up to 24 months ago. The knowledge that a broker provides about where to take your application is a key component to finding the cheapest guaranteed issue life insurance plan and sometimes finding you IMMEDIATE coverage rather than the two-year wait that a guaranteed issue plan requires.
How long does it take for a broker to get you approved?
Before taking your application, your broker will talk over your life insurance needs so they have a starting point for finding you the perfect company with the perfect fit. This preliminary discussion will help them determine if they can get you a life insurance plan that is an upgrade from the guaranteed issue options. Regardless of what plan you end up with, once the direction is determined, finishing the application takes about 10-15 minutes and approval can range from instantaneous to within 24 hours. Upon approval, Assurance Life can finalize your payment preferences and the policy will go into effect upon receipt of your first payment. The process is very simple and has a quick turnaround. If you are currently uninsured, please get started now so your family is taken care of upon your passing.
Now you know the secret to finding the cheapest guaranteed issue life insurance- having options- having an expert on your side- not being limited to one company with one set of guidelines and rates. Assurance Life can help you find the best plan with the most coverage at the lowest monthly premiums. Cheapest guaranteed issue life insurance- not just guaranteed issue, but the cheapest- guaranteed….