Guaranteed Acceptance Life Insurance for Seniors is a specialty life insurance plan. It is a whole life insurance plan for seniors with automatic approval for people between the ages of 50-85 years old. Most people who are seeking a guaranteed acceptance plan have a medical condition that makes getting approved for life insurance difficult. The great news is that often times when seniors think they need guaranteed life insurance, you can actually get approved for a better plan. Here’s how-
Consult with Family
First, whether end up with guaranteed acceptance life insurance for seniors or an elevated plan, it is important to consult with family members about your wishes. You want to make sure your funeral plans and any other needs are met with your life insurance plan. After you have consulted with family, you will want to consult with a broker like Assurance Life. A broker is able to help you determine exactly how much life insurance to apply for and help find you the best guaranteed life insurance plan.
Apply with an Agent
Once you have figured out how much funeral insurance you need, it is time to apply. The application is a short list of questions to gather the information for your life insurance including how much you would like the death benefit to be and who your beneficiary is. When applying for guaranteed acceptance life insurance for seniors, there are not any health questions because part of a guaranteed issue plan means that there are no medical questions asked. However, often times Assurance Life is able to improve upon a guaranteed acceptance plan so it is worthwhile to answer the short list of yes or no health questions to try for the best plan possible. Either way, the application if quick and easy.
Approval is Fast & Easy
After applying, a broker will compare the plans for up to 25 companies. Assurance Life uses only A-rated companies such as Mutual of Omaha, AIG, and Family Benefit. After you have a free quote, you are able to choose from many choices of coverage amounts and payments to fit your budget. Approval usually comes immediately or within 24 hours.
Guaranteed Acceptance No Health Questions
For those seeking guaranteed acceptance life insurance for seniors, if you are between the ages of 50-85, you are guaranteed to be approved. There are no medical questions. For those with serious medical conditions, it is appealing not to answer health questions that often lead to a decline for traditional life insurance. However the downside to automatically going for a guaranteed issue whole life insurance plan is that there is a two year waiting period and the monthly premiums are higher than with other types of whole life insurance. Therefore, Assurance Life recommends at least trying to get approved for one of the upgraded plans by answering a short list of yes or no questions.
No Waiting Period Plans Available
You started out looking for the best guaranteed acceptance life insurance for seniors but now you might qualify for a much better plan, just because you answered a short list of yes or no health questions. Assurance Life takes the responses to your health questions and matches up your medical profile with a company who specializes in offering better coverage to someone with your particular high risk medical condition. For example, one insurance company might decline a person with COPD while another company will allow that person to be approved with no waiting period, preferred coverage. Knowing the company to apply with makes all the difference and that is where using a broker like Assurance Life can help get you better coverage than a guaranteed acceptance plan.
One upgraded plan that 90% of our applicants qualify for is a preferred whole life insurance plan. This type of plan includes immediate coverage when the first payment is made. It also has a lower payment than a guaranteed acceptance policy.
Graded Burial Insurance Coverage
The next upgraded plan is a graded plan with phased-in coverage. This plan means you have a higher risk than the preferred plan but it is a better option than guaranteed issue burial insurance. A graded whole life insurance policy means that the death benefit is not paid out at 100% until after two years. One example is that a plan might pay 40% of the death benefit in year one, 70% in year two, and then the full benefit kicks in after the two years is up.
There are many companies that specialize in guaranteed acceptance life insurance for seniors. The real question is can you do better. Assurance Life can help you find out.