What is Guaranteed Issue Life Insurance?

what is guaranteed issue life insurance

As the need for burial insurance is growing across the country, many people are asking- what is guaranteed issue life insurance?  While there are many types of life insurance that fit needs of people at different ages and stages of their lives, no type of life insurance is better appreciated than a guaranteed issue life insurance plan. People who don’t have other insurance options are grateful time and time again for a burial insurance plan where everyone is approved. Whether your concerns for approval are because of a chronic condition, recent surgery, or serious diagnosis, there is a plan to meet your needs. Let’s answer your question- what is guaranteed issue life insurance?


Guaranteed Issue Life Insurance is…..

For anyone ages 50-85

The first criteria for guaranteed issue burial insurance is that plans are for clients ages 50-85.  This type of insurance is perfect for people whose term life insurance has expired or upon retirement when the employer provided life insurance is no longer intact. Another time when a guaranteed approval plan is needed is for anyone who is between the ages of 50-85 without a life insurance plan to protect family against the unexpected costs of final expenses.

Guaranteed Issue Life Insurance has…..

No Medical Questions Asked

When people inquire – about guaranteed issue plans – usually the question comes from a concern about a current or past health problem. Look no further as guaranteed issue plans have NO MEDICAL QUESTIONS or exams needed. This is reassuring for those with serious medical conditions that result in a declined application with other types of life insurance. Another benefit of having life insurance no medical questions is how simple the application process becomes. Without the medical questionnaire, the remaining questions just take a few minutes and approval is quick and easy.

Guaranteed Issue Life Insurance has…

Automatic Approval

As long as you fit the age requirements, the best thing about guaranteed issue life insurance plans is that EVERYONE is approved- no questions asked. This gives tremendous peace of mind to people who have been turned down for insurance in the past. Rest assured knowing your final expenses will be paid through your death benefit and your family can carry out your final wishes without worrying about how the funeral, memorial service, and other expenses will be paid.

Guaranteed Issue Life Insurance has….

what is guaranteed issue life insurance

A Two-Year Waiting Period

This is one of the downfalls of the guaranteed life issue plan– the two-year waiting period. Initially this can be a bit discouraging but in the big picture, having some type of life insurance to protect your family is better than going without any insurance just because of a waiting period. Also, if a person passes away during the waiting period, their beneficiary is given a full refund of all premiums paid plus interest. This means the investment made in the monthly premiums is protected until the waiting period is over. Another feature of the plan is that if death is accidental then the death benefit is paid in full, even during the waiting period.

Guaranteed Issue Life Insurance….

Is not always needed

Usually people asking- what is guaranteed life insurance- are assuming they won’t qualify for a preferred or graded life insurance plan, neither of which have the two year waiting period. A lot of times clients are surprised to find out that their surgery, chronic condition, or health diagnosis does not automatically mean they won’t qualify for a higher level life insurance plan. The process of applying for a traditional burial insurance plan, also called whole life insurance, is not too much more difficult than the quick and easy no medical questions application.  The main difference is the inclusion of some yes and no medical questions- nothing complicated, just questions that can be answered with a yes or a no.

After the questionnaire is completed, the application is submitted and approval happens either immediately or within about 24 hours. The worst case scenario is that you end up with the guaranteed issue life insurance plan for you and your family but the best case is finding out you qualify for a no waiting period, preferred coverage plan. About 90% of applicants are approved for a preferred or graded plan which has no waiting period. Plus, we work with over 25 different life insurance companies, so finding you the BEST price won’t be a problem. Companies like Mutual of Omaha, Aetna, AIG and Family Benefit Life to name a few.

Guaranteed Issue Life Insurance…

what is guaranteed issue life insurance

May be for you!

In a nutshell, guaranteed issue life insurance is a whole life insurance plan that never expires, never increases in cost, and is approved for ALL applicants between ages 50-85, regardless of health history.  If you are currently uninsured and concerned about being approved for life insurance, a guaranteed issue plan may be perfect for you. It is so easy to get a quote and inquire about the options so do not delay in protecting your family….  Apply now and let Assurance Life help you with your life insurance needs.