Guaranteed issue life insurance is exactly that, you are basically guaranteed this life insurance. However, there might be some things that you did not know about this kind of insurance, and where maybe you're a little scared to ask. Naturally, it's always best to walk into a situation with as much knowledge as possible, so it's about time you found out the things you did not know about guaranteed issue insurance.
No Medical Exam Needed
Unlike most life insurance policies, which require a medial exam, and a complete medical history of your family just to get approved, you do not need that for guaranteed issue. They will ask you a few medical questions, but you will never need an exam. You've probably seen those ads saying exactly that, and that is what those commercials were for.
Now, you may not need a medical exam, or a perfect medical history, but that does not mean you will have a good policy to walk away with. Just like getting a high risk loan, where you pay extra with the high interest rate, you almost do the same here.
What's the Trade-Off?
First off, you will pay a much higher premium for this type of insurance. And if you want do not pay the annual premium up front, and want it month to month, or quarterly, then you will pay even more.
Who Needs This Insurance?
This kind of policy is not an in case I die policy, it is a "when I die" policy. And instead of leaving your family stuck with the bills for a funeral, they will cover those costs, and that is just about it honestly. Most policies are actually less than $20,000. So if your estate as some bills still owing, those will most likely still fall to your family.
This is a very common type of policy for people over the age of 65, and usually up to the age of 80. They are high risk, and these policies tend to have a very high payout ratio.
There you have it, guaranteed issue life insurance, and what you might not have known about it. So, if you can not get any other policy anywhere else, this is your last best hope. Your only hope really. Is this policy for you? If you are already retired, and approaching 65 - 70 years of age, and are without a policy, and are more than willing to pay the inflated fees, then yes, this just might be for you.
You Won't Live Forever -- FREE Information on Finding the Insurance Right for You!
None of us likes to think about it, but we won't live forever. And that being the case, we need life insurance of some kind.
But what's the right insurance for you, so that your family is taken care of, but you aren't paying too much?
To find out more totally free information on different kinds of insurance options, click on over to compare term vs whole life insurance.
A little knowledge will help you get the one best life insurance for you -- and for your family.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment