Gerber whole life insurance8/17/2023 If you’ve decided guaranteed issue life insurance is for you-after ruling out other options-here’s what to know. What to Know About Guaranteed Issue Life Insurance And there are ever-expanding options for no-exam life insurance, esp ecially for term life insurance buyers. These other options may require a life insurance medical exam, but can ultimately provide the best pricing. Policies such as universal life insurance can provide higher coverage amounts (much higher, into the millions). If that’s not you, there are better options. Are OK with having only a small amount of life insurance coverage, such as $25,000.Have limited budgets for life insurance.Have medical conditions that would make it impossible or unaffordable to buy other types of life insurance such as whole life insurance.This type of life insurance can help people who: Or perhaps they want to provide a small legacy for children or grandchildren. Perhaps they want to provide money for heirs to pay for a funeral or final expenses. Guaranteed issue life insurance can provide life insurance to certain people who need life insurance but don’t have any other options. So what’s not to like? High costs, low coverage amounts and what are called “graded death benefits.” Who is Guaranteed Issue Life Good For? It’s also amazingly convenient compared to most other types of life insurance: There’s a simple application that doesn’t ask any medical questions. The main selling point of guaranteed issue life insurance is that you can’t be turned down for it. You may also see it called guaranteed acceptance life insurance. If you’re not one of those people, it’s probably a bad purchase. Guaranteed issue life insurance solves specific problems for certain people.
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