It is designed for those who are looking for a lower amount of insurance to cover final expenses and other debts remaining after death. Guaranteed issue doesn’t qualify you based on your health. If diagnosed with a serious health condition, such as cancer, you will be high-risk for many years to come. For example, the typical max coverage for a guaranteed issue plan is $25,000, with some exceptions going up to $40,000. Guaranteed Acceptance Life Insurance for UK residents aged 18-85 No medical questions or intrusive reports from your Doctor Up to £40,000 Life Cover with no medical questions for the over 50’s Up to £10,000 funeral Life Insurance and up to £200,000 Accidental Death coverage for over 18’s With a traditional life insurance policy, you’ll wait weeks to get life insurance, or even month. No medical exam is required and there are no health questions to answer. Guaranteed Acceptance Whole Life is a whole life policy except you cannot be turned down for your health. Guaranteed life insurance policies are best suited for individuals at an advanced age who cannot meet the health requirements needed to qualify for traditional life insurance. Even if you have a debilitating health condition, you can get an insurance policy with a guaranteed acceptance plan. #3 Great Western: Great Western Life Insurance Company offers the highest coverage amount limit of $40,000 ($48,000 in some scenarios), for individuals between ages 40 and 85. The older you get the harder it gets to find affordable life insurance. Most guaranteed acceptance policies have a. Should I Buy Guaranteed Issue Life Insurance? Guaranteed Acceptance Life Insurance is designed to appeal to older Americans who want to make sure that when they die there is ample money for their heirs to pay for a funeral, and any outstanding bills, such as medical bills. The insurance company will provide this plan to any applicant regardless of their history or present health conditions. When comparing the same coverage amount to final expense life insurance, it’s often 2 to 3 times more expensive. Guaranteed acceptance insurance is life insurance that does not require a medical exam or health questions in order to be approved for coverage. Rather, if the insured were to pass during this time, the beneficiary would receive all paid premiums + interest (typically 10%). Coverage may decrease or end if the organization drops the coverage. Guaranteed acceptance insurance is incredibly expensive for the amount of coverage you can purchase since the insurer is unable to collect or verify any information about your health. However, if you want enough coverage to send a child to college or pay off a mortgage, guaranteed acceptance insurance won’t provide a large enough death benefit. When you pass, your family will receive a cash benefit to use toward mortgage payments or funeral expenses. However, death benefits are typically restricted to less than $25,000. As with other whole life insurance policies, guaranteed issue policies will build a cash value over time and coverage lasts as long as you continue to pay the premiums. Depending on the insurance company, a guaranteed issue policy can become active as soon as the same day. Pros and Cons of Universal Life Policies, Comparison of Term vs Whole Life Insurance, Lincoln Heritage Funeral Advantage Review, Northwestern Mutual Life Insurance Review, Burial Insurance & Final Expense Life Insurance, Accidental Death & Dismemberment (AD&D) Insurance, How to Get Cheap Life Insurance with Pre-Existing Medical Conditions, How to Choose a Life Insurance Beneficiary, Premiums paid plus 5% interest (Year 1), Premiums paid plus 10% interest (Year 2), 75% of death benefit (Year 3), You have HIV, kidney disease or cancer, particularly if you were diagnosed in the past 2 years. For example, a $250,000, 20-year term life insurance policy for a woman in her 60s costs, on average, $908 per year. 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