Is Guaranteed Issue Life Insurance Your Final Choice?

Guaranteed issue life insurance is literally guaranteed to be provided once the premium is paid, without regard to your medical history or current state of health. In fact, true guaranteed life does not require you to undergo a medical examination nor requires a medical history to be completed.

Shop and Compare

The disadvantages of guaranteed life insurance are several. The premiums tend to be much higher, and there are protective clauses that allow the insurer to refund the premium rather than pay out the death benefit if you die within a certain period of time after obtaining the policy. While you may think that your health leaves you with no option, it is worth comparing the price of a guaranteed issue policy against the cost of other types of life insurance.

Understand Your Rights

Most states allow you to change your mind and obtain a refund within ten days of purchasing a guaranteed life policy.  As well, be aware that your agent may not be required to disclose that your payments will often exceed the benefit, so do the math. Finally, because of the nature of these policies, it may be difficult to find one that will cover more than the cost of your funeral, so if you need additional financial coverage, be sure to consider other options.

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