How it works
Guaranteed Acceptance Life Insurance , is referred to as guaranteed life insurance, guaranteed approval life insurance or guaranteed issue life insurance. All of these simply mean its life insurance with no health questions. It also means you will have a waiting period on the full benefit of your Life Insurance going into effect.
If you believe you’ll qualify for Life Insurance with Health Questions. There is other options that can be leniant on underwriting for approval depending upon the condition. Get Burial Insurance Quotes Those options will include health questions within the application for approval. See Immediate coverage options with no waiting period such as Whole Life Insurance or Burial Insurance for seniors . If your unsure what type of coverage see all Free Life Insurance Quotes Online.
The Waiting Period / Graded Benefit
The waiting period is referred to as a ” graded benefit”, which simply means your death benefit is limited for a certain portion of time. Ideally you want to have a limited benefit no longer than 2 years, this is the best available. After 2 years, the 24th month you will be covered for the full death benefit.
The waiting period on most guaranteed acceptance life insurance plans are 2 years, some of them are as long as 3 years. (No quotes in our quoting tool are 3-year graded periods) but they do exist. All the guaranteed issue quotes that you get here will be 2-year waiting periods.
Waiting Period Details
If the insured dies from a non-accidental death within 24 months from the effective day of coverage. ( this is the day the policy initially went into effect, e.g the day you paid your 1st premium).
Death Occurs: Non-Accidental Death within the Graded Period
The death claim in this instance of non-accidental death, the death claim amount equals a return of the owner’s premiums paid, plus interest. The interest varies depending upon the life insurance company your policy is with.
Death Occurs: Accidental Death Within the Graded Period
Any accidental death of the insured that occurs within the 2-year graded period results in, your named beneficary receiving the full death benefit claim.
Any death that occurs after the Graded period, the FULL death benefit is promptly paid to your named beneficary regardless of cause of death.
Benefit of Guaranteed Acceptance Life Insurance
The benefit of applying for Guaranteed acceptance life insurance is certainly the simplicity. There is no health questions asked, no medical exam required, and a convenient application process. Aside from the simplicity of your application, the quotes provided here are whole life insurance policies. That have all the same benefits of a traditional whole life insurance policy. These benefits include monthly premium payments that are locked in for life. Coverage amounts that will never decrease and a Permanent whole life insurance plan that builds cash value. You never have to worry about the premiums increasing at any point or your coverage amount decreasing. Once approved your coverage and premium remain locked in for life.
Depending upon the carrier, some of the guaranteed life insurance plans, have additional benefits such as living benefits for terminal illness. This benefit is if the insured gets diagnosed with a terminal illness after the policy is in force. In this instance, you can exercise a percentage of your death benefit while still living. Great Western also offers a spousal rider, the spousal rider is a first-to-die rider, where if both spouses apply at the same time. The beneficiary on a spousal rider plan receives a bonus upon the death benefit claim on the 1st spouse’ death.
Great Western offer an option to avoid the waiting period altogether if you are able to answer “no” to 3 health questions. Your never obligated to answer the health questions on the application. This is offered as a bonus option on the life insurance application, to see if you do qualify. In this case if you were approved with Great Western, your coverage will go into effect immediately, guaranteed life insurance with no waiting period. In addition to that, the premium remains the same and a 20% bonus on your death benefit if you qualify, for the same price.
How Much Life Insurance can I get with Guaranteed Acceptance Life Insurance
You will be able to find guaranteed approval life insurance up to $40,000, this would be rare. These policies are higher risks for the insurance companies. It is much more common to see a $25,000 maximum amount of life insurance coverage. These policies are typically utilized and designed to take care of final expenses for seniors between 40-80, to serve as a burial insurance, funeral insurance, cremation, or other life insurance for seniors purposes. Of course, no matter what the purpose of the life insurance is, like any life insurance policy the benefit goes directly to the beneficiary that you name on your application.
Conditions that Qualify for Approval
All of the following conditions qualify for guaranteed approval Heart surgeries, heart conditions, stent, carotid artery surgeries, complications of diabetes, disabilities, physically disabled, ALS/Lou Gehrig’s, Blood thinner medications, lasix medications, oxygen use, kidney dialysis, kidney disease, liver disease, lung disease, congestive heart failure ( CHF), COPD, diabetics on Insulin, strokes, history of alcohol/drug abuse , cancer, HIV, and AIDS.
All of these are qualifying conditions in which you will be approved for guaranteed life insurance plans.
Also, If you’ve ever been previously declined for any Life Insurance before, you will also get approved.
There is also no increased rates for Smokers
As you can see these are excellent options for anyone that’s been declined for a life insurance policy before. Also, for mild to severe conditions as well. If you do have a condition on the list above, it does not automatically mean that guaranteed issue life insurance is your only option. So utilize the free quoting tools to compare rates on both guaranteed issue life insurance as well as life insurance with no waiting period. You can get assigned an independent life insurance broker through the quoting tools. Working with a licensed independent agent can increase the odds of you possibly getting approved for more affordable life insurance plans.
Guaranteed Life Insurance for Smokers
Life insurance shopping tip for Smokers applying for life insurance. In certain situations Guaranteed issue life insurance can potentially provide cheaper monthly premiums on guaranteed issue, rather than day 1 coverage. Now, this will include the graded benefit and waiting period. The reason being is, Guaranteed issue, does not charge any additional premium for smokers or tobacco. The monthly premiums on guaranteed issue is flat-rated fixed premium determined by age, gender, coverage amount and carrier.
Compare Burial Insurance no waiting period first, but you may find a better rate with Guaranteed Issue Life Insurance for smokers
Life Insurance Application Process
It is extremly convenient application process, no medical questions, no medical exam, very simple straightforward application process. When applying for Life insurance with no health questions, it can easily be purchased over the phone. Depending upon the carrier , you could have a policy approved and policy number generated within 10 minutes. Depending upon the life insurance company used for the coverage.