What is Guaranteed Life Insurance?

For some people, one of the greatest obstacles to obtaining life insurance is the medical evidence needed prior to the issue of a policy. Traditional life insurance policies require the applicant to go through medical questionnaires, the acquisition of attending physician reports, paramedical exams, blood and urine tests.  With this information, the life insurance company determines whether or not they will offer the applicant coverage and if so determine the appropriate premium or cost to charge per month or per year. Guaranteed issue life insurance does not require medical exam let's explore the pros and cons of this type of product.

Pros:

Cons:

This type of coverage is appropriate for ages 45 to 85 years old and is typically a last resort life insurance policy because you can't obtain life insurance through the normal underwriting process. The death benefit is typically from $5000 to $25,000.

It is a good idea to have the option to speak to or email a professional adviser to get advice and answer your questions to make sure you understand the terms of the policy before you sign on the dotted line.