This type of life insurance policy is also sometimes referred to as guaranteed acceptance life insurance.
One of the defining features of guaranteed issue whole life insurance is that it does not require the applicant to undergo a medical exam or answer questions about their health. Instead, as long as the applicant meets the age requirements for the policy (usually between 45 and 85 years old), they can be approved for coverage.
The coverage amount for a guaranteed issue whole life insurance policy is typically smaller than that of a traditional policy, and the premiums are usually higher due to the higher risk of insuring someone without knowledge of their health status.
The way a guaranteed issue whole life insurance policy works is fairly simple: the policyholder pays a regular premium to the insurance company, and in return, the company guarantees that a death benefit will be paid out to the policy's beneficiaries when the policyholder passes away.
Guaranteed issue whole life insurance policies are often purchased by older individuals who may not qualify for traditional life insurance policies due to their age or health status. These policies can provide peace of mind for those who want to ensure that their loved ones are financially protected after they pass away, regardless of their health or medical history. However, it's important to note that these policies may not be the best option for everyone, as the premiums can be more expensive compared to other types of life insurance policies. Get a guaranteed issue whole life insurance quote.