Guaranteed acceptance life insurance coverage is a type of life insurance that may accept some people for coverage that would not otherwise qualify to purchase life insurance.
Usually, guaranteed issue life insurance plans have age requirements; for instance, maybe they only accept people ages 40 to 75.
In addition, there are usually no medical exam requirements; however, you may or may not have to answer some health questions.
Many guaranteed acceptance plans are graded benefit life insurance which means you will not have full coverage immediately, but after you have been insured under the life insurance policy for 2-3 years.
Make sure you find out if the rate will ever increase and if the amount of life insurance coverage will ever go down at some point in the future.
Guaranteed acceptance life insurance may be an option to consider if you have been declined for life insurance or are considered high risk for life insurance due to your age, health, occupation or hobbies.
Usually, guaranteed issue life insurance plans have age requirements; for instance, maybe they only accept people ages 40 to 75.
In addition, there are usually no medical exam requirements; however, you may or may not have to answer some health questions.
Many guaranteed acceptance plans are graded benefit life insurance which means you will not have full coverage immediately, but after you have been insured under the life insurance policy for 2-3 years.
Make sure you find out if the rate will ever increase and if the amount of life insurance coverage will ever go down at some point in the future.
Guaranteed acceptance life insurance may be an option to consider if you have been declined for life insurance or are considered high risk for life insurance due to your age, health, occupation or hobbies.
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