Life insurance that is guaranteed issue means that the person applying for the life insurance policy cannot be declined due to health or other issues.
However, there are usually strict age guidelines for guaranteed issue life insurance, with the minimum age usually around 40-50 and the maximum age to be accepted usually under age 80.
Also, this type of life insurance policy is graded benefit during the first one to three years, meaning that it will pay a portion of the death benefit (or pay back what was paid in as premiums, plus a little extra) during those years for death due to natural causes.
After the graded benefit period is over, it generally pays 100% of the life insurance death benefit for death by any reason. Learn more about guaranteed issue life insurance plans.
However, there are usually strict age guidelines for guaranteed issue life insurance, with the minimum age usually around 40-50 and the maximum age to be accepted usually under age 80.
Also, this type of life insurance policy is graded benefit during the first one to three years, meaning that it will pay a portion of the death benefit (or pay back what was paid in as premiums, plus a little extra) during those years for death due to natural causes.
After the graded benefit period is over, it generally pays 100% of the life insurance death benefit for death by any reason. Learn more about guaranteed issue life insurance plans.
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