Don’t Worry You’ve Already Made The Cut!

If you’re looking for coverage, but are afraid you won’t be approved due to age or illness, don’t worry! Guaranteed Issue Insurance is true to its name in that acceptance is always guaranteed. When you need insurance, no matter what your current situation is, our team at Best Life Insurance can outfit you with the best Guaranteed Issue insurance.

There is no required medical examination, although you shouldn’t shy away from an examination. You can not be turned down, even with a bad examination. However, you might get better rates and coverage with an examination, so it can’t hurt.

Due to the nature of Guaranteed Issue insurance, in how there is no threshold for acceptance, the coverage will not be as high as typical insurance. Another flip side to this insurance is that the cost of the policy usually ends up being high due to the risky nature of accepting everyone. This type of coverage isn’t something we would recommend to everyone, but it can still be a benefit to certain circumstances.

What You Need To Know!

There are a few things you should know first when looking into Guaranteed Issue insurance. Typically this insurance is considered a last resort option for people trying to get coverage. This policy offers smaller payout amounts on death benefits compared to other policies. One of the reasons for the small payout is that this policy is more so meant to pay for final expenses such as funeral and burial costs.

More often than not, the people that seek out this type of insurance are in poor health. This can extend, but is certainly not limited to, the elderly and the terminally ill. There are also people that have been denied other types of coverage that apply for Guaranteed Issue as they will always be accepted.

Things that might disqualify you from other types of insurance are as follows. However, despite any of these health issues, you will never be turned away from being accepted with Guaranteed Issue insurance. You will still be accepted if you:

Have cancer

Are in hospice

Are on dialysis

Have Alzheimer’s

Have a terminal illness

Have been diagnosed with HIV

Are in a wheelchair due to a chronic illness

Once again, you should be aware that due to the automatic acceptance of this insurance, you’ll pay a higher rate than other insurance policies. Although, before you decide on anything, schedule a meeting with our agents. We would love to talk to you face-to-face and get a better understanding of your situation because we want to find you the best fit!

When our team meets with you, we can determine if this policy will meet your needs best. While this might be an easy option to get coverage, especially if you’ve been turned down, it might not be your only option!

So, What’s The Catch?

Guaranteed Issue insurance does have a waiting period before the policy goes into full effect. This is to protect the insurance company. Otherwise, anyone a day from dying could apply, pay a few hundred, then their family would cash in essentially. It would be impossible for a company to stay in business on that kind of model.

Therefore, the waiting period. The actual length of time for the waiting period depends on the company, but it’s typically around two years. If the worst should happen and you pass away before the waiting period is over, your beneficiaries won’t get the death benefits.

However, your beneficiaries will be repaid any of your already paid insurance premiums with a bonus bit of interest. It’s something, but it definitely won’t be the amount you might have originally planned to get with the official policy. Keep in mind that there is typically a payout cap of around $25,000 for the policy.

You should also think about other insurance options if you think you might “outlive” your policy. Once again, this insurance is typically the last resort, used for funeral expenses, the option of the terminally ill. If you are paying more into your premium than you would get in death benefits, that is a problem. If you think that could happen, talk to our team at Best Life Insurance Houston so we can work with you.

Talk To Our Team Today

This type of coverage might be an attractive offer due to the lack of qualifications, but you should always sit down with an agent to check all your options first. We want you to get the best possible coverage to give you some peace of mind! Misunderstanding, or thinking you have no other choice, will make you think you’re backed into a corner.

For example, the fact that you don’t have to pass any medical exam might make this policy ideal for people with pre-existing conditions that have been turned down before. However, you still have different insurance options, even with pre-existing conditions! Guaranteed Issue insurance is seen as a last resort option for a reason, but that doesn’t mean you are at the point of last resort.

Our team at Best Life Insurance will be sure to layout all of your options for you. Still, we will, of course, layout the Guaranteed Issue policy in that lineup because this policy is still very beneficial! Make no mistake, this policy will cover you, but you shouldn’t think that you have no other options. Everyone deserves peace of mind when it comes to planning, and our agents are happy to help you every step of the way!

Give us a call and schedule an appointment today. If you ever have any questions or concerns about a policy you’re interested in or one you hold, feel free to reach out to us. We make a point to craft our policies to fit your needs, not a one-size-fits-all deal! When you’re looking for real security for the days ahead, Best Life Insurance will always be there for you.

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