What is Guaranteed Issue Life Insurance?
Guaranteed Issue, refers to the no health underwriting portion of the life insurance policy. Traditional life insurance policies require clients to complete a full medical exam and provide the medical history to ensure that they’re in good health for the insurance company to take on their policy. This can be a lengthy and unpleasant process, especially when the client is rated or turned down completely. Guaranteed issue life insurance plans have no health questions, no underwriting, and clients are automatically accepted regardless of their health. Due to the limited underwriting, most guaranteed issue policies will have an automatic 2 year graded death benefit.
Who needs Guaranteed Issue Life Insurance?
Guaranteed Issue plans can be more expensive due to the limited underwriting, so it’s important that all other life insurance options have been explored before choosing a guaranteed issue plan. These plans are typically the only option for someone who…
- has been declined previously for life insurance,
- has serious health issues (cancer, AIDS/HIV, chronic or critical illnesses), or
- wants to avoid medical underwriting completely.
Who are the BEST Guaranteed Issue Life Insurance providers?
When it comes to evaluating the top guaranteed issue life insurance products, there are a few things to keep in mind. Besides the cost of premiums, we want to make sure that the graded death benefits are at least 2 years. Some guaranteed issue plans have a 3 or even 4 years graded death benefit that is just way too long and way too expensive for someone to purchase. Here are the top 4 guaranteed issue life insurance providers with their face amounts and graded death benefit periods:
AIG
Guaranteed Issue Whole Life
- Face Amounts: $5,000 – $25,000
- Death Benefit: 2 Year Limited Death Benefit with Return of Premium + 10%
- Available for Ages 50-80
- No Health Questions, No Underwriting
- Only Guaranteed Issue plan on the market that includes no-cost accelerated death benefit rider for chronic and critical illnesses.
Sons of Norway
Guaranteed Issue Whole Life
- Face Amounts: $5,000 – $25,000
- Death Benefit: 2 Year Limited Death Benefit with Return of Premium + 5%
- Available for Ages 0-85
- No Health Questions, No Underwriting
Gerber Life
Guaranteed Issue Whole Life
- Face Amounts: $5,000 – $25,000
- Death Benefit: 2 Year Limited Death Benefit with Return of Premium + 10%
- Available for Ages 50-80
- No Health Questions, No Underwriting
Great Western
Guaranteed Issue Whole Life
- Face Amounts: $1,000 – $40,000
- Death Benefit: 2 Year Limited Death Benefit with Return of Premium + 10%
- Available for Ages 40-80
- No Health Questions, No Underwriting
For more information on Life Insurance, contact a member of our Life Sales team.
Need Life Insurance leads? Click Here.
For more information, contact a Pinnacle Financial Services representative today
1 (800) 772-6881 x6003 | lifesales@pfsinsurance.com
Mark Bolger
Director of Sales - Life & Final Expense
Contact a Pinnacle Representative if you have any questions.
1 (800) 772-6881
support@pfsinsurance.com
0 Comments