What is Guaranteed Issue Insurance and Why Do You Need It?After you are gone, you will want to ensure that your family is still able to be financially stable. This is done by having an insurance policy in place to cover both funeral expenses as well as to provide a source of income for your family.
Seniors’ guaranteed issue insurance is an insurance policy that you are guaranteed to obtain. There is no medical exam or questionnaire needed, you simply apply by filling out the appropriate paperwork. This is a perfect solution for anybody that is entering their senior years and has a medical history that will not allow them to purchase a standard policy. Even if you have been denied a policy in the past, you can apply for seniors’ guaranteed issue insurance. Find out more about this insurance below.
Get Your Free Guaranteed Issue Quote
Guaranteed Issue Life Insurance: Who is it For?Guaranteed Issue life insurance always seems like the most no fuss insurance choice for those who hear about it for the first time.
The commercials and advertisements can be very alluring because the insured is not asked to complete any health questions and there are no medical tests. However, this convenience comes at a big cost. Most guaranteed issue life insurance plans have a two-year waiting period or longer on non-accidental death. Moreover, the issue limits are very low on these policies and the premiums are quite high. The best fit for these type policies are individuals who have very serious health issues and are unable to qualify for Simplified Issue or traditional life insurance policies. Simplified Issue life insurance policies also have no medical tests and have anywhere from three to 12 health questions. These policies can have an immediate payout, but the face amounts are also lower and the premiums are also higher than traditional life insurance policies.
Traditional life insurance policies have a full range of health questions and — depending on the insured’s age — a series of health tests, such as urine sample or blood test.
However, the face amounts on these policies can be up to 20 times the insured’s income and the premiums are lower than simplified issue plans and significantly lower than guaranteed issue policies.
More about Guaranteed Issue InsuranceOne third of Canadians do not have life insurance. Too often, life gets busy and complicated and life insurance needs are put on a backburner. They are not considered again until retirement age starts to approach. Unfortunately, around this same time, many people are realizing that previous health issues, combined with age, now make it very difficult to obtain life insurance. This is exactly where seniors’ guaranteed issue insurance comes in.
Our seniors’ guaranteed issue insurance policy is the perfect way to give you and your family peace of mind. With pre-determined payments that do not increase and policy payouts that are designed for senior years, this type of policy is an economical way to ensure your financial needs will be met. In addition to providing insurance when standard policies fail you, not having to complete a medical exam for your seniors’ guaranteed issue insurance policy helps to speed up your policy approval time, ensuring you will have adequate coverage sooner.