If you aren’t too familiar with guaranteed issue life insurance, it is a kind of insurance where an insurance company doesn’t ask questions about your health. All they ask is your age. That is why is it also called no exam life insurance.
Many people think that guaranteed issue life insurance must be superior to regular insurance. You might be thinking the same thing. However, truthfully, it isn’t always the best choice. In fact, when it comes to insurance, just like everything else in life, you do get what you pay for.
How Guaranteed Issue Life Insurance Works
The premiums on guaranteed life insurance are more expensive. Usually the benefits aren’t too great either. A majority of policies only offer from $5,000 to $50,000. The main benefit that this type of insurance offers is that you aren’t required to have a medical exam in order to qualify for a policy. Even if other insurance companies have refused you, you’ll still be able to get guarantee issue life insurance quotes.
You might be wondering if this is the kind of insurance you should get. In our opinion, you should only get it if it’s your only choice. In other words, if other insurance companies have refused you.
However, even if you have been turned down, that doesn’t mean you have to give up. You can still ask for regular life insurance quotes along with a set of guaranteed issue life insurance quotes. Keep in mind, an accountant or actuary calculates life insurance premiums. It is still possible to find companies that offer regular life insurance policies, even for individuals who have been turned down in the past.
To conclude, guaranteed issue life insurance really isn’t superior to regular life insurance. If you don’t have any other option, however, this type of policy is always available. Like any other kind of insurance, make sure to ask for quotes from three companies at least before purchasing guaranteed issue life insurance to get the best deal.