A Guaranteed issue life insurance policy is one that offers guaranteed approval for all applicants. However, these plans usually have specific age restrictions for who may qualify for coverage.
For instance, some insurers only offer guaranteed acceptance plans to people age 45 to 75.
In addition, there is no medical exam required, but their may be a few health questions.
And, guaranteed issue life policies usually offer a small amount of life insurance, for instance, up to $20,000 of coverage.
It’s important to understand how guaranteed issue life insurance works. These plans usually have a graded death benefit for the first 2 years you are insured. This means you will not have full (100%) coverage until you have been insured under the policy for 2 years.
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