Many people want the convenience of buying life insurance over the phone or even online. They also don’t wish to go through a long application process or wait endlessly to get an insurance policy issued. That’s where guaranteed acceptance life insurance policies come into the picture.
If you want to know everything about guaranteed life insurance with no waiting period, Gary Cubeta from Insurance for final expenses can guide you.
What Is Guaranteed Life Insurance?
Guaranteed life insurance or guaranteed acceptance life insurance is a kind of whole life insurance policy that does not need you to answer health questions, go through a medical exam, or review your medical and prescription records.
Well, there is always a catch there because the policy has a waiting period. If you pass away during the waiting period, your beneficiaries will not get the policy’s death benefit. And for most of the policies, the waiting duration is two years.
What is Life Insurance with No Waiting Period?
You can find and buy a life insurance policy without going through the waiting period. However, it may come with some warnings. For example, if you choose a life insurance policy that does not have any waiting period, it may be just for a specific demographic and limits coverage.
You can get two types of policies that don’t have the 4-6 week turnaround time. These are term life insurance with no waiting period and whole life insurance without any waiting period. Term life insurance policies with no waiting period often offer coverage comparable to that of a conventional term life insurance policy, but not everybody qualifies.
If you avail of whole life insurance policies with no waiting period, it may not offer enough coverage, but you may buy it to cover minimal expenses.
Are You Eligible for Guaranteed Issue Life Insurance?
Though your medical history is of no use to determine eligibility, your age is. In general, guaranteed issue insurances are only available to you if you are between the age of 40 and 85. However, the age restrictions may differ among insurers and can be a lot slimmer, with some insurance providers accepting applicants just between 50 and 80 years old.
Your age can also affect the cost of your premiums. As with all types of life insurance policies, rates are impacted by risk. The older you get, the riskier it gets for the insurer to insure you, resulting in large premiums. However, the good news is that you will get a guaranteed issue policy if you fulfil this qualifying factor.
Can You Take Advantage of a Guaranteed Issue Policy?
Extreme health conditions can end up in high premiums, lower benefits, and even makes you uninsurable. If this is the instance for you, a life insurance policy with no medical underwriting and the waiting period can make you insurable.
But do not assume your health will stop you from getting a competitively priced term or whole life insurance policy with specific medical underwriting. Also, not every no-medical exam policy will have waiting periods because many insurance companies never limit the coverage. If you qualify for the policy, you will probably pay a lot less for coverage but end up paying more than you may have paid for a fully-underwritten (medical exam required) policy.
To sum up, since you have an idea about guaranteed life insurance with no waiting period and how you can get one, you can choose a life insurance option that suits you the best and falls within your budget.