Guaranteed Issue Life Insurance
Life insurance is not something many of us like to think about. Most people feel anywhere from mildly to very uncomfortable when thinking about or discussing their mortality. However, it is something that must be addressed at some point. Everyone should make a will, and everyone should have life insurance. These things protect your loved ones after your passing. Guaranteed issue life insurance is a term used to describe coverage that is guaranteed, in other words that does not require a medical exam to be performed in order for approval.
While there are some criteria that must be met for guaranteed issue life insurance, it is most often approved. You cannot usually get this insurance if you are in a hospital, long term care facility or have been diagnosed with a terminal disease. However in most every other case, you can. You might find that this kind of insurance is more costly than traditional life insurance. This is because it is not based on your health status therefore covering you is a bigger risk for the insurance company.
There are a variety of ways you can go about obtaining guaranteed issue life insurance. One is to find a life insurance broker and tell him or her that this is the type of coverage you are seeking. They can sit down with you and explain exactly what this kind of insurance is all about. And, they can analyze your information and tell you what kind of candidate you are for the different types of life insurance. If you have questions, the agent should answer them without being pushy or trying to sell you anything. If you find you are being pushed into buying, it is time to seek out a different insurance agency.
The Internet is a good place to find guaranteed issue life insurance quotes. Many websites offer forms that you fill out then submit for a free quote. These forms ask you basic information about yourself, such as name, address, phone number, email address and age. Then, there may be basic questions about your medical history and current health. After you have completed the form, your quotes will be returned to you. Some of these sites give you multiple quotes from numerous companies all in one place. This makes it easy to find out which company you want apply with.
The application process for guaranteed issue life insurance is a bit more stringent than obtaining a quote. The official application may be longer, and in many instances your information must be verified in person or over the phone by an agent. From there it is sent to underwriting who does the actual approval process. It usually takes a few weeks for the approval process to be completed. From there, you will receive a letter explaining whether you are approved or denied.
If approved, you will be told the amount of your policy, how much your premium will be when paid monthly, semi annually or annually, and how to submit payment. You will also receive proof of insurance documents and a packet explaining the details of your coverage in depth. With guaranteed issue life insurance, there is no reason why an individual cannot get life insurance to financially protect their loved ones in the event of their passing.