We all know that not all of us can easily avail a life insurance without showing our medical history to the said insurance company. However, with the introduction of Guaranteed Issue Life Insurance, now even the sick ones and the elderly are now accepted to avail life insurance.
You must have seen a lot of commercials on TV with celebrities that tell you about being able to get an insurance policy without the need for medical examinations or medical records. Yes, this is indeed true, as guaranteed issue life insurance policies are the ones suited for the elderly and for the sick ones. Believe it or not, this type of life insurance is the one being marketed to old people and the sick ones. Since no regular life insurance will accept people in this class. They are also the only one who will gladly accept the ones being rejected by most insurance companies.
But you have to know that guaranteed issue life insurance has its own limitations as well. Said policies are sold with smaller face values, usually they are below $20,000. So why this small? Well, this is mainly because this is intended for expenses such as funeral. They are also being sold to people who are aged 50 to 85 years old. These policies are also usually a bit steep. Since they do not require medical backgrounds in setting up premiums, this tends to be of high cost to the company.
Now let us talk about the benefits of getting a guaranteed issue life insurance.
First and foremost, this is an insurance policy that will not ask you for a medical examination or medical records. This is also intended for elderly people and the sick ones. You may never be able to get an insurance policy from other insurance companies if you are 50 and above, but with guaranteed life insurance, you are assured that they will gladly accept you.
The money that your family will get is quite enough for funeral expenses. Now, you won’t have to worry about them having a problem about the said expensive funeral cost.
Being insured in the first place, without going through back to back rejection due to your age and health status is a benefit that most insurance company will not give you. So with guaranteed issue life insurance, even if you are old or sick they will not turn you away.
With today’s trying times, making sure that the ones we are leaving behind will no longer have to deal with expensive funeral cost is something that will give us a peace of mind. The amount that you can get from it may not amount to other insurance plans, but it is something that your family can definitely use. Whether you are healthy or sick at the age of 50 and above, you can rely on guaranteed issue life insurance. They will be there to help you, when everybody else is turning their backs on you. The option is there for you to consider, it is now up to you if you want it or not.