Everyone should have life insurance. The challenge, for some people, is that if you have a pre-existing medical condition or have certain jobs or hobbies, some companies will be reluctant to accept you.
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Guaranteed acceptance life policies exist, and are a good option for people who want to get a policy but who are worried about their chances of being accepted for a standard policy.
You need to take into account that,
Guaranteed issued life insurance is based on your age, sex, and where you live. Those are the only factors that the insurer takes into account, and they may place limits on the ages that they accept, or price the policy differently for different age groups. At age 40, guaranteed acceptance life insurance is a great option for those who can afford the premiums and who are not able to get more standard policies.
The Best Guaranteed Acceptance Life Insurance Age 40 Options
Guaranteed acceptance coverage usually feature graded benefits. This means that your policy does not offer the full benefit immediately, but that the longer you go without making a claim, the better the benefit gets. If you die within the waiting period (usually two years), then you will get your premiums refunded instead of getting the full death benefit.
There are only a couple of circumstances under which you can be denied guaranteed approval life insurance. Those are if you have HIG or AIDS, if you are currently living in a nursing home, or if you have been diagnosed as being terminally ill.
For most people who have a pre-existing medical condition, but one that is manageable and does not mean that they are considered to be terminally ill, a guaranteed issued life insurance under 40 policy makes sense.
The policies have a number of useful features:
- Amounts between $2000 and $25,000 (sometimes more)
- No underwriting
- No required medical exam
- No medical questionnaires
- Premiums that will not increase, and a policy that is not canceled as long as the premiums are being paid
- Graded death benefits
- Anyone between the age of 40 and the cap from the insurer will pay
Who Is Getting You The Best Deal?
There are many companies that offer guaranteed and instant approval life policies. One popular company is AIG Direct. They offer cover from $5,000 up to as much as $25,000 and there are options for living benefits as well, including terminal illness and chronic illness.
AARP Guaranteed Acceptance Life Insurance is another good option, offering up to $25,000 for AARP members, with no health questions or medical exam. Their coverage is affordable, and permanent, although it is not available to all states.
United Life offers guaranteed cover and is one of the most affordable options for people aged 40, with policies starting at around $50 a month, depending on your personal circumstances.
Great Western Insurance has a Guaranteed Assurance policy offer, which is affordably priced and open to many states. They are a well-regarded insurer with a range of policies, so it is worth discussing your circumstances with them to make sure that you get the policy that you best qualify for.
Kemper’s Senior Solutions GIWL is a popular option for those who are looking for affordable coverage. Prices vary depending on your circumstances, with around $80 a month being common, and this company offers competitive quotes for men and women, and a reasonable package.
Another popular option is Legacy Shield’s GB cover, again at competitive prices for most states. This company offers a lot of organization packages, so you may find that you are offered coverage through another company you are a client of, or through your workplace.
Are You Sure You Need Guaranteed Issuance Cover?
Most people would be better off getting a standard policy rather than a guaranteed issuance policy. Guaranteed acceptance policies are best for those who have difficulty getting other policies, and because of this, they tend to be slightly more expensive, and also limited in terms of when and how they will pay out.
Policies that are priced based on medical information will frequently offer a much better deal. There are many factors that are within your control that you can take account of when considering your insurance cover. For example weight, smoking, alcohol and exercise habits sometimes can be considered.
Depending on your medical condition you may find that some insurers are more sympathetic than others, and may have dedicated policies that would cover you. Pre-existing medical conditions are not always the exclusion they first appear to be, especially for someone who is under the age of 50.
It makes sense to use a price comparison tool and to contact insurance companies that list details for your medical issue. While anyone can get accepted for a guaranteed life assurance policy (with only some very limited exceptions) that does not mean that everyone should apply for one.
A little time spent on researching the marketplace could save you a lot of money in the long run and help you get the best possible deal.