The Basics
- Ages 40-80 only
- Coverage from $2,000 to $25,000
- You can’t be denied
- No health checks (no exams, questions, or record checks)
- There is a two-year “waiting period”
The Essentials
A waiting period refers to the time you have to “wait” before your policy pays out your full death benefit.
- If death occurs during the waiting period, the beneficiary gets a refund of your paid premiums (plus ~10% interest)
- After Year 2, your policy will pay out your full benefit, no matter what
Those near end-of-life have a unique option to do financial good by their family
- 70-year-old female
- Recently diagnosed with terminal condition, with ~1 year left to live
- She can get $25,000 of guaranteed issue life insurance for $187/month
Is it worth it?
Let’s say she passes away in 1 year, as expected.
She would have paid in ~$2,100 in premiums.
Her family would get a refund of this amount + 10% interest = ~$2,300.
Now, let’s say she beats the odds and is living after two years.
If she passed
right then, she would have paid in ~$4,500 to give her family a payout
of $25,000.
Even if
she lived 10 years longer than her doctors expected, her family would still get
$4,000 more than what she paid
in.
Takeaway: You won’t find another no-brainer like this in all of insurance.
The Punch Line
For those who don’t qualify for traditional life insurance, guaranteed issue life insurance may be a lifesaver. It allows high-risk individuals the same chance to protect their families that other have.
- No hassle (guaranteed approval)
- Fast (5-minute app, immediate approval)
- Private (no exam + records not checked)
- Excellent value for those near end-of-life
- Can use credit card to pay
- More expensive than underwritten burial insurance policies
- Two-year “waiting period”
Get In Touch!
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