What Is Guaranteed Issue Whole Life Insurance?
Guaranteed issue whole life insurance policies are a type of life insurance that offers coverage to individuals without requiring a medical exam or health questions. However, these policies typically come with a waiting period before the full death benefit is available, usually 2-3 years. If the policyholder were to pass away during the waiting period, the beneficiary would receive a refund of the paid premiums with interest.
|Accessible to individuals with serious health issues who may be turned down for traditional life insurance||Higher premiums compared to traditional life insurance policies|
|No medical exam or health questions required||Lower coverage amounts compared to traditional life insurance policies|
|Provides coverage to individuals who may not qualify for other types of coverage||Waiting period before the full death benefit is available|
Guaranteed issue whole life insurance is typically available to individuals between 50 and 80 years old, and the specific qualifications may vary based on age and location. Aflac offers guaranteed issue life insurance plans without medical exams depending on the customer’s unique circumstances.
If you or someone you know is battling a serious illness, guaranteed issue life insurance could provide the coverage needed to help ease the financial burden on loved ones. While these policies come with higher premiums and lower coverage amounts than traditional life insurance policies, they offer accessible coverage options to those who may not qualify for other types of coverage.
Our carriers beat Colonial Penn, Globe Life, and AARP 96% of the time*
* Based on website quote requests, through 5/31/23.
(Check your rate to see their rates vs. ours)