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.

Pros	Cons
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.