Understanding the Policy

Life has no guarantees. But don’t let that stop you living

In the world of life insurance companies, certain elements are classified as uninsurable. Having a poorer terminal health condition, crossing a certain age limit, and such. For these wonderful people, we have Guaranteed Issue Policy.

United Life can help find the best Guaranteed Issue Life Insurance Policy for our valued customers who have given their lives to groom the young ones. So what if they have poor health conditions or have crossed a certain age.

How it Works

Guaranteed issue life insurance policy is specifically a good fit for the geriatric community with health conditions. You can get your policy underwritten and approved in no more than 2 days without having to fill in lengthy questionnaires and going through a tedious medical exam with tens of tests. Because it doesn’t consider Health Condition as a factor, the price is the same for someone in perfect health and someone who’s terminally ill. The policy goes in effect as soon as it is approved but there is a Graded Benefit Period with it.

So if you are healthy 50 something who is not afraid to go through a medical exam, and looking for a good life insurance option, Guaranteed Issue Policy may not be your best option. Instead, a regular life insurance policy can provide a much higher coverage amount for a much lower price.

Policy Highlights

Pros

  • Swift processing time. Application and approval takes no more than 2 days
  • No medical exam required. No testing no time consumed.
  • Can be obtained even if you are a high-risk health class

Cons

  • More expensive than other policies owing to its no medical exam requirement
  • Payout and coverage amount is lower than regular life insurance policies. Typically it starts at 25,000 USD and can go up to 40,000 USD.
  • Offers the same price for people in all health conditions
  • There is a graded benefit period which reduces the coverage amount for your beneficiaries.

Duration

The guaranteed Issue Life Insurance is designed for people above 50 and below 85 and is offered for their entire lifetime. 

Graded Benefit Period

Guaranteed Issue Life Insurance guarantees issuance and effectiveness of the policy in no time but there are strings attached to it. This type of policy has a Graded Benefit Period Feature which means that if the policyholder passes away during that time, the beneficiaries will not receive the whole amount of the coverage. Instead, they will

Policy Affordability

Compared to other types of life insurances, Guaranteed Issue Policy costs much higher. That is because it and is issued without any medical exam or health surveys and is by design offered to older people, those with poor health and even chronic illnesses.