Can Guaranteed Issue Life Insurance Be a Good Investment for You and Your Family?
Guaranteed issue life insurance is a type of insurance policy that gives a chance to the policy holder to purchase the policy without providing any medical exam. The only criteria of this insurance policy is that it is not subject to pre-existing conditions and you don’t have to take medical exam for the policy. However, it does not mean that it is a very cheap insurance product because of the fact that the premium is higher than the standard policies.
Why Guaranteed Issue Life Insurance Can Be a Good Option for You and Your Family
Buying a life insurance policy is the responsibility of the family. This is why if your parent needs life insurance for medical emergencies, then they need to pay for the premium because it is their responsibility. If they are unable to pay for the premium then they may not be able to buy the policy. In such a situation, the only solution is to buy the guaranteed issue life insurance.
This type of insurance is suitable for those who don’t want to invest in a term policy or who don’t have time to spend on investment. In such a situation, guaranteed issue insurance can be a good option.
What is Guaranteed Issue Life Insurance Policy?
This type of life insurance policy is similar to the permanent life insurance policy. The only difference is that it is not linked to health or age. In a guaranteed issue life insurance policy, you do not have to provide any health certificate. The policy is guaranteed until death of the person. If the insured person dies before the policy maturity date, then you will be compensated with the money for the remaining period of the policy.
This is the reason why this is a low-cost insurance product. If you have a permanent life insurance policy, then you will be required to pay more for it.
How Much Does Guaranteed Issue Life Insurance Policy Cost?
Guaranteed issue life insurance policies are expensive compared to the standard policies. It has a premium rate of more than the regular policies. It varies from the policy to policy. The premiums depend on many factors including your age, health status, occupation, and location.
The premium rates of the life insurance policy can be seen from the website of the insurance company. You can compare different plans and decide on the most suitable plan for your needs.
Benefits of Buying Guaranteed Issue Life Insurance Policy:
There are many benefits of buying guaranteed issue life insurance policies. Here are some of them:
Easy to buy and get
If you want to buy guaranteed issue life insurance policy, then you don’t need to visit the insurance company office. You can even buy the policy online. It is very simple to buy a life insurance policy online.
Low premiums
This is one of the best features of guaranteed issue life insurance policies. As you don’t have to provide any health certificate for the policy, you can save a lot of money on the premium.
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Lump sum death benefit
If the policyholder dies before the policy maturity date,
Can Guaranteed Issue Life Insurance Be a Good Investment for You and Your Family?
Guaranteed issue life insurance is a type of insurance policy that gives a chance to the policy holder to purchase the policy without providing any medical exam. The only criteria of this insurance policy is that it is not subject to pre-existing conditions and you don’t have to take medical exam for the policy. However, it does not mean that it is a very cheap insurance product because of the fact that the premium is higher than the standard policies.
Why Guaranteed Issue Life Insurance Can Be a Good Option for You and Your Family
Buying a life insurance policy is the responsibility of the family. This is why if your parent needs life insurance for medical emergencies, then they need to pay for the premium because it is their responsibility. If they are unable to pay for the premium then they may not be able to buy the policy. In such a situation, the only solution is to buy the guaranteed issue life insurance.
This type of insurance is suitable for those who don’t want to invest in a term policy or who don’t have time to spend on investment. In such a situation, guaranteed issue insurance can be a good option.
What is Guaranteed Issue Life Insurance Policy?
This type of life insurance policy is similar to the permanent life insurance policy. The only difference is that it is not linked to health or age. In a guaranteed issue life insurance policy, you do not have to provide any health certificate. The policy is guaranteed until death of the person. If the insured person dies before the policy maturity date, then you will be compensated with the money for the remaining period of the policy.
This is the reason why this is a low-cost insurance product. If you have a permanent life insurance policy, then you will be required to pay more for it.
