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Helping people that have been turned down for life insurance


No health questions on a life insurance policy?

Don't confuse "easy issue" life insurance policies that with guaranteed issue." For a true guaranteed issue policy, there are no medical questions you just send your money and get insurance. Most guaranteed issue life insurance policies are designed to provide for only funeral expenses, so it can be tough to find a company willing to sell a policy with a face amount of more than $15,000 to $20,000.

With guaranteed issue life insurance policies, because there is no medical exam or underwriting, insurance companies have no information other than the applicant's age and gender on which to base the premiums. Because guaranteed issue life insurance policies do not rely on medical information to set premiums, they are very expensive and have a low face amount ($ of coverage).

Life insurance policy with no medical exam. For some people, these "guaranteed issue" individual life insurance policies can be the only way to buy insurance protection. Often marketed to the elderly, guaranteed issue individual life insurance will insure everyone who comes along, with no medical examination and without asking any medical questions. These policies should not be confused with simplified or quick issue individual life insurance for which insurers will ask medical history questions but will not require an examination.

Most guaranteed issue life insurance policies are designed to provide for only funeral expenses, so it can be tough to find a company willing to sell a policy with a face amount of more than $15,000 to $20,000. However, employer or group based life insurance plans can go as high as $50,000.

Wherever you give the insurance carrier medical information to prove you are in good health you will get lower rates.

With true guaranteed issue life insurance policies, since there is no medical exam or underwriting, insurance companies have no information other than the applicant's age and gender on which to base the price.

The high premiums, combined with a low face amount for the death benefit, can make guaranteed issue life insurance an undesirable option, unless you are in bad health or have a serious medical condition. For some of these policies, if you live long enough, you could may end up paying more in premiums than your beneficiaries will ever receive when you die.

Graded Life Insurance:

Graded benefit periods prevent people in that are dying from collecting on a policy right away. Let's say the insured dies within the first 1-5 years of a graded life insurance policy contact. The beneficiaries would either get a refund of the insureds premium, or a portion of the death benefit. The longer the insured lives, the greater the death benefit.

Some policies will pay out the full-face amount during the graded benefits period in the case of an accidental death, but not all guaranteed issue policies will offer this feature. As with any accidental death policy, the definition of "accidental causes" is usually very narrow.

In general, if you can buy life insurance after answering medical history questions or by undergoing a physical examination, you'll probably end up paying much less for a greater death benefit than you would with a guaranteed issue life insurance policy.

If you've been turned away from every other policy because of your age or your health, guaranteed issue individual life insurance can be a possible option.
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Contact your State's Department of Insurance to complain about a burial insurance policy. More...

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View our medical conditions limiting you to a low face value burial insurance policy. qualifications. More...


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