Life insurance without medical exam or health questions, guaranteed acceptance
Life insurance is an important safety net for everyone to have in order to ensure the financial protection of their families. No one wants to think about their death, but the reality is that it will happen, and the loved ones left behind will be forced to deal with bills, personal or business loans, education expenses, funeral costs, and other financial woes on top of the grief.
If you don’t think you can qualify for life insurance due to age, illness, or medical history, guaranteed life insurance may be the best policy for your needs.
Life insurance is ignored by many due to its costs and intrusive requirements like medical exams which applicants must undergo. However, guaranteed life insurance is easier to obtain, and ensures that no one has to be left behind.
Pros of Guaranteed Life Insurance
The beauty of a guaranteed acceptance life insurance policy is that you cannot be turned down for coverage due to your health. This can come in handy to many people whom other life companies have deemed uninsurable, such as those who suffer from pre-existing medical conditions.
Secondly, applicants are not required to submit to intrusive medical or physical exams.
The fact that the cost of the premiums will not increase as you age is also an attractive, affordable aspect of guaranteed life insurance, making it a low-cost choice for individuals, single parents, and/or a young family.
Cons of Guaranteed Life Insurance
One of the most obvious disadvantages is that the life insurance rates are higher than other kinds of coverage, which may deter all but the otherwise uninsurable.
Secondly, the life insurance company is protected by many rules and regulations, including a clause which allows them to only issue a partial benefit if the policyholder passes away within two years or less after purchasing guaranteed life insurance, with the exclusion of accidental deaths. The relatively high fees of guaranteed whole life insurance make it a poor choice for life insurance coverage for healthy individuals.
When Guaranteed Life Insurance Does Not Make Sense
Getting guaranteed life insurance while still young and healthy does not make sense. Guaranteed life insurance costs are much higher than those of term life insurance policies that young families may be able to afford and can easily buy.
In addition to this, beneficiaries only receive compensation if the policyholder’s death is in line with the company’s contract and restrictions. Purchasing a whole life insurance policy may subject you to lots of forms to fill out and a medical examination, but overall, would help save money and be a valuable kind of protection. Whole life insurance may be the best, affordable alternative if you are insurable.
Get a life insurance without medical exam quote
If you are still unsure whether or not guaranteed life insurance is the right choice for your particular situation, it is recommended that you try comparing free life insurance quotes online to find the best, affordable rates and type of coverage.
Enter your 5-digit zip code to get a life insurance quote from the best companies in the U.S and compare life insurance rates to find affordable coverage.