Don’t Buy Guaranteed Issue Life Insurance!

Buying a guaranteed issue life insurance policy has its pros and cons. These life insurance policies are not the best option for most people. Buying the wrong type of policy can cost you more than it should.

You will probably pay less and get a better policy if they purchase a standard or medically underwritten policy. Even if you take a few medications or have some medical conditions, you should consider guaranteed issue life insurance, no exam life insurance and simplified issued life insurance only after you have been denied a standard policy. These policies are almost always more expensive.

Most people qualify for less expensive medically underwritten policies. “Regular” or medically underwritten life insurance is relatively easy to qualify for. Even if you have been denied coverage for health insurance or disability insurance, you are probably healthy enough to qualify for a medically underwritten life insurance policy.

When you apply for a life insurance policy and are asked about your medical history, the company will assign you to a rate class. You may qualify for a preferred rate. You may qualify for a standard rate. You may be charged a rate that is higher than the standard rate.

Even the highest rate is likely to be lower than the rate you would pay for a guaranteed issue policy. By answering a few medical questions and you may pay half the price for the same amount of coverage.

TEMPORARY INSURANCE IS AFFORDABLE

The recent debate about healthcare reform has included an unforeseen voice in a growing group of those without health insurance – young Americans. The number of young adults in the 18-29 age group without medical insurance is growing. These include young adults who don’t have insurance due to unemployment or restrictive way times for insurance from employers. short term health insurance can be a great way for these young Americans to protect against high medical costs.

Being in college, working in unpaid internships or even being employed as a contract worker can result in a lack of available healthcare options for many young people. Short term insurance is often the safest way to guarantee medical coverage in case of emergency.

Depending on the plan, traditional insurance offerings vary in the costs and fees associated with them. Employer-sponsored plans are generally paid for on a monthly basis, and the cost is deducted directly from the insured person’s paycheck.

Individual plans are available for those who are not employed; however, these are often quite expensive and more limited in coverage available. As a result, these can be an expensive option for a student struggling with bills.

A Short term insurance plan can be a great alternative to the expensive premiums and high deductibles found in individual plans. Short term plans are generally purchased for a shorter periods of time and don’t require an employer for sponsorship. The costs are paid for exclusively by the insured person; however, they are often lower than paying for a traditional long-term health insurance plan.

Young people should realize that medical insurance coverage is just as important for them as is it is for their parents. short term health insurance is an effective way to manage health costs and medical care, whether someone has been injured in an accident or illness.

Research several different companies offering short term health insurance plans to find the one that offers the most financially beneficial plan for your needs. It’s important to ask about a plan’s costs, including any limitations and restrictions that may be included.

If you become injured a sick, understanding a short term health insurance plan ahead of time can save time and money down the road. Insuring a healthy and happy future is an important consideration when protecting one’s self.