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.
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.
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