Guaranteed Issue Life Insurance Is Not Created Equal
Guaranteed Issue Life Insurance Is Not Created Equal
There are a handfull of life insurance companies that specialize in some form of "critical illness" or "impaired risk" guaranteed issue life insurance product. The vast majority of the so calledguarenteed issue" life insurance policy are quite the contrary of the definition of Guarenteed issue. A true guaranteed ssue life insurance policy will indemnify the insured beneficiaries with limited to no caveats in issuance from the insurance company. Many insurance carriers will not consider making an offer on a convicted criminals policy. While most insurance carriers will not offer insurance to a patient in a long term care facility. Many so called guaranteed ssue insurance underwriting guidelines will result in a denial for the preceeding backround issues.
There isonly2 insurance carriers with A or better AM Best (excellent financial strength) that offer a true guarenteed issue life insurance policy. This means you can be on probabtion,you can be in a long term care facility, you can even be incarcerated and 100% insurable. Many insurance agents will tell you that your uninsurable with cancer,criminal history,HIV,DUI,residing in a long term care facility,etc... There is amultitude of reasons why a "traditional" life insurance carrier would consider an impaired risk as unisurable. This however does not mean uninsurable to all life insurance companies. If you have a difficult insurance risk, the knowledge of your agent and his agency carriers become even more crucial. The insured needs to have a reality check as far as risk based pricing is concerned. Your insurance policy in the first few years may be expensive, but the ability to get rerated or change carriers as the risk diminishes is also a crucial step in making sure that you are never without coverage, and that you are insured to the best market rate available based on the circumstances. Having some coverage is better that not having any coverage. The insureds monthly budget may play a signifigant role indeterming a face amount. You as the insured or policy owner need to deal with an agent that specializes in high risk life insurance. This type of insurance policy may also carry whats known as a "graded benefit". The graded period is typicially 2-5 years depending on the insurance company,and is a return of premium policy in that specified "graded" period.
Your agent will be able to determine what carrier is appropiate depending on the severity and age of the risk and the insureds age. Call an agent to discuss your details and budget for high risk life insurance
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