life insurance

Question: What is guaranteed issue life insurance?


Answer:

Guaranteed issue life insurance, also known as guaranteed by the approval of life insurance is life insurance that an insurance company without the usual problems medical pre-screening. For some, the guarantee of life insurance problem can be advantageous because it does not require a medical exam and asking questions about little or no medical history. guaranteed issue policies can convince almost everyone, so the name of one thing guaranteed, and often buy these high-risk professions, and poor health.

Although guaranteed issue life insurance has many advantages, there are also some disadvantages:

* It's expensive. With life insurance guaranteed issue, a matter of life insurance companies, without assessing their condition. Rather than undergo medical tests to determine rates, premium payments are usually based on age and sex and the result of much higher rates.

* Small life insurance benefit. These policies usually include small death benefits, amounts paid to beneficiaries when the insured person dies.

* Terms funeral. Political death benefit guarantees may be subject to a clause allowing the insurer to refund the premiums paid, rather than pay the full death benefit if the insured dies within the first two to three years of purchasing policy .

Apart from the disadvantages mentioned above, some insurance premiums are expensive, so many years of total premiums paid is greater than the nominal policy. Many of the guaranteed issue policies, the premiums will be amortized for 10 years.

Before buying life insurance, guarantees, or another, be sure to shop around. No two insurance companies are not alike and all health conditions may prohibit you from life insurance. Remember, the life conditions of health insurance rates differently and have unique underwriting criteria. Guaranteed life insurance problem may be more appropriate for those who are unable to buy life insurance after a medical examination.