Guaranteed Acceptance Life Insurance for Seniors
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Guaranteed Acceptance Life Insurance for Seniors-Waiting/No Waiting:
Guaranteed acceptance life insurance for seniors is one of the most popular options for those over the age of 65 who are searching for additional coverage that will help their families after they are gone. There is a wrong impression that after passing a certain age seniors can no longer get life insurance or the rates are just too high for them to pay. The truth is that your life insurance depends on few factors and older you get it gets harder to find affordable life insurance. However, there are still a lot of options that you can take advantage of if you are a senior, and guaranteed acceptance life insurance for seniors is just one of them.
What is Guaranteed Acceptance Life Insurance for Seniors and How It works?
Guaranteed acceptance life insurance for seniors is a great choice for you if you are looking for term life insurance and you don’t want to deal with medical exam. It generally ranges for people over 65 to 85. The company you choose must issue it if you pay your premium and that is why it’s also called guaranteed issue life insurance for seniors. The insurance company doesn’t need to know much about your medical condition therefore this life insurance may be more expensive than a normal one. As they may only care about your age, your heath will not be an obstacle to get guaranteed acceptance life insurance for seniors. Enter your ZIP code and find the best rates below:
The catch is that you have to pay your policy for 2 or 4 years depending on company you choose before your family can get the amount of money you expect. Think about this as a waiting period, that is for sure a risky one. These policies are smaller and more expensive, and that is why they shouldn’t be your first choice. However, if you are willing to take a risk or you have no other options, it could use you good.
Why You Should I Go for Guaranteed Acceptance Life Insurance for Seniors?
Even with the obvious disadvantage with risking your benefits, there are few good things about guaranteed issue policy. As it was mentioned before, guaranteed issue life insurance for seniors is perfect is you are not able to buy life insurance or you don’t want to deal with the detailed medical exam that other life insurances require. Also with this policy your premium will be locked in, which means that your premium will not vary and it will cost the same until the end. Your permanent coverage will be guaranteed for the rest of your life, and so is the full death benefit after the first two years of paying the premium. Guaranteed issue life insurance for seniors may be perfect if you are willing to take a risk. It is certainly a very attractive option, especially if you are in situation where you don’t have much choice as traditional life insurance is beyond your reach. However, before you buy it make sure you searched for all the options you have. Buying life insurance should never be a quick decision and it will work for you only if you choose the best one that that suits your needs and your pocket.