Guaranteed acceptance life insurance is one of the most convenient insurance policies to purchase. There are various factors like age, medical and financial conditions involved when applying for a traditional life insurance plan. These factors have a significant impact on the approval of your policy.
Comparatively, the application process for guaranteed life insurance no waiting period is straightforward, as it has no medical exam required. The majority of the applications for this policy are approved, irrespective of the applicant’s medical and financial condition.
What Is Guaranteed Acceptance Life Insurance?
Guaranteed Acceptance, as the name suggests, implies that the insurer will approve an application for this type of policy. If you are a senior citizen looking for a life insurance policy or suffering from any health issues, this is the policy you can opt for. You can choose the assured sum to be used for your final expenses or leave the assured amount to your dependents.
There are different types of guaranteed acceptance policies available wherein you will be covered from day one of making a payment. For more information on guaranteed life insurance with no waiting period, you can consult experts like Gary P. Cubeta from Insurance for Final Expense.
You will be paying higher premiums for this type of policy. It will grant protection even with medical conditions and at an age where you are not eligible for traditional life insurance products. Some policies come with a two year waiting period, meaning you will have to pay a premium for two years for the full benefit to take effect.
Reasons Why Buying Guaranteed Accepted Life Insurance Makes Sense
No Medical Exam Required
Applicants with pre-existing medical conditions can apply for this policy without the fear of rejection. Depending on the carrier and coverage type, even terminal cases are considered for guaranteed acceptance insurance. Seek professional advice for the right type of coverage plan if you are currently suffering from a medical ailment.
As there is no medical exam conducted to cover the risks taken up by the carrier, a waiting period condition is enforced on the policy payout. You will have to make a minimum of 24 monthly payments over two years for the full assured amount to be paid out. In case the insured passes away during this waiting period, nominees will not receive the assured amount, but the premium paid until the date of the insured’s death will be returned as the payout.
Guaranteed Acceptance Insurance with No Waiting Period
You can opt for guaranteed acceptance insurance if you want to get started with the cover period as soon as you make your first payment. The two ways through which you can get life insurance without any waiting period are:
- Whole Life Insurance
- Term Life Insurance
With whole life insurance, your policy stays in effect as long as you continue paying the premium amounts. As with guaranteed acceptance insurance, you will not have to undergo any medical examination during the application process. In case of your unfortunate demise, nominees will be provided with the assured amount.
With term life insurance, you are covered only for the agreed-upon period at the time of purchase. For example, the life insurance policy will provide you with coverage for a period of 10, 20, 30, or 40 years. Once the policy term ends, you will no longer be covered under the insurance. You can choose to renew the policy at the end of the policy term but note that your premium amount will increase as you will be older than when you first purchased the policy.
Burial and Final Expenses are Taken Of
Funeral costs in the US are high, irrespective of whether you want to be cremated or buried. According to the US NFDA, the average funeral costs range from $7,640 to $9,135. This average amount does not consider miscellaneous expenses like flowers, markers costs, burial vaults, or obituary.
If you do not wish your loved ones to be left behind managing a funeral with exorbitant costs, then explore the option of guaranteed acceptance insurance. Your loved ones can cover all your final funeral expenses with the assured amount of the policy.
Guaranteed life insurance with no waiting period is ideal for people in the age bracket of 50 to 80 years with existing medical conditions. The application process for this type of policy is easy. No medical examination is conducted, and about 80% to 90% of policies are approved and take effect from the time you make the first payment. Gift your loved one’s peace with guaranteed acceptance insurance. Another option is to assess the current value of an existing life insurance policy. For eligible adults who no longer need or can afford their policy, selling your life insurance for cash can be a great option.