Are You Considering a Guaranteed Issue Policy?
Guaranteed Issue Life?
You have probably seen a lot of ads for a product called Guaranteed Issue Life Insurance For Seniors. It is presented as a simple way for older people to apply for, and to get accepted for, a small policy. Just make sure you understand how a company can offer to cover an older person without doing any health underwriting.
Waiting Periods
Many insurers do this by enforcing a policy waiting period. This period of time may be 2 or 3 years, and it starts when the policy has been issued. What it means is that the insured person must survive this waiting period before the beneficiaries will collect the entire face value of the policy. Some policies will refund premiums or pay a partial death benefit if the insured person passes away before this time has elapsed.
This may be the only alternative for some seriously ill people. However, many older people who in decent health for their age can qualify for a policy with an immediate death benefit. That is why we always advice you to research the insurance products you are considering before you purchase the first one you see advertised on TV. You can find a lot of information online, or a qualified agent should be able to explain your alternatives.
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