This policy gets its name from the defining quality of its enrollment process. As a guaranteed issue policy, you won’t be heavily scrutinized, as the insurance company will not go through all the details related to your health. This means no medical exams – not even medical questions. It can be yours from the moment you sign your name.
However, some companies only allow individuals to sign up if they are 80 years old or younger.
Guaranteed issue final expense insurance can be a major relief for someone who has trouble qualifying for other life insurance policies, especially for a person with significant health problems. This form of final expense insurance doesn’t penalize you for situations beyond your control and instead provides you with an outlet to help your loved ones with their finances after you’re gone.
The advantage it holds over simplified issue is that it has a faster signup process. Guaranteed issue allows you to skip all medical questions and get straight to the point. The premiums, while slightly higher than simplified issue, are still considerably lower in comparison to typical life insurance policies.
If you have a chronic condition that lowers your life expectancy, have been diagnosed with a terminal illness, or are seen as an insurability risk in any way, guaranteed issue final expense insurance is for you.
Or even if you’re healthy, you may opt for it because you do not want to discuss details about your medical history or lifestyle choices with the insurance company. This gives guaranteed issue final expense insurance an element of anonymity, a quality that is absent from other forms of life insurance.
While the death benefit for a guaranteed issue final expense policy may be lower than that of a simplified issue policy, it’s still thousands of dollars that will be going to your loved ones after you pass away. They can use the death benefit for any purpose, and it’s not subject to income taxes. Your loved ones will be able to use those funds to take care of their biggest financial needs, thanks to a quickly obtained policy with affordable premiums.
At Alvarado Master Agency, our overall goal is to help you find an insurance policy that provides you with the coverage you need to provide for your loved ones.