Insurance

Guaranteed Issue Life Insurance: Is it Worth It?

Arnab Dey

Insurance January, 01 2023

Purchasing a life insurance policy is a troublesome process that requires going through different medical tests and answering health questionnaires. Have you ever thought of getting a policy without undergoing these processes?

Well, guaranteed issue life insurance comes with some excellent benefits to getting rid of this process. For example, this policy doesn’t require any medical exam or even answering questions about your health condition to purchase.

But this type of life insurance offers higher premium rates with lower and inflexible coverage. Now you may be confused about the best-guaranteed issue of life insurance: is it worth it?

To clear up your confusion, keep reading the entire context. Here you will find a comprehensive discussion regarding guaranteed issue life insurance.

What Exactly Is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is one kind of permanent life insurance known as non-medical life insurance. This is because this type of insurance doesn’t involve any medical examination.

Even guaranteed issue life insurance doesn’t require any medical records to show and answer health questionnaires in front of the insurer. You have to submit an application to the insurer to purchase a guaranteed issue insurance policy and wait for the approval.

Most insurance companies approve on the same day of application, while others require 48 hours. Unlike traditional life insurance, premium guaranteed issue life insurance are a little bit higher.

However, the coverage of this insurance is guaranteed and enough to cover funeral all expenses and small debts.

How Does Guaranteed Issue Life Insurance Work?

Guaranteed issue life insurance works differently than any other traditional life insurance. First of all, it requires the insured to fill out only a basic application without any medical examination or submitting records.

The application filling out process can be made both online and offline. Those who are applying for guaranteed issue health insurance actually need approval from the insurance companies.

Once you obtain the approval, you can purchase the policy right away. In general, guaranteed issue life insurance comes with a two-year waiting period to pay out. For that, your beneficiary won’t get full coverage from your policy if you die during the waiting period.

Since Guaranteed issue life insurance is a kind of permanent life insurance, you will have to pay premiums as long as you’re alive. And the cash value feature of this insurance will allow you to borrow money until your death.

Advantages Of Purchasing Guaranteed Issue Life Insurance

Before deciding whether guaranteed-issue life insurance is worth it, it is crucial to know what benefits this insurance offers. For your convenience, here we have talked about some significant advantages of purchasing guaranteed issue life insurance.

1. Pay Off Funeral Expenses

According to the National Funeral Directors Association, today, completing a funeral needs more than $9,000 on average. This cost mainly spends on purchasing a plot, final preparations, cremation, caskets, and other necessities.

Bearing this cost can be difficult for a family, especially if the only earning person dies. In that case, guaranteed life insurance will help pay off all of these expenses.

2. Bear Your Medical Bills

Most people are usually suffering from different diseases in old age. For that, they have to spend a huge amount of money on medical bills before death. This bill includes medications, hospital stays, medical procedures, and specialist care.

Paying off such costs is quite challenging for anyone, especially in old age. But if you have guaranteed issue life insurance, you won’t have to worry about this. This insurance will cover all your medical expenditures.

3. Pay Off Your Left Debts

Some people left different debts before death, including personal loans, car loans, house loans, or other loans. Paying off these debts is quite troublesome for a family after anyone’s death.

In that case, if the dead individual has any guaranteed issue life insurance, his/her family won’t have to be tense about paying off the debts. The insurance coverage will help pay off the left debts along with the funeral expenses.

4. Support Your Family Financially

If your family relies only on your income to pay off daily necessities, your whole family may have to undergo a financial crisis after your death. The situation will be worse if you leave your children’s education fees unpaid.

Bearing these costs will be challenging for your family without your income. In that case, if you leave guaranteed issue life insurance, your family will get good financial support in your absence.

5. No Medical Exams & Health Questionnaires

While most traditional life insurance requires completing a medical test, guaranteed issue life insurance is completely different. To purchase this life insurance, you don’t have to undergo any medical examination.

Even, there is no need to answer any health questionnaires before the insurance company. You just need to fill out an account form and wait for the approval of the insurance company.

Some Drawbacks Of Having Guaranteed Issue Life Insurance

Besides some outstanding benefits, there are also some disadvantages of having guaranteed issue life insurance.

Here we have briefly discussed these drawbacks so that you get an overall idea of this life insurance.

Higher Premiums: Compared to traditional life insurance policies, guaranteed issue life insurance charges higher premium rates. The lack of knowledge about the insured health condition is the main reason for this higher rate.
Small Coverage Amount: The death benefit of guaranteed life insurance is typically low; sometimes, it is not more than $25,000. But the amount is enough to pay off the funeral and other expenses.
Graded Death Benefits: Guaranteed issue life insurance policies come with a waiting period of at least 2 years. That means the insured’s carrier can’t issue the full death benefits if he/she dies during the waiting period.

Guaranteed Issue Life Insurance: Is It Worth It?

Considering the benefits, having guaranteed issue life insurance is really worth it. In general, some people with poor health conditions cannot qualify for standard insurance policies. In such situations, they are willing to pay higher premiums to support their family financially after the death.

If you are one of them and exhausted from all traditional life insurance options, guaranteed issue life insurance will be a good choice for you. With this life insurance, you don’t have to obtain any medical examination and answers to health questionnaires.

However, remember that guaranteed life insurance policies have a waiting period of 24 months. So, if you have a terminated disease, you have to ensure that you won’t pass away before the waiting period. If you overcome the maturity period, your beneficiary will get the full coverage of your policy.

What Are The Types Of Guaranteed Issue Life Insurance Policies?

Guaranteed issue life insurance usually comes with two different types of policies: term GI policy and permanent GI policy. Both of these are different from standard term and permanent policies.

A. Term Guaranteed Issue Life Insurance

Term-guaranteed life insurance covers a specific period, like 10 or 20 years. Basically, this policy is quite similar to standard term life insurance. When the duration expires, the insured can renew the policy, and the new premium rate will change according to the insured’s age.

For that, the premium rates of this policy can change each time you renew. However, sometimes term guaranteed issue life insurance requires renewing the policy every five years.

B. Permanent Guaranteed Issue Life Insurance

Permanent guaranteed issue insurance can be a good choice for those who probably get a longer life expectancy. The initial premium rate of this policy is high, which can be increased when you renew the policy.

With this policy, you will get guaranteed coverage based on a particular age. Another good thing is the cash value facility of this policy will grow your coverage, and you can also borrow the amount against the cash value if you want.

Some Frequently Asked Questions About Guaranteed Issue Life Insurance

People of different ages frequently asked questions about guaranteed issue life insurance. That’s why we have shared some questions with answers here. Check the answers, you may find these helpful.

1. Is There Any Age Restriction In Purchasing Guaranteed Issue Life Insurance?

Yes, most insurance companies usually want insureds aged between 50 and 85 to purchase guaranteed issue life insurance. However, you will find some companies that offer this life insurance policy to younger people.

2. Can I Purchase More Than One Guaranteed Issue Life Insurance Policy

Yes, you can purchase as many guaranteed-issue life insurance policies as you desire. You will just have to be capable of paying the premiums at the right time.

3. For Whom Guaranteed Issue Life Insurance Is Good?

Guaranteed-issue life insurance is good for those who are not qualified for traditional life insurance due to critical health conditions.

The conditions may include the following:

Symptoms of type 2 diabetes
AIDS or HIV
Tissue or organ transplant
A recent cancer diagnosis
A diagnosis of dementia or Alzheimer

Wrapping Up

Most people didn’t make the right decision to purchase life insurance, causing them not to qualify for traditional life insurance. If you’re so, you may not need to be concerned from now on. Hopefully, you get an overall idea about guaranteed issue life insurance after reading the context.

In general, guaranteed issue life insurance can be a good decision for those who are exhausted with traditional life insurance. Although the premium rates of this life insurance, your beneficiary will get guaranteed coverage after you overcome the waiting period.

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Arnab Dey

Arnab is a professional blogger, having an enormous interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, He carries out sharing sentient blogs.

Cost Insurance Freight? Everything You Should Know About It

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Maximizing Home Insurance Coverage For Your At-Home Business With Riders

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Is Startup Business Insurance Necessary For New Businesses?

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General Liability Insurance You can expect your employees to suffer from accidents if you have a production business with your own production centers. For example, while working heavy machinery, workers can injure themselves. Moreover, they can injure themselves when they are carrying heavy things from one place to another. The possibilities are endless here! Therefore, General Liability Insurance is the first startup business insurance you must invest in. This will help you compensate employees who injure themselves while at work. In addition, it also covers damage done to clients' assets. 2. Errors And Omissions Insurance (E&O) This startup business insurance is necessary for new businesses offering professional services. It’s necessary for such businesses because mistakes in services provided, mostly in the form of errors, are more common than you think. Making mistakes in services provided to clients can make them suffer financial losses. Therefore, before they can file a lawsuit against you, you can simply offer compensation to them. This professional courtesy is helpful because doing so often improves your connection with clients. Doing so might make them return. 3. Workers' Compensation Insurance This startup business insurance is a more narrowed-down form of General Liability Insurance. In this case, the insurance serves as health insurance for your employees. If any of your employees suffer physical harm due to the nature of work or even fall sick while working, you can compensate for their recovery. This is important for startup businesses because many forms of health insurance will deny their services to businesses. In addition, it also offers disability benefits to employees. 4. Cyber Liability Insurance Due to the ever-increasing need to digitize daily business activities, your business data is now more vulnerable than ever. This is because all your business data is stored in online cloud drives, which hackers can skillfully hack. Moreover, with online banking being the most common system of making payments, all your financial data is also stored online. Therefore, a single data breach and theft here can result in hackers stealing all your financial data and money. Therefore, having startup business insurance is necessary to protect your business data (which is worth a lot). This insurance is necessary if you have a business that uses many digital resources and stores data digitally. This business insurance saving helps compensate for data breaches and theft. 5. Business Owners Policy (BOP) Every business has a commercial address - a workspace, office, or headquarters. Therefore, your business office is a form of commercial asset. So are your employees and clients (somewhat). If any harm comes to them, you will have to compensate them. Therefore, choose a startup insurance company or the best insurance apps that provide a Business Owners Policy (BOP). This form of startup business insurance covers both General Liability Insurance and Commercial Property Insurance. 6. Employment Practices Liability Insurance (EPLI) A time might come in the future when an employee (or ex-employee) of your office might sue you. No matter what the cause is - whether it's discrimination in the workplace, harassment, or wrongful termination - it will always portray your business in a bad way. Therefore, invest in Employment Practices Liability Insurance to prevent your new business from being termed as an employee rights violator. An EPLI will allow you to compensate your employees, preferably with an off-the-court settlement, before it can go public. 7. Commercial Auto Insurance If you have a start-up business that involves transporting goods and materials, it's best to ensure your vehicles. They might get involved in an accident on the road or, worse, get stolen. Therefore, Commercial Auto Insurance is necessary for new businesses. This startup business insurance will help you get compensated for any damage caused to your vehicles. Therefore, this is a necessity for dropshipping businesses. 8. Directors And Officers Insurance (D&O) Starting a new business is not easy. You must make a foolproof business plan that is good enough to satisfy investors and stakeholders. You can do this by yourself or by forming a board of directors to aid you in decision-making. However, a bad decision and course of action suggested by a director can single-handedly dissatisfy investors and make them leave. Worse, it can even bring your startup to the ground. Therefore, you must invest in startup business insurance like Directors and Officers Insurance (D&O). This will help you compensate for investors' lawsuits and other lawsuits that happen due to decisions made by directors and officers. 9. Commercial Property Insurance When you start a business, you have a workplace - its headquarters. All your equipment is stored here, and it is where business takes place. However, what will you do if it gets destroyed by a fire or a storm? Or does most of your expensive equipment get burgled? This is where a startup business insurance like Commercial Property Insurance reduces a lot of financial loads when such misfortune befalls your business. Therefore, if you want your outdoor restaurant furniture durability and style to remain the same, investing in commercial property insurance will be a smart choice. Conclusion: Insure Your Startup Business Now For Better Protection Having a startup business insurance like the ones explained above will prove to be valuable in times of crisis. No matter what damage befalls your business, these insurances will provide backup in such times of need. Therefore, it's best not to ignore them. If you need a startup business insurance consultation, comment below! Read Also: Maximizing Home Insurance Coverage For Your At-Home Business With Riders Guaranteed Issue Life Insurance: Is it Worth It? 11 Tips For Saving On Business Insurance

The Types Of Business Insurance Needed For Every Business

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According to Business News Daily, “Business insurance is a form of risk management used to protect you and your company from financial loss in the event of an accident or crisis.” When it comes to property damage or liability claims, it is important for a business to apply for insurance since it will help the business to cover the costs that the business incurred during the damage. If your business does not have insurance, then as an owner, you will have to take the risk of paying for the business out of your pocket if there are some costly damages or legal claims against your company. Types Of Business Insurance Policies According to Investopedia, “Companies evaluate their commercial insurance needs based on potential risks, which can vary depending on the type of business and its environment. Learn about the types of business insurance and what they provide.” There are many types of business insurance coverage for your company. Here are the major ones that shall be important for you: 1. Commercial General Liability Insurance This is the most common type of insurance for a company. This is the type of policy that is helpful for all kinds of businesses. It is the most comprehensive form of business, although it also does not protect against all kinds of risks. This can also be the best example of startup business insurance. These types of insurance coverage include – physical injury to someone else, personal injury like libel or slander, or property damage to the belongings of another person, and more. 2. Commercial Property Insurance When the protection is about the business you own, your rented building, or the business equipment that is essential to run your business, then it is called commercial property insurance. However, you will need to be aware here these types of insurance do not cover damages related to natural conditions like floods and earthquakes. In the latter cases, you will have to buy a separate insurance policy for your business, such as commercial flood insurance or similar ones. And these will protect your business in such situations. 3. Professional Liability Insurance According to the reports of Investopedia, “Unlike general liability insurance, which is for any business, professional liability insurance (PLI) is designed for businesses that provide services. Coverage is for loss caused by the service provided.” When it comes to malpractice, errors, or negligence from the professionals of the business, then professional liability insurance comes to play. This insurance is also known as errors and omissions insurance or simply E&O. 4. Business Income Insurance There might be some cases when you will not be able to run your business despite the coverage of your property insurance. In such cases, business income insurance will help you replace the lost income from the damage. The events that cause normal disruptions to the processes of a business, business income insurance helps in covering the lost income. This one actually complements the coverage of property damage insurance. 5. Workers’ Compensation Insurance If one of your employees, or some (hopefully not), gets hurt or sick from their job, then the workers’ compensation insurance comes into play. The benefits that you get through these types of insurances help you to pay for the medical bills, replace the lost wages, cover funeral costs in case of loss of life, and pay for ongoing care, etc. Most of the states in the United States require your business to carry workers’ compensation insurance. In such cases, you will need to comply fully with the law to avoid fines and penalties. 6. Data Breach Insurance These are also called cyber insurances. According to TheHartford.com, “To protect against those risks, many businesses add cyber insurance to their business insurance policies. Cyber insurance can offer broad coverages to help protect businesses from various technology-related risks.” These types of insurance provide enough protection to small business owners. 7. Commercial Auto Insurance These insurances help you to cover the damages of the company-owned vehicles. These help to protect you and your employees on the road. The cover includes property damage as well as bodily injury claims. This is essential because a personal car insurance policy does not help in the case of third-party claims. 8. Commercial Umbrella Insurance If the claims of your business exceed the limit of the business policy, commercial umbrella insurance helps in these cases. It extends the limit of coverage of some of the liability policies related to your business, for example, the ones you have with general liability insurance and commercial auto insurance. Summing Up Hope this article was helpful for you to get a better idea of the best types of business insurance for your company or enterprise. Our advice would be to get all these insurances for your company in order, as per the financial status of your company. What do you think about the types of insurance mentioned in this article? Share your thoughts with us about the topic in the comments section below. Read Also: Malpractice Vs Negligence – Let’s Find Out The Difference Lead Management 101: A Comprehensive Guide to Success What Is Commercial Insurance? And Its Different Types – Let’s Discuss

Guaranteed Issue Life Insurance: Is it Worth It?

What Exactly Is Guaranteed Issue Life Insurance?

How Does Guaranteed Issue Life Insurance Work?