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Lots of senior citizens find that they still have a need for coverage, but they fear that they are too old to qualify for a life insurance policy. Others may know that some insurers offer guaranteed life insurance for seniors, but they fear that a health condition will get their application declined. In fact, many elderly people who want guaranteed issue life insurance have already been declined because they applied with the wrong company for the wrong type of policy. If you are anywhere between the ages of 50 and 80, you should know that you can purchase guaranteed issue life insurance. This means that you do not have to answer any health questions on your insurance application, and your application cannot be declined for medical reasons.
How Does Guaranteed Life Insurance For Seniors Work?
You might wonder how insurers can offer guaranteed life insurance to seniors who apply and still stay in business. After all, wouldn’t a guarantee of life insurance encourage a lot of people to apply who already know that they have serious health issues? Insurers are not in the habit of losing money, and they do know that an offer like this has some risks. However, most guaranteed issue life insurance policies use a waiting period instead of health underwriting.
Every policy and life insurance company have their own rules, so it is important to have an agent or company representative carefully explain any coverage you might be considering.
This is simply an example of the way a typical three-year waiting period might work:
- For this example, the life insurance policy will refund premiums, sometimes with interest, if the insured person passes away before 12 months have passed.
- Also for this example, the policy will pay a quarter of the face value as a death benefit if the insured person away between 12 and 24 months after the policy was started.
- Again for this example, the policy pays half the death benefit between 24 and 36 months.
- Finally, after the full waiting period has passed, the policy will pay out the entire death benefit.
The example might seem a little complicated, and some insurers offer shorter waiting periods with less complex structures. For example, it is possible to find insurers that offer guaranteed life insurance for seniors that have waiting periods of only two years. That is one reason why it is a good idea to find an agent who can compare different options, so you get the best deal for your situation. You can always turn to a good agent or broker for a clear explanation of your policy before you decide to purchase it. United Life Group, for example, is a leading resource for life insurance for seniors with no medical exam.
This structure does mean that a policy owner cannot expect an immediate death benefit, but it also means that she can have access to guaranteed acceptance life insurance. In the worst case, premiums will be refunded. In the best case, the insured person will survive the waiting period, and her beneficiaries will be entitled to the entire amount of the death benefit. For an elderly person who has some health issues that might cause her to get declined for typical policies, this could be a very good deal.
Compare Guaranteed Life Insurance For Seniors Today
A good senior life broker can shop for you, and this ensures that you find the right type of coverage for your particular needs and budget. United Life Group can explain your options, give you free competitive quotes, and find the best deal from a highly-rated life insurance company.