Many seniors receive offers from life insurance companies promoting and touting their Guaranteed Acceptance Life insurance programs for High Risk health conditions with no medical tests, no blood, no urine and an easy application process. From ages 45-80, you can get a guaranteed life insurance policy ranging from $10,000 and we have one carrier that will go up to $200,000 of coverage of life insurance for the death benefit amount. The carrier that goes up to $200,000 is all dependent upon a series of questions. They start at $10,000 and as you go through a list of questions you can go to $50,000 in coverage & another series of question you can go up to $200,000. If you elect to have a smaller amount down to the $10,000 coverage amount, you can do so. You can also go in-between the amounts if that is what you choose.
The smaller dollar amounts of coverage have no questions about health, no physical exam and no inspection reports. During the first two policy years the benefit, for other than death resulting from an accident, is limited to 125% of the premium paid. After that it’s the full amount for death from any cause. The premium is guaranteed for life and the policy develops cash values.
Is this a good deal? for those that will not pass underwriting for the traditional underwriting process and they simply need any coverage that they can get for life insurance.
This is one heck of a deal if I have a health condition that will result in my death within the next 7 years. Fortunately that’s not me, but if it were, I couldn’t pass the underwriting tests for any regular policy and the cumulative premium paid through about 8 years will be less than the death benefit. After that point I would have done better putting my premium under a mattress. If you are in better health up to great health and are willing to go through the traditional underwriting process, including the blood & urine, you could obtain a Universal life policy starting at $25,000 death benefit from with a guaranteed monthly premium good through age 115 (assuming you live that long). There are also whole life policy options for traditional underwriting that start at $25,000 that start building cash value. You can also get a term life insurance policy, but the minimum death benefit is $100,000 of coverage. The terms available are dependent upon the age of the person being insured. The older you are, the shorter the term (time available) for a term life insurance policy. As you reach age 55 to 60 and older, it is better to go with either a universal life insurance
No cash values in that policy and a minimum policy requirement of $25,000, but a heck of a better buy for pure guaranteed death benefit.
The answer to whether a Guaranteed Life Insurance for someone that is a High Risk health condition for Life Insurance programs is a good deals is “it depends.” Our suggestion is to have us help you first see if you can get coverage with a traditional life insurance plan by completing the online complete life insurance application. If you are denied a traditional life insurance policy, you only other option is a Guaranteed Life Insurance Policy.
We will help you with first attempting the normal underwriting process. As independent insurance agents, we have more options and multiple carriers to chose from for our clients.
If you have a medical condition that is apt to result in death within a few years, then a Guaranteed Life Insurance Policy is going to be your only option depending on the medical condition. there are some medical conditions that won’t be covered.
If you buy the Guaranteed Life Insurance policy and get to a point when you can’t afford to continue paying the premium, you can consider borrowing money from the cash value of the policy, which is called a "policy loan" to pay the premium, or rather you can opt for a reduced paid up policy rather than surrendering for cash (which means you won’t pay premium any longer and in exchange for this you will get a smaller death benefit for no more payments ever again).
Click here to see a list of medical challenges for High Risk Life Insurance
Ben Gerritsen is a licensed life & health insurance agent. He represents multiple Guaranteed Acceptance Life insurance programs for High Risk health conditions. Each of the companies are have been in business for over a half a century and are top rated insurance carriers.
If you are looking for a Guaranteed Acceptance Life insurance policy and to have coverage for your beneficiaries or just to cover funeral expenses, Ben Gerritsen can help you.