Guaranteed life insurance, also known as guaranteed acceptance life insurance or guaranteed issue life insurance, is a type of life insurance policy that does not require the insured to undergo a medical exam or answer any health questions in order to be eligible for coverage. Instead, the insurer guarantees acceptance of the policy to any applicant who meets the eligibility requirements, which may include being within a certain age range and being a resident of a particular area.
Guaranteed life insurance policies often have limited coverage, with lower benefit amounts and higher premiums compared to policies that require a medical exam. The premiums for these policies may also increase as the insured gets older.
In exchange for the guaranteed acceptance and the potentially higher premiums, the insured gets the peace of mind of knowing that their loved ones will be financially protected in the event of their death, regardless of their health status. It is important to carefully review the terms and conditions of a guaranteed life insurance policy before purchasing, as coverage may vary from one policy to another.
No comments:
Post a Comment