A type of whole life insurance with flat premiums that guarantees a small death benefit—typically $35,000 or less—is known as guaranteed issue life insurance.
Anyone can purchase a policy as long as they meet the age requirements (typically, you must be at least 45 years old). There are no health questions to answer or medical exams to take.
Consequently, reliable issue extra security is significantly more costly than improved on issue life coverage, which expects that you answer some wellbeing questions.
The graded benefit period on guaranteed issue life insurance typically lasts two to three years.
Your beneficiaries will receive the premiums you have paid up to this point, plus an additional percentage above that amount, if you pass away naturally during that time. However, they will not receive the entire death benefit.
Except if you have medical problems keeping you from qualifying, you’ll set aside cash assuming you choose a strategy that asks wellbeing inquiries or requires a test. However, a guaranteed issue policy may be your only choice if you experience any of the following:
