If you are over 50, there are a few options for purchasing life insurance.
If you want a policy with coverage for more than $50,000, you may need to take a medical exam, but this will depend on your age, current health, and previous medical history.
However, a guaranteed issue life insurance policy—a type of final expense coverage that guarantees approval and provides a small death benefit—may be an option for you if you have a history of health issues or have been denied life insurance in the past.
A guaranteed issue life insurance policy does not require a medical exam and is approved for all applicants, regardless of their health.
A guaranteed issue policy is the most expensive option in terms of cost. Affordable are simplified issue policies that only ask a few health-related questions.
The underwriting procedure is less stringent than more conventional forms of underwriting, despite the fact that approval is not guaranteed.
However, the premiums are still significantly higher than those of a policy with medical underwriting or accelerated underwriting.
Additionally, the coverage limits of guaranteed issue and simplified issue policies are lower than those of fully underwritten policies.
