If this describes you and you need a life insurance policy, then there is a solution available.
It’s called Guaranteed Life Acceptance and is also sometimes known as a Graded Death Benefit
What is a Guaranteed Life Acceptance Insurance Policy?
This is a type of life insurance policy offered by many insurers where you will be automatically approved for a life insurance policy regardless of the state of your health or age.
There are many insurers who offer this type of policy and the best part is that many insurers, but not all of them, you won’t even have to submit to a medical exam or even be asked medical questions to qualify for coverage.
All you have to do is apply and you can expect immediate approval when you apply.
Who Should Buy a Guaranteed Life Acceptance Policy?
This type of life insurance is suitable for anyone who has been turned down for a policy because of the following reasons:
- Life threatening or terminal illnesses such as cancer, heart disease, or any other form of illness where you cannot buy a traditionally available form of life insurance policy
- Physical disability such as extreme obesity, a genetically inherited disability or a disability which occurred from an injury or accident
- Age such as if you are elderly with or without an accompanying illness or disability
Most insurers that offer this type of policy may or may not only ask you a few basic medical questions.
Are There Any Restrictions?
Some insurers may not cover you if you are terminally ill, have HIV or AIDS, or are residing in a hospital or long term facility. Other insurers have no such restrictions.
Another restriction is that some insurers require that you fall within a certain age category such as between ages 40 – 80 for example.
You should also be aware that these types of policies also generally come with a much lower amount of coverage than what is available with other traditional policies.
Depending on the insurance company, you can generally find death benefits coverage amounts which range anywhere from between $1000 dollars to as high as $50,000 in coverage although most policies range between $5,000 – $20,000 in death benefits coverage.
Will I Always be Covered?
It depends on the life insurance company. Most companies sell this policy as a ‘Graded Death Benefit’. This means that your beneficiary will likely not be entitled to the full death benefits for the first 2 years, although some insurers will pay on the policy in case of accidental death in those first 2 years.
Your beneficiary would only receive an amount equivalent to the premiums you paid up to the time of their death if you should die within this 2 year time frame. (Some insurers may also pay a nominal interest amount such as 5%)(continued on page 2)……..