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Guaranteed Acceptance Life Insurance

General Overview:
A recent trend in the insurance industry has been to target consumers that are 50 years of age or older with a type of policy that is called guaranteed coverage or guaranteed acceptance. This policy design is sold on the basis that it is “affordable”, and that “you can’t be turned down for coverage” You may have seen advertisements or even received mail or emails attempting to entice you to sign up for this type of insurance.

Most companies use the terms “guaranteed issue” and “guaranteed acceptance” to describe these products in their advertisements. Many consumers are not aware of what this coverage consists of and if it is a good fit for them or not.

What is Guaranteed Acceptance Life Insurance?
Simply put, it is the easiest type of life insurance coverage to obtain. There are no medical questions to answer. The issuing company is not concerned with your height, weight, nicotine use, or past or present medical conditions. This type of coverage is designed for clients with pre-existing conditions that would typically prohibit them for obtaining traditional life insurance coverage. You simply supply some basic information about yourself and your policy is issued immediately or shortly thereafter.

Elderly Couple

What does Guaranteed Acceptance Life Insurance Cost?
This type of coverage tends to be more costly than the other life insurance policy types that are available. The price is dependent upon the issuing company, but will almost always cost more than any other type of life insurance coverage.

What Is The Downside To Guaranteed Acceptance Life Insurance?
In addition to the higher premium cost, there are a few other factors to consider in whether or not to choose guaranteed coverage. The first being the coverage amounts available to you. Most companies only offer this type of coverage in small amounts, generally up to $25,000 or less. The second factor being the modified benefit; the modified benefit means that generally the full face amount of your policy will not take effect until you have had your policy for a full two years. If death occurs prior to the two year period the beneficiaries will be paid the sum of the premiums paid on the policy up until the time of death plus 10% interest. The full coverage amount will be paid to the named beneficiaries if death occurs after the two year anniversary of the policy having been issued.

Who Should Have Guaranteed Acceptance Life Insurance?
If any of the following applies to you:

  • Currently have cancer
  • Have been diagnosed with HIV or AIDS
  • Currently living in a nursing home or hospice facility
  • Have any type of terminal illness
  • Have been denied coverage by more than one life insurance company
  • Receive kidney dialysis treatment

Then guaranteed acceptance life insurance will more than likely be your only option. Please contact us by calling 1-800-692-8635 so that we can discuss your options with you.

Who Should Not Purchase Guaranteed Acceptance Life Insurance?
If you do not fall into any of the categories listed above in the “who should purchase guaranteed acceptance life insurance” section, then we do not recommend you purchasing this type of coverage. We have coverage options that may be more economical for your unique situation. Please call us at 1-800-692-8635 so that we can discuss your options or CLICK HERE to get your free online quote.

Does InsuraQuote Offer Guaranteed Acceptance Life Insurance?
Yes. For some clients guaranteed acceptance life insurance will be the only option available to them for their specific situation. For these situations we do work closely with an industry leader to be able to offer this coverage type to our customers. The pricing that we offer is some of the lowest in the industry and even if you already have a guaranteed acceptance policy it is highly probable that we will be able to save you money over your current policy.

CLICK HERE To Get Started With Your Free Guaranteed Acceptance Life Insurance Quote

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