Guaranteed Issue Whole Life Insurance – Our Simple Guide

No Medical Questions Life Insurance

If you have been searching for life insurance with no medical questions, you’ve just discovered guaranteed issue whole life insurance.  It is designed for seniors and high risk individuals typically 40-80. The insured individual must be legally able to consent to the insurance.  Power of Attorney (POA) is not acceptable to any insurer at this point, sorry.

With that said…

What you will find most common among the polices issued as “Guaranteed Issue” are the following attributes-

  1. No medical exam required
  2. No medical questions – Yes, including someone with terminal cancer, HIV/AIDS, or Alzheimer’s Disease can qualify.
  3. Reduced Death Benefit for the first 2 to 3 policy years – Accidental death causes will pay out the full face amount.
  4. Whole life insurance and guaranteed cash value accrual
  5. You cannot currently be confined to a nursing home or skilled nursing care facility.

How You Can Get a Quote

To get a no medical questions life insurance quote, use our instant final expense insurance quoting tool on this page.  It is there for the convenience of individuals browsing our site. If you would like pricing specifically on life insurance with no health questions, select “Poor” under the “Health Classification” drop down menu. This will lock in guaranteed issue, no medical question policies from all the top life insurance carriers. 

However, you may find that is better to get a risk assessment from us first. You may not need to pay higher premiums which are an inevitable part of having no medical questions on your life insurance application. For the fastest service, call us at 269-244-3420. 

Should I Buy a No Medical Question Whole Life Insurance Policy?

Best advice, a guaranteed issue life insurance policy should be the chosen as a last resort for life insurance.  It is generally for people with very serious medical conditions or other high risk classifications. Call us, we can help you sort this out.

If you decide you want a life insurance with no health questions, understand you will have to pay a considerably higher premium and except a 2 year limited benefit period. During the limited benefit period your loved ones will receive return of all premiums plus interest for natural causes of death. All life insurance companies will insert this clause into ANY guaranteed acceptance life insurance policy they may offer to consumers.

As far as the interest paid…

It is often 7-10% per year depending on the insurance company.

Once the 2 years has expired, the policy is worth full value. Your premiums will remain the same and are level for your lifetime.

Before You Decide Guaranteed Acceptance Life Insurance Sounds Good, Let’s Be Sure You Can’t  Qualify for Something Less Expensive And Has Better Coverage

There is not much sense in paying for lower benefits at a higher cost, right? A good percentage of people in higher risk situations can still qualify for a no medical exam, simplified issue life insurance policy, versus more expensive “guaranteed issue” life insurance.

We have insured tough cases with medically underwritten policies (has some health history questions) plenty of times.  Diabetes types I and II or folks with a preexisting medical condition situation… a heart attack history, heart transplants, stroke history, previous cancer history, COPD, rheumatoid arthritis, MS, even applicants well over 300 pounds and the list goes on. 

We encourage you to avoid no medical question life insurance if at all possible. Your pocketbook will thank you as well as your loved ones who you are looking out for.  

Health conditions are one of our specialties and we like working to save our clients money and obtain the best coverage possible for you and your family!

Just for starters… if you can answer all of the following questions with “NO” and no “sugarcoating”, then you are a good candidate for a graded benefits policy. You won’t have to be pay the extra cost of guaranteed issue life insurance w/no health questions.

  1. Do you require daily oxygen use (excluding when used with CPAP, after exercise, and for seasonal
    allergies), have an implanted defibrillator, received or been advised by a medical professional to
    receive an organ transplant or received dialysis within the last 24 months?
  2. Have you ever been diagnosed with or treated by a medical professional for Alzheimer’s diseaseor dementia or are currently being treated for memory loss?
  3. Within the last 24 months, have you been diagnosed by a member of the medical profession witCancer (excluding Stage or Grade 1 Prostate Cancer, Carcinoma in Situ and Squamous Cell or BasaCell Carcinoma) or received treatment by a member of the medical profession (excluding checkupwhile in remission, routine screening and maintenance medications) with radiation therapy chemotherapy; including oral medication or immunotherapy?
  4. Have you ever been advised by a member of the medical profession to have an amputation due to complications from diabetes?
  5. Are you currently bedridden, confined to a hospital, nursing home, mental care facility, long ter care facility, hospice or have you been diagnosed by a member of the medical profession with an end-stage or terminal illness with less than 12 months to live?
  6. Have you been diagnosed by a medical professional as having the Human Immunodeficiency Virus (HIV), ARC or AIDS?

If you were able to answer “NO” to all the questions above, call us at 269-244-3420 to get a graded death benefit quote or use of instant final expense quoting tool on this page by selecting “Decent Health” in the tool drop down menu. 

You may even qualify for more even more affordable, full first day coverage by answering a few more health questions.  For the best possible outcome, see if you qualify for full, 1st day coverage, give us a call.

If You Answered “Yes” to  Any of the Above Questions…

With any “yes,” in the questions above, we may need to consider a guaranteed issue life insurance policy. 

If you are age 81 or older and have a terminal illness or medically uninsurable condition, we recommend that you consider a prepaid burial plan with a funeral home.  Guaranteed Acceptance Whole Life is quite expensive at these ages particularly for men.

Now, if you or a love one have been diagnosed with Alzheimer’s, Dementia, terminal cancer or have kidney failure, this is the type of life insurance for you.

What if I’ve been Declined for Life Insurance Already?

If you’ve been declined coverage by multiple insurance companies, you may find that life insurance with no medical questions is your only answer.  This should only be determined by a seasoned independent insurance agent/broker. At Maple Valley Insurance Group, we will prequalify you and shop for the right product and company that can offer your the financial coverage you want.

Even if you have been declined multiple times…who have you been working with? Coverage should be shopped out to the right companies and policy types you can personally prequalify for.

Folks, my recommendation is always to apply for the appropriate type of life insurance which provides the best value for your needs and goal. If it has been determined by a seasoned independent agent that you will need to purchase guaranteed issue life insurance to meet your goals, it is still important to choose the right life insurance company to purchase it.

Guaranteed Issue Life Insurance Conclusion

(GI) Guaranteed acceptance life insurance is a type of whole life insurance. Whole life insurance is lifetime protection. GI It is not available from any insurance company as term life insurance. You are purchasing a permanent policy designed for final expenses.

Be careful of whom you place your business with.  More often than not, we come across people who have bought, were “sold” or did not understand what they were purchasing and the family ended up in a bad situation financially.  They called a life insurance company and were sold a policy that company salesperson offered them. Most of the time, consumers get ripped off in these scenarios.

There are some big name life insurance companies that push guaranteed acceptance coverage like it is the best thing since sliced bread.  High paid spokespeoople are not life insurance experts and employed to divert your attention from the product limitations.

Guaranteed issue coverage is the least affordable type of life insurance. When compared to other types of whole life insurance, it is not. The value of ownership is lower because of lower benefits.

Realize “no health question life insurance” means reduced benefits for the first 2-3 years of that policy. There are no exceptions to this rule. 

Be sure you understand…insurance companies will not give you full first day benefits with guaranteed acceptance life insurance. There are no health questions to evaluate you as a risk to them. The solution for them comes at a price to the payor of the policy and the benefit limitations.

You might consider reading our review of one common television advertiser of guaranteed acceptance life insurance.  Yup, we all know them from the TV, Colonial Penn. That review is located here.  I’m sure you will be pleasantly surprised to find out how much there is to be saved in time, money and potential declines by working with a independent agency like Maple Valley Insurance Group. We actually work with all the top life insurance companies and find you the right policy, affordably.

There are times when an application with no health question life insurance is an individuals only option for life insurance, just be sure this is coordinated with a life insurance expert first.

We are here to help you protect your loved ones. You can reach us at 269-244-3420 for your free consultation, quote and all policy details. 

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