What Details Does a Guaranteed Issue Life Insurance Policy Feature?

By Anthony Goel & Sean Grant

Guaranteed issue policy providers will not care for the mildness or severity of your cognition loss arising from dementia. They will underwrite your risk with no health-related questions asked. They will also not require your medical records, prescription history, or phone interviews. These insurers will not conduct a medical exam either.

A guaranteed life insurance policy will effectively be a whole life policy. Thus, it will remain graded during the first two years for natural death. Most companies offer these policies with waiting periods ranging from two to three years.

No death benefits will be payable should the insured pass away during the waiting period. As mentioned earlier, if the insured passes away during the waiting period, the beneficiary will receive the sum of all the premiums paid along with interest.

After the waiting period has elapsed, the policy will pay the entire death benefit regardless of the cause of death. These policies also pay 100 percent of the death benefit from day one should the insured die from an accident.

Why Purchasing a Guaranteed Issue Policy for Dementia Can Be Worthwhile

Purchasing a guaranteed issue policy can be beneficial because: 

  • Qualifying and obtaining coverage remains easy – especially with no medical   exams and health questions
    • It comes with a fixed monthly premium that will never increase
    • It pays a fixed death benefit
    • It will never expire as long as you keep paying the premiums on time
    • The death benefit will be tax-free to your beneficiary
    • It comes with coverage amounts ranging from $1,000 to $44,000 and,
    • This policy has a cash value component that accumulates over time

It can be worth highlighting that dementia or Alzheimers will not cause death. But it will significantly increase the chance of premature death. Medication can slow the progression of the disease. However, it won’t be able to provide a complete cure. Hence, people diagnosed with Alzheimer’s will often live for eight to 10 years after the first diagnosis. We know that nobody want’s to leave behind a ‘bill’ to cover their funeral costs and final expenses.  Having a burial insurance policy in place will provide peace of mind to you and your loved ones.

Does all this seem like a lot to process? Don’t worry! The insurance experts at Elite Insurace Brokers are here to help answer your questions, address your concerns, and guide you in the direction of a final expense life insurance policy that fits your needs and your budget. Visit us today to get a free, no-strings-attached quote, and then come back often for more information and inspiration about life and life insurance!

by Sean Grant

Does all this seem like a lot to process? Don’t worry! The insurance experts at Elite Insurace Brokers are here to help answer your questions, address your concerns, and guide you in the direction of a final expense life insurance policy that fits your needs and your budget. Visit us today to get a free, no-strings-attached quote, and then come back often for more information and inspiration about life and life insurance!

In the spirit of transparency, this blog post is for informational purposes only. We know how quickly things change, so we can’t guarantee the content and links to unaffiliated parties are up to date.

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