Life Insurance That Is Guaranteed No Matter What Your Health Or The Risks That You May Take
Guaranteed Acceptance Life Insurance is insurance that is guaranteed no matter what your health or the risks that you may take.
This form of insurance cannot be canceled as you grow older nor can the premiums increase.
The insurance company does not ask any questions about your health nor do you have to undergo a medical exam.
Who can get Guaranteed Acceptance Life Insurance? Guaranteed acceptance life insurance is meant for people between the ages of 50 and 85.
If you cannot get any other form of insurance and are within this age range you can get this form of insurance.
Typically these insurance policies are for a total sum between $15,000 and $20,000.
If you need to be covered for a larger amount you would have to get yourself insured by more than one company.
The downside to doing this though is that the total amount of premium you would be paying would be much larger than for a term insurance policy of the same amount.
The Downside to Guaranteed Acceptance Life Insurance Though you can get Guaranteed Acceptance insurance if you are over 50 without a physical exam, there is a downside to this type of insurance that you must be aware of.
Aside from the benefits being limited, this type of insurance has a two year rule whereby if you die of natural causes within the first two years of being covered, your beneficiaries would receive nothing or a depreciated amount.
But if you happen to die from an accident your beneficiaries would receive the whole amount.
Another downside is that when you get guaranteed acceptance insurance your insurance rating goes down to standard or even lower.
This means that if you apply for term insurance later you would have to pay a higher premium.
Also these policies are not available in all the states and some of these policies have a minimum age requirements.
Though guaranteed acceptance insurance is not meant for everyone, it is a form of insurance that you can get easily especially from Colonial Penn life Insurance company.
Sometimes your health does not allow you to get term life, in this case getting one of these policies guarantees that you have some sort of this insurance coverage and the benefits from this type of a policy are more than sufficient to cover your funeral costs.
It is better to get this kind of insurance so that your death will not be a financial burden on your loved ones.
This form of insurance cannot be canceled as you grow older nor can the premiums increase.
The insurance company does not ask any questions about your health nor do you have to undergo a medical exam.
Who can get Guaranteed Acceptance Life Insurance? Guaranteed acceptance life insurance is meant for people between the ages of 50 and 85.
If you cannot get any other form of insurance and are within this age range you can get this form of insurance.
Typically these insurance policies are for a total sum between $15,000 and $20,000.
If you need to be covered for a larger amount you would have to get yourself insured by more than one company.
The downside to doing this though is that the total amount of premium you would be paying would be much larger than for a term insurance policy of the same amount.
The Downside to Guaranteed Acceptance Life Insurance Though you can get Guaranteed Acceptance insurance if you are over 50 without a physical exam, there is a downside to this type of insurance that you must be aware of.
Aside from the benefits being limited, this type of insurance has a two year rule whereby if you die of natural causes within the first two years of being covered, your beneficiaries would receive nothing or a depreciated amount.
But if you happen to die from an accident your beneficiaries would receive the whole amount.
Another downside is that when you get guaranteed acceptance insurance your insurance rating goes down to standard or even lower.
This means that if you apply for term insurance later you would have to pay a higher premium.
Also these policies are not available in all the states and some of these policies have a minimum age requirements.
Though guaranteed acceptance insurance is not meant for everyone, it is a form of insurance that you can get easily especially from Colonial Penn life Insurance company.
Sometimes your health does not allow you to get term life, in this case getting one of these policies guarantees that you have some sort of this insurance coverage and the benefits from this type of a policy are more than sufficient to cover your funeral costs.
It is better to get this kind of insurance so that your death will not be a financial burden on your loved ones.
