Guaranteed Issue Life Insurance for Seniors

guaranteed issue life insurance for seniors

Guaranteed issue life insurance is a type of whole life insurance policy offered to individuals between the ages of 50 to 85 who can’t qualify for a traditional life insurance policy due to serious health issues. Applicants are guaranteed approval without a medical exam or health questions.

Many companies have strict underwriting when it comes to offering life insurance to seniors; especially those with health issues. If an applicant is considered high risk, they may not offer insurance coverage at all. After the age of 60, health plays an essential role in determining if an applicant will be eligible for life insurance.

If you are in better health, you can qualify for any type of life insurance, but if you have medical issues, you may not be eligible. This is when guaranteed issue life insurance for seniors is your only option.

There’s no expiration date for this type of policy.

As long as you pay the premium, you can keep the policy.

Guaranteed issue life insurance is marketed as affordable life insurance for seniors and is an inexpensive way to cover funeral expenses.

Other names for guaranteed issue life insurance include:

  • Guaranteed life insurance
  • Guaranteed burial insurance
  • Guaranteed burial final expense insurance
  • Guaranteed burial life insurance
  • Guaranteed funeral insurance
  • Guaranteed whole life insurance
  • Guaranteed whole life funeral insurance
  • Guaranteed acceptance insurance
  • Guaranteed acceptance life insurance
  • Guaranteed acceptance final expense insurance
  • Guaranteed acceptance burial insurance
  • Guaranteed acceptance burial life insurance
  • Guaranteed acceptance funeral insurance
  • Guaranteed acceptance whole life insurance
  • Guaranteed acceptance whole life funeral insurance
  • Guaranteed funeral insurance
  • Guaranteed funeral life insurance
  • Guaranteed funeral final expense insurance
  • Guaranteed funeral burial insurance
  • Guaranteed funeral burial life insurance
  • Guaranteed funeral insurance
  • Guaranteed funeral whole life insurance
  • Guaranteed funeral whole life funeral insurance
  • Guaranteed issue funeral insurance
  • Guaranteed issue burial insurance
  • Guaranteed issue insurance
  • Guaranteed issue life insurance
  • Guaranteed issue final expense insurance
  • Guaranteed issue burial insurance
  • Guaranteed issue burial life insurance
  • Guaranteed issue funeral insurance
  • Guaranteed issue whole life insurance
  • Guaranteed issue whole life funeral insurance
  • Guaranteed issue final expense insurance
  • Guaranteed issue final expense burial insurance
  • Guaranteed issue final expense life insurance
  • Guaranteed issue final expense burial insurance
  • Guaranteed issue final expense burial life insurance
  • Guaranteed issue final expense funeral insurance
  • Guaranteed issue final expense whole life insurance
  • Guaranteed issue final expense whole life funeral insurance
  • Guaranteed issue burial expense funeral insurance
  • Guaranteed issue burial expense burial insurance
  • Guaranteed issue burial expense life insurance
  • Guaranteed issue burial expense burial insurance
  • Guaranteed issue burial expense burial life insurance
  • Guaranteed issue burial expense funeral insurance
  • Guaranteed issue burial expense whole life insurance
  • Guaranteed issue burial expense whole life funeral insurance
  • No medical exam life insurance
  • No medical exam burial insurance
  • No medical exam funeral insurance
  • No medical exam final expense insurance
  • No medical exam funeral insurance
  • Non-medical exam life insurance
  • Non-medical exam burial insurance
  • Non-medical exam funeral insurance
  • Non-medical exam final expense insurance
  • Non-medical exam funeral insurance
  • No questions life insurance
  • No questions burial insurance
  • No questions funeral insurance
  • No questions final expense insurance
  • No questions funeral insurance

Many different insurance companies offer guaranteed issue life insurance for seniors. You do want to purchase your policy through a reputable and trusted life insurance broker life Funeral Funds.

You can tell a guaranteed issue life insurance is whole life insurance because:

  • The premiums do not increase
  • The death benefits do not decrease
  • The policy does not expire
  • The policy accumulates cash value

Guaranteed issue life insurance is designed for everyone to get the insurance coverage they need.

Nobody will be denied coverage because of medical issue, so you don’t have to worry that your application will be turned down.

You will be accepted even if other companies in the past have repeatedly denied you. Guaranteed acceptance life insurance age 50 and above can be a little more expensive than other plans, but it can provide the essential coverage for seniors who need it most.

ADVANTAGES OF GUARANTEED ISSUE LIFE INSURANCE

Age is one of the deciding factors that determine life insurance rates, and guaranteed issue life insurance policy is one of the best ways for seniors to get past this obstacle.

Here are some of the benefits of guaranteed issue life insurance policies for seniors:

  1. Guaranteed acceptance – a senior citizen with medical issues may be classified as uninsurable by many life insurance companies, but this policy is designed for older adults with health concerns. They are guaranteed acceptance regardless of their health condition.
  1. No medical exam – traditional life insurance policies require a medical exam or health questions to determine the risk level and premium amount of the applicant. Senior citizens can now apply for life insurance without having to go through extensive medical exams with blood and urine samples. With guaranteed issue insurance there are absolutely no medical exams or health questions asked.
  1. Quick application process – since there is no medical underwriting, the application process is simple. You can now get life insurance coverage within several hours to a couple of days instead of several weeks to months.
  1. There is a level death benefit – the death benefit is guaranteed to be fixed it cannot decrease for any reason.
  1. Fixed premiums – one of the benefits of guaranteed issue whole life insurance is fixed premiums. The premiums will not go up or change during the life of the policy. You don’t have to worry about the rate increase when you need the coverage the most. The cost is also predictable and designed to be easy on your budget.
  1. Some companies offer living benefits – older adults who are certified as having a chronic illness or severe cognitive impairment can qualify for living benefits. And if you are diagnosed as having a terminal illness, the policy will pay out up to 50% of the death benefit at the time of acceleration. The payout from the living benefits can be used however you wish.

DISADVANTAGES OF GUARANTEED ISSUE LIFE INSURANCE

  1. Limited face amount – guaranteed acceptance life insurance death benefits are smaller than other life insurance policies. These plans have limited coverage amounts from $3,000 up to $25,000 maximum. It’s more likely that a policy would provide between $5,000 and $10,000 if you’re in an older age bracket.
  1. Expensive – guaranteed issue life insurance is more expensive than traditional life insurance. The premium is higher while the amount of coverage is smaller and over time you could end up spending more for the premiums compared with the death benefits your beneficiary will receive when you pass away.
  1. Waiting period – guaranteed acceptance policy involves a two-year waiting period. If you were to die during the first two years of the policy, the insurance company will not pay the full face amount but will issue a premium refund to your beneficiary plus 10% interest. If you die from an accident during the waiting period, the insurance company will pay 100% of your full death benefit to your beneficiary.
  1. Graded death benefit – your beneficiaries will not receive a full death benefit for the first two years of the policy. Some companies will only pay out a portion of the coverage during the first two years. For example, they will pay out 25% during the first year and 75% payout during the second year. Your full death benefit would be paid out any year after that.

GUARANTEED ISSUE LIFE INSURANCE RATINGS

You can easily obtain guaranteed acceptance life insurance quotes. You only need to supply your age, birthday, gender, the state you live in, the coverage amount you want to apply, and whether or not you use tobacco products.

Because there is no medical underwriting with guaranteed issue life insurance for seniors, your gender and age will automatically be placed in the rating class of all other people with your same age and gender. There are no multiple risk classifications like a traditional insurance policy with underwriting. It’s not necessary to do any additional research on life insurance class ratings.

The only variation on the insurance ratings will be for smokers. Other than that, your gender, age and coverage amount will dictate how much your monthly premium will be without health class rating variation.

WHO SHOULD BUY GUARANTEED ISSUE LIFE INSURANCE

Guaranteed acceptance life insurance is the most expensive type of life insurance policy.

PRO TIP: You may be eligible for affordable burial life insurance with non-medical underwriting!

There are instances when guaranteed issue life insurance is your only option to get coverage.

You should only buy guaranteed issue life insurance if:

  • You have medical issues that may result in a policy decline for traditional life insurance
  • It is the most affordable life insurance because of your health
  • You prefer a hassle-free application process

WHAT IF I HAVE MEDICAL ISSUES?

Life insurance companies assess your risk depending on your health condition.

There are medical conditions that are considered high risk by insurance carriers because they lower our life expectancy. High-risk applicants are considered uninsurable because insuring them would be an immediate and significant financial loss to the company.

If you have any of the following medical issues, you are considered high risk and uninsurable with traditional life insurance products:

  • You have a terminal illness such as heart failure, COPD, renal failure, stroke
  • You have organ or tissue transplant
  • You are on dialysis because of end-stage kidney disease
  • You have Alzheimer’s disease
  • You have been diagnosed with cancer
  • You have AIDS
  • You are in a nursing home or receiving hospice care
  • You are in a wheelchair because of chronic illness

There are a few traditional life insurance companies that would accept your application with these medical conditions.

For this reason, guaranteed issue life insurance is your best option. Guaranteed issue life insurance has no medical underwriting, so even with these high-risk conditions, your application will be accepted.

GUARANTEED LIFE INSURANCE IS THE MOST AFFORDABLE  LIFE INSURANCE IF YOUR HEALTH IS POOR

Insurance carriers will issue you a policy with higher premiums due to these health conditions:

  • Heart attack
  • Chest pain or angina
  • Stroke
  • Heart surgery
  • Cancer

If you are a senior and you have any of these health conditions, you may qualify for a non-medical final expense or non-medical burial policy.

NEVER purchase a policy with a 2-year wait if you qualify for immediate coverage with better pricing.

Purchasing a guaranteed issue life insurance policy should be your last resort, not your first choice.

WHAT IF I PREFER A HASSLE-FREE APPLICATION?

Guaranteed acceptance life insurance for seniors requires no medical exam or health questions.

If you are afraid of needles and don’t want to undergo the medical exam, this policy is for you!

Most guaranteed issue life insurance carriers only require your age, gender, resident state, and whether or not you use tobacco. It is as simple as that!

There’s not much more to consider when applying for this insurance so this purchase is simple and convenient.

OTHER OPTIONS

If you have a pre-existing health condition, don’t think that guaranteed life insurance is your only option.

Even if you’ve been denied insurance coverage in the past, there is a chance that you can still be eligible for an affordable traditional life insurance policy with medical or non-medical underwriting.

Each insurance carrier is different, and all of them look at various medical conditions differently.

For example, some insurance companies are more lenient with dialysis patients,  which mean they may look at dialysis patients more favorably than other companies.  This is why it is important to let us shop around for you to find the company that suits you best.

If you want to get life insurance coverage the easiest way possible, guaranteed acceptance life insurance policies are your best choice.

These policies are going to be more costly than any other life insurance plan. If you can qualify for a traditional burial policy or final expense policy, it’s going to be you the most affordable option.

WHEN NOT TO BUY GUARANTEED ISSUE LIFE INSURANCE FOR SENIORS

You don’t have to buy a guaranteed issue life insurance policy if you can qualify for a life insurance policy that has underwriting.

Guaranteed issue whole life insurance is the most expensive life insurance.  95% of people we talk to qualify for whole life insurance policies that asks a few health questions (which means immediate coverage with a lower monthly premium).

Guaranteed issue life insurance for seniors should be your last option if you have a medical condition. If you want to know your other life insurance options, call us at (888) 862-9456, and we will let you know if you can qualify for a plan that has underwriting.

OUR TOP 2 GUARANTEED ISSUE LIFE INSURANCE COMPANIES FOR SENIORS

There are many insurance companies that offer guaranteed issue life insurance policies.

We chose our top two because they offer the most affordable rates and have a better-graded life insurance benefit compared to other insurance companies:

AIG Guaranteed Issue Whole Life Insurance for Seniors

AIG Life Insurance Company is one of the biggest providers of life insurance policies in the world. They have more than 88 million policyholders in 130 countries around the globe. AIG has been in providing life insurance protection since 1919 with an “A” rating from A.M. Best.

You can only purchase guaranteed issue life insurance through selected brokers like Funeral Funds, or directly through AIG.

  • Available to 50 to 85 years old
  • Face amount – $5,000 to $25,000
  • Graded death benefit for the first two years. If the insured dies for any reason other than an accident, the company will pay the return of premium plus 10% interest
  • Chronic illness rider – if you are diagnosed with chronic illness, you can access up to 50% of your death benefit.
  • Terminal illness rider – if you’re expected to live for less than 24 months, you can access 50% of your death benefit.

Gerber Life Insurance Company

Gerber Life has been in business since 1967 with an excellent “A” rating from A.M. Best. They are licensed to sell life insurance in all 50 states, Canada, and Puerto Rico. Gerber Life has more than $45 billion policies in force, which provide financial security through over 3.3 million policies.

  • Applicant must be a US citizen to apply
  • Between 50 to 80 years old
  • Face amount – $5,000 to $25,000
  • Graded death benefit for the first 24 months. If the insured dies of natural causes, Gerber Life will only pay the return of premium plus 10% interest. Only accidental death will receive full death benefit during the waiting period.

WHO WE DO NOT RECOMMEND

AARP Guaranteed Issue by New York Life

AARP is the marketing arm of New York Life. You can read our detailed review about AARP. AARP life insurance products are provided by New York Life, one of the biggest life insurance companies in the world with A++ financial rating by A.M. Best. It has the financial strength to pay financial obligations to policyholders.

  • Must be an AARP member
  • Available to 50 to 85 years old (45 to 80 for spouses of AARP members)
  • Face amount – $2,500 to $25,000
  • Graded death benefit for the first 24 months. If the insured dies from a natural cause, AARP will return the premium paid, plus 25% interest. Death by accident 100% death benefit.
  • Accelerated benefit – if you are diagnosed with a terminal illness after two years and have a life expectancy of less than one year, you can access 50% of your death benefit.

We don’t recommend AARP because if you qualify for a better plan with no waiting period, they will not tell you about it. They will keep silent and sell you a guaranteed issue plan. This will cost you more money and you will get a lower coverage amount.

This is where shopping with a valued broker like Funeral Funds can save you time and money!

HOW TO CHOOSE THE BEST GUARANTEED ACCEPTANCE LIFE INSURANCE COMPANY

  1. Shop around to compare rates from the top-rated insurance companies to find the best-guaranteed life insurance (or just let us shop around for you). Consider your age and the face amount offered by insurance companies. For example, if you are 55 years old and only need $3,000 in death benefits; you will find that only a few companies offer this amount.
  1. Check the insurance ratings from A.M. Best and other rating agencies to be sure that the company you will choose is financially stable and have the ability to pay insurance claims in the future.
  1. Make sure you understand the waiting period and graded benefit clause of the policy you will purchase. Take these factors into consideration when you make your purchasing decision.
  1. Consult an independent life insurance agency like Funeral Funds before you make your decision. We can help you find an affordable life insurance coverage that fits your family needs. Most of our clients are approved for coverage with medical underwriting; this means no waiting period.
  1. If you’re still considering guaranteed issue life insurance, we can help you find the most affordable rates. Please call us at (888) 862-9456 if you have any questions regarding guaranteed issue life insurance or if you have any questions about life insurance in general.

What kind of burial policies and final expense policies should I avoid?

TV AND MAGAZINE ADVERTISEMENTS – Most burial policies or final expense policies you see advertised on television or in magazines are sold as “the no-brainer way” to shop for this protection.

In reality, most of these policies rely on you having NO BRAIN to purchase them.

Just about everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that cost an arm and leg.

To make a long story short, it is better to shop for burial policies with a specialist in burial insurance, like FuneralFunds.com, than to sign up with a company that spends ba-zillions of dollars each month advertising on television and in magazines.

Increasing Price Policies

Those TV and magazine final expense policies may increase in price every five years or have a two-year waiting period before your benefits kick in! What in tarnation!?!

These policies aren’t all they’re cracked up to be, and you often end up at the short end of the stick by purchasing burial insurance this way.

These tricky television magazine snake oil salesmen lure you in with an attractive rate, only to have the cost of your insurance increase every five years until you cannot afford the premiums, then you must cancel your policy.

What happens after you cancel the policy?

You’ll die and will have wasted all that money because you bought a policy that increases in price as you get older. These policies just don’t cut the mustard for most folks!

Avoid policies that increase in price every year or end at a certain age. You don’t want your family to get hung out to dry when they need this coverage the most.

Why choose Funeral Funds for my burial policy?

Most life insurance agents are fine, respectable people.

There are, however, the classic “snake oil” life insurance agents, who will sell you the easiest and most expensive policy possible.

The guaranteed issue folks claim you don’t even need to talk to an agent (but you will need to wait 2 years for your coverage to begin…even if you’re healthy). Answering a few health questions will often get you immediate coverage and MUCH better rates.

Avoid these people at all costs!

For the rest of the life insurance agents, who are fine respectable people, they are most often generalists.

They deal with all kinds of life insurance policies.

They are Jack of all trades and Masters of none.

They are nice people, but they are not the logical choice if you want the best pricing and a burial insurance policy with no waiting period.

We work with 20+ final expense companies, so we can get you qualified for the best price plan with the intent of getting folks like you immediate coverage when possible.

We have to admit that, for the average burial insurance final expense insurance shopper, all the companies and options will often leave you more confused than a woodpecker in a concrete forest.

How can Funeral Funds help me?

The reality is that inexperienced and less knowledgeable insurance agents will cost you loads of money by selling you overpriced burial and final expense policies.

Getting on affordable burial or final expense policy doesn’t have to cost an arm and a leg.

Our job at Funeral Funds is to be the most knowledgeable burial insurance experts available. By doing so, we can knock it out of the park and get you the most accurate quote and affordable rates.

Once we know more about your age and health history, we can accurately give you burial insurance quotes from the final expense companies that are the best fit for you.

It is always in your best interest to work with an independent brokerage, such as Funeral Funds.

With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.