Guaranteed acceptance life insurance is something people may be interested in these days. With guaranteed issue life insurance, people may generally be guaranteed a policy with two exceptions – if they are currently in a nursing facility or hospital. Here are the most common questions they receive on the subject:
So how does guaranteed acceptance life insurance work?
When you have a guaranteed acceptance life insurance policy, in many cases, you may be guaranteed an insurance policy. A guaranteed acceptance life insurance policy may be a type of life insurance without a medical exam.
How quick can a guaranteed life insurance policy available?
Because there is typically no underwriting in a guaranteed issue life insurance policy, you may get a policy very quickly. With a standard life insurance policy, the underwriting could take longer to be put into effect. In addition, because you generally don’t need a medical exam with a guaranteed acceptance life insurance policy, it may be implemented relatively quickly.
What is a guaranteed acceptance life insurance policy classified as: universal or term?
It may be either one. It could be either term life or whole life.
How expensive is guaranteed issue life insurance?
Generally speaking, a guaranteed acceptance life insurance policy may cost more than other insurance policies. The actual rate may depend on your personal situation.
Guaranteed life insurance may not be a good idea if you are in great health and can easily get a standard life insurance policy, as it will generally cost you more money.