4 Leading Guaranteed Life Insurance Companies
Guaranteed issue life insurance, also known as guaranteed acceptance life insurance, is a life insurance policy with no mandatory health qualifications. The only difference between other types of life insurance and guaranteed life insurance is that with this type of insurance, the insurance company cannot deny an applicant coverage as long as they can afford to pay the premiums. Additionally, as there is no medical underwriting in these type of life insurance policies, the insurance companies charge higher premiums.
People opt for guaranteed life insurance plans despite the higher premiums as they make up for the increased risk of insuring applications who would otherwise not qualify for better plans.
So, if you are looking for a guaranteed life insurance policy, you can consider starting with the following companies:
- AIG : AIG Direct is known to offer guaranteed whole life insurance plans that offer coverage with no medical exams and no health questionnaires as well. These policies are perfect for individuals who are in search of coverage to pay extra expenses like medical bills, funeral costs, and whatever other financial obligations they have. Also, the policies offered by AIG are best-suited for individuals between the age of 50 and 85 years, or for those who are doubtful of getting insured due to their health issues. It is possible for you to obtain a policy for up to $25,000 in coverage, and this includes chronic illness and terminal illness coverage. Though you have to pay high premiums, the premium doesn’t increase during the lifetime of the policy.
- Americo : The Ultra Protector III policy offered by Americo is a guaranteed life insurance plan. It offers reasonable premiums and significant coverage amounts available from $2,000 to $30,000. This policy is available for individuals aged 50 to 80, and there is no waiting period to receive the full death benefit. In fact, up to 50 percent of the full death benefit is available for individuals diagnosed with a terminal illness. The Ultra Protector III policy offered by Americo is a guaranteed life insurance plan, and the Ultra Protector Series from Americo is meant for those customers who are in search of a simple and quick application process. In fact, there’s a 48-hour turnaround on clean applications.
- Colonial Penn : Colonial Penn offers guaranteed acceptance life insurance with no pre-existing condition exclusions, no medical exam requirement, and no changes in the rate of premium over time. The policy is available for people between the ages of 50 and 85, and the coverage amounts vary. This is one of the best insurance companies if you wish to opt for guaranteed life insurance as it has an “A-” financial strength rating from A.M. Best, the insurance rating organization and has the much-needed stability.
- MetLife : MetLife offers a guaranteed whole life insurance policy for applicants between the age of 45 to 75. Also, you will not be denied coverage for this policy for health reasons. You wouldn’t have to undergo medical exams or fill up health questionnaires, and this policy will pay a limited graded death benefit for the first two years of coverage.
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