Guaranteed Issue / Simplified Issue Life

Guaranteed Issue Whole Life

Guaranteed Issue Whole Life is a whole life policy which guarantees you coverage irrespective of your health. There are NO medical questions on the application. Usually considered for final expenses (funeral costs). A person applying will usually need to be between 25 to 80 years old and be of sound mind (capable of making a decision on their own).You can typically buy between $5K and $25K per policy. ( Amounts vary based on age )

Once you select the amount you need, your premiums are guaranteed to never increase for as long as you hold the policy.

The policy has a two or three year graded death benefit limitation. If death occurs within the first two or three policy years for any reason other than an accident, all premiums shall be paid to the beneficiary, plus interest on earned premiums. If death is due to accidental causes, the full death benefit will be paid. After the two or three year Graded Death Benefit period, if the insured dies for any reason the full face amount of the policy shall be paid to the beneficiary.

Simplified Issue Term or Whole Life,/h3>
Some carriers offer Simplified issue underwriting. This simply requires an application. No medical exams are needed. This provides a quicker approval time than traditional underwriting, but you pay a bit extra for the convenience. If you are healthy, you will be better served by going through the standard underwriting which involves an exam.