Guaranteed life insurance is an excellent catch because this plan does not require you to answer any health questions, undergo a medical examination, or any medical records of any prescriptions from the past. However, some policies might involve a two-year waiting period.
Guaranteed life insurance is also known commonly as a guaranteed acceptance plan. Here’s how to find the right insurance provider for a guaranteed insurance plan:
You Should Know How It Works
Before buying a guaranteed acceptance plan, you should have the know-how of its functioning. In guaranteed life insurance, the insurance company guarantees you an issue of the policy if you fall within the allowed age category.
The age range to qualify for it is 50 to 80 years. There are fewer options if you fall outside this age category. Hence, this type of age insurance is best for people with certain medical conditions, especially if they cannot qualify for other options. The insurance company will take that risk.
However, you might have to pay a slightly higher premium to qualify for senior life insurance with no waiting period. Expert Agents like Gary Cubeta from Insurance for final expenses will help you throughout the application procedure.
Waiting Period Involved
Most insurance companies will not ask you any health questions when buying a guaranteed acceptance life insurance with no waiting period. However, some other policies may put up a questionnaire about your health when you apply. It would help if you never lied about your health conditions to your insurance provider. Any lie found in the verification process may result in immediate cancellation.
There may be no health examinations required in most policies, but you may still require answering a few questions. Your answers will determine the risks associated with insuring you. Most insurers will include a waiting period or qualifying period to reduce the risk based on these questions. During this time, the company will analyze your health profile and withhold the benefits until the time.
The waiting period is around two to three years, and if you die within this period, the beneficiary will only get a premium refund with a little interest.
Types of Life Insurance without a Waiting Period
You can choose among the following options –
Term Life Insurance – Under this type of insurance, you are only covered for a specific period.
Whole Life Insurance – This will offer full coverage for a lifetime. You can discuss with your insurance agent about the different plans under it.
Final Expense Insurance – This will cover your burial expenses and other additional benefits after your death.
Contact an Agent
Most of the insurance companies work with the help of agents. Contact an agent that best explains to you the policies that are suited for your coverage requirements, age, and gender. Your agent will act as an intermediary between you and the insurance company and clear all your doubts about guaranteed acceptance plans.
Senior life insurance with no waiting period can be best for the people who fall under the specific category for guaranteed acceptance plans. To protect your loved ones after your death, you should get an insurance plan right away.
If you are planning to draw up a trust, make sure that it is fully funded immediately and don’t leave anything to chance. Burzynski Elder Law offers trusted administration and Naples probate services and they can help you when you are ready call your attorney for help.
