Guaranteed Issue Life Insurance

Why it matters

Guaranteed issue helps people who cannot qualify for other coverage because of health. The trade-off is cost and limits. Premiums are higher for the benefit, and most policies use a graded death benefit, paying only a return of premiums plus interest if death is from natural causes in the first two or three years. Accidental death is typically covered from day one. Age ranges, maximum amounts, and waiting periods vary by carrier and state.

Source: naic.org

Where we use this term

• Guaranteed issue vs simplified issue: which fits your health and age?
• Burial insurance: is it different from final expense, and is it worth it?
• Is final expense a good career? What agents really do