Have you ever been rejected for term life insurance coverage? Guaranteed issue term life insurance was made for individuals who have trouble obtaining basic term life insurance coverage. Guaranteed term life insurance is also known as a “simplified insurance plan.” This is where one has been accepted for a complete life insurance protection plan without a medical exam having been conducted. In exchange for guaranteed coverage, you’ll be charged an increased term life insurance price. The higher rates are a fair trade for insurance service providers taking a larger risk covering people without knowing their full medical histories. Investing in a guaranteed issue term life insurance plan is ideal for folks who were delivered with or are suffering from persistent medical problems.
The Interior Workings of guaranteed issue life insurance policies
Assured term life insurance coverage works a little in different ways than buying a direct term life insurance plan. While basic policies allow you to define the period (term) for which you would like to be covered, guaranteed policies are issued at five and up to 20 year time periods.
If you primarily choose the five x 12 months term, you have the option to renew each five year block after that until the age of 80. At age group 80 your policy automatically becomes exchangeable for a long lasting life insurance plan. You are still automatically covered upon transfer to your brand-new policy and still are not be required to undergo a medical or health check. Your rates are also assured to remain level throughout the duration of your coverage unless term life insurance rates increase over the board for everybody in your actual age range and state. New term life insurance monthly premiums are based on your current age group. Get instant term life insurance rates by visiting us here …
If you choose to acquire the 20 season term, your regular monthly rates will stay the same for the full 20-year term of your insurance plan no chance of any rate hikes. Upon conclusion of the first 20 years, you have the option of purchasing yet another 20 years guaranteed issue term life insurance plan. Again, no medical exam is required nor are you put through any health questionnaires. Some insurance companies provide an option to convert a 20-year term insurance plan into long-term life insurance coverage following the first 20 x 12 months period has ended.
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Note: the face value at which you may purchase a guaranteed term life insurance policy is limited. The coverage sums start at $5,000.00 and can be purchased in increments of additional $5,000.00 up to a maximum of $25,000.00. The face worth does not lower when getting older or with a drop in your good health. To learn more about term life insurance go here.
Other Benefits of Owning an Assured Issue TERM LIFE:
1. It cannot be canceled in case of a future terminal illness.
2.You can trigger an accelerated death benefit in case there is terminal illness; giving you needed cash to offset medical charges or special needs assistance.
3.Your coverage is guaranteed to stay for the term of your coverage. In the event that you purchased the 20 yr term, coverage would end if your benefits were accelerated.
4.You have the standard 30-day money back guarantee on the coverage. If you make a decision that the guaranteed issue term life insurance policy is not for you, you can request a refund of the premiums paid — no questions asked.