Even if
top life insurance companies refuse to give you
life Cover on health grounds, there are other options left. While simplified issue
life insurances still require the client to answer some questions on health, there is a
type of insurance that does not require any medical information. Find out here if you qualify for the
guaranteed life insurance, which entails one of the simplest processes of application.
How can you obtain
life insurance when your medical situation is not very good? You have two options, either wait until you have a stroke of luck at a company that will allow you to buy
normal life policy or resort to another type of insurance especially tailored for those with serious health problems.
Guaranteed issue life insurances are aimed at those with such conditions, offering them the possibility to insure an amount of money regardless of their
Critical illness.
Guaranteed Coverage is often taken to cover in the event of
death funeral expenses, the cost of
medical treatments or
unpaid debts.
Practically, these insurances require neither
medical examination nor
questions about health in the application process.
Guaranteed issue life policies are basically
whole life insurances that can be purchased without the company conducting any research on your
medical history. The difference they pose to simplified issue
life policies are the more expensive premiums, which eventually build
cash value in time. But the good news is that the value of the premiums usually stays the same. A percent of the premiums serves as
cost insurance, while the remaining percentage adds to the cash value. Similarly to
whole life insurances,
guaranteed insurances pay out when the insured person dies. However, this insurance implies that in order for it to come into effect, a specific amount of time has to pass (for example, two or three years from the moment when the contract is signed). Otherwise, if the insured person dies before the completion of this term, the beneficiaries only receive a portion of the sum assured. This measure translates itself as "graded benefits" and it protects the company against financial loss, clearly making this insurance unsuitable for those suffering from a
terminal illness.
Apart from graded benefits, there are other ways in which in the company can make money on the basis of your insurance. They can set age limits or increase the price of the premiums. One of the greatest advantages of the
guaranteed life Cover is that the
death benefit is given even if death is caused by an accident, provided that the required period of two or three years has passed. In case of any emergency, the insured can take out a part of the money while alive and settle for the beneficiaries to receive a lower amount after his/her death.
To sum up,
guaranteed life insurances are suitable for those with less favorable medical history who want to avoid the examination hassle and who expect to live at least a couple of years more.
Get a quote now and save Up to 70% on
Guaranteed Life insurance Policy !
