Life can turn from good to bad without any warning. Your life, as you have known and lived it, can turn upside down in a moment. It is for this reason that you should do whatever it takes to protect your loved ones. One way of doing that is through a guarantee issue life insurance. You can live your life free of worries safe in the knowledge that your loved ones would be fine (at least financially) in the event of a misfortune befalling you.
How does it protect your loved ones from financial ruin?
Ideal for people with poor health
First, it’s ideal for anybody whose health is not as good as it maybe could be. Most times, such people do not get the approval they need with other types of insurance. Or they are approved with a huge rate-up, making the plan not affordable. Here, they never have to worry about being approved. The insurance cover they take guarantees payment to cater for specific expenses in the event the holder’s health deteriorates further and recovery is not possible.
No uncomfortable medical exams and questions
Secondly, you never have to worry about taking a medical exam. These types of exams can be quite detrimental to your health, especially if you grapple with a life threatening condition. Where other types of insurance policies make medical exams mandatory, here you never have to concern yourself with such. Therefore, you (and your loved ones) can continue enjoying and creating precious memories.
Three, policy holders never have to answer uncomfortable medical questions. That should be obvious considering that medical exams are not applicable here. Nevertheless, insurers who ask medical questions and prioritize medical exams often require you to take tests. Anybody who has taken these tests knows how things can show up that may not truly judge your health condition. You could have had a hard time sleeping the night before or maybe had some recent bad news. All of these things can skew your results. Something as precious as life assurance should be available to everyone. Guarantee issue life insurance is available to all!
Caters for funeral and burial expenses
In the event that your medical condition doesn’t improve, you would have no concern for worries. Why? This form of life insurance will cater for all expenses accruing from your funeral and burial. The average cost of a basic casket alone is $2,000 (“Funeral Costs and Pricing Checklist,” 2018). Again, these types of expenses can be quite costly, especially if your family has been operating within a tight budget. Your medical condition might have exhausted your family’s finances thus making it hard to raise money for funeral and burial.
Has drawbacks but still worthy
It’s worth noting that guarantee issue life insurance has a few drawbacks though. The absence of medical exams makes it a costlier form of insurance. Therefore, expect to pay higher premiums than a fully underwritten plan. However, that should be cancelled out by the fact that payment to the beneficiary you listed is guaranteed and if you’re considering guaranteed issue coverage you likely have conditions that would exclude you from buying another type of policy. Your loved ones would not have to worry about making countless follow-up trips to get the money they deserve.
Contact us for information on guaranteed issue life coverage.
Funeral Costs and Pricing Checklist. (2018, March 13). Retrieved from https://www.consumer.ftc.gov/articles/0301-funeral-costs-and-pricing-checklist