2024 Guaranteed Acceptance Life Insurance No Waiting Period
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
We will go over the truth about Guaranteed Acceptance Life Insurance No Waiting Period.
You will find out about guaranteed life insurance no waiting period myths and what the TRUTH is, so read on!
As a senior looking for life insurance you may come across many advertisements on TV and in your mailbox.
Please understand that ALL of these you see on TV and in the mailbox on index cards are waiting period policies. Yes, that’s right, THEY ALL have either a 2-year wait or a 3-year wait such as a Fidelity life.
If you want guaranteed issue life insurance with no waiting period, you will have to answer some health questions.
Overall, that is how you will get day one coverage, you must answer medical questions so the life insurance company can access risk.
Here is a health questionnaire (CLICK HERE) and we will email you a preapproved offer for the best plan available to you for life insurance no medical exam no waiting period.
In this article, we will extensively talk about the difference between guaranteed issue life and a no waiting period policy. THEY ARE NOT THE SAME!
Although there is no medical exam required for both, you must know the difference. This article will show you all about guaranteed life insurance no waiting period.
At any time you want to see rates, just fill out the quote box on the side and you will see rates simultaneously.
Table of contents
- How Does Guaranteed Issue Insurance Work?
- Does Guaranteed Issue Require a Medical Exam?
- What is the Guaranteed Issue Life Insurance Policy Waiting Period?
- How Much Does Guaranteed Acceptance Life Insurance Cost?
- Cost of Guaranteed Acceptance Life Insurance vs. Level Whole Life Insurance
- Best Guaranteed Issue Life Insurance Companies
- Who is Guaranteed Acceptance Life Insurance Good For?
- Who is Eligible for Guaranteed Issue Life Insurance?
- Why Would You Need Guaranteed Issue Life Insurance?
- How Long Does It Take To Get Guaranteed Issue Life Insurance?
- Key Features of a Guaranteed Issue Policy
- Comparing Guaranteed Issue Life Insurance vs. Other Life Insurance Products
- What about Guaranteed Acceptance Burial Insurance
How Does Guaranteed Issue Insurance Work?
First off, this policy has a few names it goes by, guaranteed acceptance insurance, guaranteed issue life insurance, guaranteed acceptance life insurance, and guaranteed life insurance.
Understand, these ALL mean the same thing. They are whole life insurance policies that will not require health questions or medical questions. In addition, there will be no medical exam required.
Although these are advertised and put in front of seniors at a ridiculous pace, they are really geared toward severe health conditions like active cancer, HIV/Aids, or Congestive Heart Failure.
Unfortunately, most seniors with minor health issues think they are unable to get anything else.
So these guaranteed acceptance whole life insurance policies with no waiting are usually 30%-50% more in higher premiums. In fact, they are a waiting period. Confusing right?
Their coverage amounts are between $2000-$25,000, however, one of our carriers goes up to $40,000. In addition, they will have a 2-3 year waiting period with Fidelity Life holding a 3-year wait.
These are permanent life insurance policies that will pay back 100% of your premiums during the waiting period if death occurs due to illness. In most cases with 10% on top.
However, accidental death is covered on day one of life insurance coverage.
These guaranteed issue whole life insurance policies are used for funeral expenses such as funeral and burial costs.
It accumulates cash value, so you can take personal loans from the cash value and the death benefit is guaranteed after the waiting period is over.
Does Guaranteed Issue Require a Medical Exam?
No, it does not. No medical exams will be required. These guaranteed issue life insurance policies are simplified issue life insurance.
That means no health questions, and no medical exam, but there is a waiting period.
What is the Guaranteed Issue Life Insurance Policy Waiting Period?
Most life insurance companies that offer guaranteed issue life insurance require a waiting period because high-risk consumers are not in good health.
They usually have severe medical conditions such as cancer, a recent heart surgery, or a recent stroke.
So if you have serious health issues, and had surgery the last two years, or have a long medical history this is the policy for you.
How Much Does Guaranteed Acceptance Life Insurance Cost?
Now that you have an understanding of how guaranteed issue life insurance works, let’s get down to price shall we?
Most life insurance policies are level day one life insurance coverage. These are when life insurance companies compete against each other to offer the best rate.
However, with a guaranteed issue or guaranteed acceptance whole life insurance policy you will be paying higher prices because of the high-risk medical conditions you have.
In fact, a guaranteed issue policy is likely 30-50% higher in price depending on the age you get the guaranteed life insurance policy.
Cost of Guaranteed Acceptance Life Insurance vs. Level Whole Life Insurance
Ok, above all, you want to get the best deal for your money to make sure your final expenses are taken care of. Overall, many seniors don’t realize how simple the process is.
In fact, getting level day one life insurance coverage is obtainable even with moderate to severe health issues.
Below, we are going to show you the rates for a senior consumer with a diabetes history, a heart attack over 4 years ago, and taking blood pressure medications with a minimum age of 50.
We will show you the rates up to age 90 for $10,000 and $25,000 in coverage.
In this scenario, you would probably think you would not be able to get day-one coverage due to this health history, think again.
$10,000 Male Level Death Benefit vs. Guaranteed Issue Death Benefit
| Age | Death Benefit | Level | Guaranteed Issue |
|---|---|---|---|
| 50 | $10,000 | $30.51 | $44.09 |
| 55 | $10,000 | $35.95 | $57.93 |
| 60 | $10,000 | $43.76 | $63.89 |
| 65 | $10,000 | $55.94 | $85.16 |
| 70 | $10,000 | $73.15 | $99.18 |
| 75 | $10,000 | $99.97 | $139.52 |
| 80 | $10,000 | $139.73 | $206.32 |
| 85 | $10,000 | $192.74 | $298.09/Graded |
| 90 | $10,000 | $350.63 | $387.32/Graded |
$10,000 Female Level Death Benefit vs. Guaranteed Issue Death Benefit
| Age | Death Benefit | Level | Guaranteed Issue |
|---|---|---|---|
| 50 | $10,000 | $24.31 | $34.47 |
| 55 | $10,000 | $27.71 | $44.27 |
| 60 | $10,000 | $32.87 | $51.06 |
| 65 | $10,000 | $41.01 | $62.61 |
| 70 | $10,000 | $53.24 | $75.53 |
| 75 | $10,000 | $72.41 | $108.17 |
| 80 | $10,000 | $98.30 | $176.37 |
| 85 | $10,000 | $135.90 | $220.66/Graded |
| 90 | $10,000 | $296.84 | $337.32/Graded |
In some cases you are seeing well over 50% of you would be paying for the convenience of a Guaranteed Issue policy versus a Level policy with a few questions asked.
For just answering a few questions you could save $6,518.40 if you bought a $10,000 policy at age 50, and lived past age 90 as a male!!
Let’s look at the $25,000 policy difference.
$25,000 Male Level Death Benefit vs. Guaranteed Issue Death Benefit
| Age | Death Benefit | Level | Guaranteed Issue |
|---|---|---|---|
| 50 | $25,000 | $69.33 | $108.85 |
| 55 | $25,000 | $85.03 | $143.46 |
| 60 | $25,000 | $104.60 | $158.35 |
| 65 | $25,000 | $132.92 | $211.52 |
| 70 | $25,000 | $176.33 | $246.58 |
| 75 | $25,000 | $243.44 | $347.42 |
| 80 | $25,000 | $344.52 | $519.08 |
| 85 | $25,000 | $477.04 | $20k Max $628.97/Graded |
| 90 | $10,000 | $10k Max $350.63 | $10k Max $387.32/Graded |
$25,000 Female Level Death Benefit vs. Guaranteed Issue Death Benefit
| Age | Death Benefit | Level | Guaranteed Issue |
|---|---|---|---|
| 50 | $25,000 | $45.41 | $68.02 |
| 55 | $25,000 | $52.21 | $87.63 |
| 60 | $25,000 | $62.53 | $101.20 |
| 65 | $25,000 | $78.82 | $124.30 |
| 70 | $25,000 | $103.28 | $150.15 |
| 75 | $25,000 | $141.62 | $215.42 |
| 80 | $25,000 | $193.00 | $351.82 |
| 85 | $25,000 | $334.95 | $20k Max $437.32/Graded |
| 90 | $10,000 | $10k Max $296.84 | $10k Max $337.32/Graded |
As you can see in both the $10,000 and $25,000 in coverage it is just not worth it to go the convenient way.
For just answering a few questions you could save $10,852.80 if you bought a $25,000 policy at age 50, and lived past age 90!!
Best Guaranteed Issue Life Insurance Companies
Overall, there are so many guaranteed issue life insurance companies out there. As a senior, it can be very confusing. Above all, knowing what carriers to stay away from is as important to know what carriers are the best.
First, there are life insurance carriers out there that really hurt the senior consumer. These are the ones that flood your mailbox with index cards “screaming” no health questions and instant coverage.
In addition to a paid spokesman on TV talking about no medical underwriting and paid premiums under $10 bucks, sound familiar? For more on these companies to avoid, CLICK HERE.
Ok, let’s get back on the topic of the best-guaranteed acceptance life insurance available.
We only offer 4 of the best-guaranteed issue life insurance policies through A/A+ rated carriers.
- AIG, $2000-$25000,
- Gerber Life, $2000-$25000
- Great Western, $1500-$40000
- Protection Plus Life, 5yr renewable term life insurance, age 18-80, $5000-$50000
These all are competitively priced with the best rates for guaranteed issue life insurance. In addition, many hidden features make these the best-guaranteed issue policies we offer.
Great western and Protection Plus Life offers larger death benefits. The higher coverage amount puts better financial protection for the family’s financial future.
But full death benefit won’t fully payout for those funeral costs until after 2 years. Also, the AIG, Gerber Life, and Great Western are permanent coverage. Whereas, Protection Plus Life is a term life insurance policy.
Fidelity Life will offer a 3-year wait. In addition, getting Guaranteed Issue life insurance over 80 is difficult. However, we do have a graded death benefit policy with GTL.
Who is Guaranteed Acceptance Life Insurance Good For?
Overall, guaranteed issue life insurance is geared for and should only be used for consumers that can’t get coverage anywhere else.
What are uninsurable conditions?
Most of the time this is one of the following:
- Currently being treated for cancer
- Recent heart surgery
- Some medication combos
- Dementia
- Nursing home confinement
- Wheelchair Confinement
- Recent stroke
So it is important know when you buy life insurance that you need to know the type of life insurance so you can decipher whether a guaranteed issue life insurance policy is better for you or can you qualify for a level day one simplified issue insurance policy.
Who is Eligible for Guaranteed Issue Life Insurance?
This is a great question, guaranteed issue is for anyone that qualifies for the age requirements for the specific carrier.
Why Would You Need Guaranteed Issue Life Insurance?
For three reasons.
- Severe health issues and you have been turned down everywhere else
- Merely a convenient, fast, and simple process
- You are young and not worrying about dying the next two years
How Long Does It Take To Get Guaranteed Issue Life Insurance?
Not long at all. The application takes minutes to complete by phone or email signature. Guaranteed issue life insurance is usually active within 24 hours.
The life insurance company will approve the policy but for immediate coverage, it’s not active until premiums are paid.
Again, this is a permanent life insurance policy that pays the death benefit in full after 2 years. During the first two years, a full death benefit will be paid only if by accidental death.
Coverage lasts a lifetime as long as you pay your premiums or if the policy is paid up.
Key Features of a Guaranteed Issue Policy
Really? Not many other than no medical underwriting, no medical asked questions, and no medical exams.
However other life insurance policies that are level have the same requirements but you need to answer questions.
Comparing Guaranteed Issue Life Insurance vs. Other Life Insurance Products
In an effort to stop the confusion about guaranteed issue life and other life insurance products offered by the life insurance company.
Simplified Issue Life Insurance vs. Guaranteed Issue Life Insurance
When comparing these two products, the simplified issue is level day-one coverage. The guaranteed issue pays a graded death benefit for the first two years.
A simplified issue policy is a type of life insurance that requires some questions to be answered about one’s health. The guaranteed issue policies require non.
You can get more coverage amount options with the simplified issue but if you are high-risk health conditions your only option may be a guaranteed issue.
Guaranteed Issue Whole Life vs. Term Life Insurance
One is a guaranteed issue and offers coverage amounts that are level for life. Term life does not build cash value and will expire at the end of the term.
They both will pay the death benefits but the term life insurance in most cases will require a medical exam and medical underwriting.
Term life insurance can offer higher coverage amounts whereas a guaranteed issue policy will be limited on the coverage amount.
Guaranteed Issue Life Insurance vs. Permanent Life Insurance
When looking at financial decisions both these policies are structured the same. However, coverage amounts will be higher for a traditional permanent policy.
In addition, the traditional permanent policy can be rated differently due to pre existing health conditions, the guaranteed issue insurance you are guaranteed to be accepted.
Both will cover final expenses such as medical bills and pay the death benefits, but in some cases, the permanent would require a medical exam if health requires it.
The guaranteed issue policy will never require a medical exam.
What about Guaranteed Acceptance Burial Insurance
Overall, the insurance company offers these to cover a final expense such as burial, cremation, or leaving a legacy.
These carriers are rated A/A+ and are highly rated for claims-paying ability before they are offered to our clients.
It’s important to know that burial insurance is the same as funeral insurance, cremation insurance, and final expense insurance.
They are all small whole-life policies. In addition, come as a guaranteed issue policy when needed.
Also, use National Funeral Directors Association as a source for any and all burial information.
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Conclusion
So there you have it – guaranteed issue life insurance and no waiting period.
It’s not the cheapest life insurance out there, but it does offer some peace of mind in knowing that you’re covered if something happens.
And hey, no one ever plans on dying, but it’s nice to know that you’re taken care of if something does happen.
If you want to get a quote for guaranteed issue life insurance, on the right you can see rates instantly by filling out the form and we’ll help you get started.
For a preapproved email with the best option nationwide, fill out this short health questionnaire and we will email you.
