There are many uncertainties to be faced in life; some changes are for the good, and some are most definitely not. Each must be faced and weathered, and hopefully, some knowledge is gained in the process. Marriage, birth, promotion or a new job, and a new home can very much affect how you view your future.
The surprising (and sometimes sudden) occurrence of life and/or death can bring the true fragility of life crashing into you. Obtaining life insurance is one of the most important and necessary decisions you can make for yourself and for your family.
“Better late than never” is a saying that can certainly be applied to purchasing guaranteed issue life insurance. Commercials play on television all the time, and mailers arrive in your mailbox; guaranteed issue life insurance policies peddled and endorsed by familiar celebrity faces that promise coverage for anyone and everyone. Does this sound too good to be true? In many cases, the rule of thumb is to disregard anything that fits this bill. Except with this particular type of life insurance; you definitely get what you see.
Every Cloud Has a Silver Lining
What is the difference between guaranteed issue life insurance and other types of insurance policies? The major plus is that medical exams or history and age are not a factor. This is good news for anyone looking for life insurance coverage but has been turned down due to age or a spotty medical history.
Are you still waiting for the other shoe to drop? There are a few things to know before you decide to buy a guaranteed issue life insurance policy.
1) The main goal of a guaranteed issue life insurance policy is to cover funeral costs and any other related expenses; you will be hard-pressed to find any policy that offers a value of more than fifteen or twenty thousand dollars.
2) Because guaranteed issue life insurance policies offer a “no questions asked” application system, those you decide to go this route should expect to pay a slightly higher premium than what other insurance companies might charge. You are paying for the convenience as well as the policy itself.
3) Look for the “graded benefits” clause and remember to read everything thoroughly. Your beneficiary may not be able to receive the full amount of the policy if death occurs within a few years of the purchase date. They may only be entitled to a refund of the premium payments.
