Finding the Right Life Insurance Policy for Your Needs
>> Tuesday, June 18, 2019
When concerned about what happens to your loved ones after you pass, many people enroll in some form of a life insurance policy. Life insurance policies can cover everything from unpaid expenses left behind to funeral arrangements. However, sometimes, it is difficult to find insurance, and in those cases, guaranteed acceptance term life insurance, also known as guaranteed acceptance insurance, is an option.
What is Guaranteed Acceptance Term Life Insurance?
When applying for life insurance policies, most companies require a medical exam, which can include bloodwork to rule out any underlining conditions. Based on the results of your exam and bloodwork, an insurance company can either accept or deny your request for insurance. Guaranteed acceptance term life insurance, on the other hand, does not require a medical exam prior to issuing a life insurance policy. Much like a conventional insurance policy, upon the death of the insured, the beneficiary to the policy will receive a cash payout for any expenses left behind.
The Benefits of Guaranteed Acceptance Term Life Insurance
Guaranteed acceptance insurance benefits people who have been turned down due to either preexisting health conditions or results from a medical exam. People who may have difficulty getting approved for conventional insurance can include:- Smokers
- People over the age of 50
- Those with current medical problems
- Those with chronic conditions like diabetes
- Those without employee-related benefits
Another benefit of guaranteed acceptance policies is that they are fast. A conventional policy can take weeks to be approved because the insurance company must look at your past medical history, any risk factors and results from bloodwork. Guaranteed acceptance policies, however, may only take days to approve.
When looking for ways to protect your family, life insurance is an important decision to consider. If you have been declined in the past, guaranteed acceptance life insurance may be the right insurance policy for you.
