Top 3 Guaranteed Issue Life Insurance Companies For Seniors
The short is answer is yes – you can get a burial life insurance policy with no health questions asked, with instant approval!
All you have to do is fill out a quote form or give us a call to get approved for one of these policies.
That being said, there are only a few reasons to get a guaranteed issue, no health questions asked policy. The reason we do not recommend these if you can is because they all come with a two year waiting period. This basically means if you die within the waiting period, the insurance company only pays out what you’ve paid in with your monthly payment, plus 10% interest.
But if you want instant approval with no complicated health questions or interviews, or have a serious health condition like cancer, these policies are for you!
Table Of Contents
- What Is Guaranteed Acceptance?
- What Are They Good For?
- Who Can Qualify?
- When Should you Buy One?
- Health Issues That Make You Go Guaranteed Acceptance
- Best Companies
- How To Buy
What Is Guaranteed Acceptance Burial Life Insurance?
Guaranteed Acceptance policies ask you no health questions and everyone is guaranteed an issued policy.
So what’s the catch?
They all come with a two year waiting period wherein if you die within the first two years, they only pay out what you’ve paid in with an additional 10% added to the payout. They are small whole life plans for up to $40,000 for most companies.
What Are No Health Questions Asked Policies Good For?
Guaranteed issue life insurance provides an option for people who have been denied or know they will be denied life insurance from other companies, or the cost with the other companies is too high to be affordable due to their health conditions.
These companies will not check medical or prescription history. You could any number of serious health conditions. you can even have cancer, and you can still get affordable coverage.
So what’s the catch?
As we mentioned before, all no health question policies have a 2 year waiting period (sometimes 3 years) before they pay full benefits. Once the waiting period has passed, you are fully covered for life.
Who Can Qualify?
While there are no health requirements to qualify for any of these no health questions plans, there are a few other requirements we should mention.
Most guaranteed issue carriers only insure people ages 50-80, with some offering coverage for those as young as 40.
Not every carrier operates in every state. No matter which state you are in, we can find a carrier for you.
You must be able to enter into a contract. So if you have or are shopping for someone who has dementia, they must have the mental capacity to sign. It is still possible to get coverage!
Most guaranteed issue companies require an email address, but not all. If you don’t have an email, we can pair you with a company that does not require it.
When Should You Buy A No Health Questions Policy?
There are only a few reasons why you should get one of these guaranteed issue policies.
1. Personal Preference
Some people want to get approved as fast as possible, and don’t want to have to go through all of the health questions that traditional burial insurance will ask. If you are one of these people, go ahead and give us a call or fill out the quote form and we will help you out as fast as possible!
2. You’ve Been Declined Before
If you can’t get any coverage anywhere else, or have had the insurance company come back to you with a higher rate than applied for, you may only qualify for guaranteed issue coverage.
That being said, we are confident that we can find level coverage for you unless you have a very serious medical condition like cancer or alzheimer’s.
3. It Is The Cheapest Option
Occasionally, you are eligible for coverage with a traditional burial insurance company, but because of your health conditions, they all charge you an arm and a leg. In this case, a policy with no health questions asked by a guaranteed issue carrier might be the cheapest option for you.
Give us a call if you have a lot of serious medical questions and we can find you the cheapest rates.
Health Issues That Make You Go With Guaranteed Acceptance Life Insurance
Some health issues force you to go with a guaranteed acceptance burial life insurance policy. Below are some of the major conditions that will do so.
- Current Cancer (remission is different)
- Kidney Dialysis
- Terminal Illness
- In A Nursing Home
- On Oxygen 24/7
- Organ Transplant
If you have one of these conditions you have no choice but to go with one of these policies.
When Should You Not Buy A No Health Questions Policy?
To be quite frank, if you qualify for a plan that asks you health questions with no waiting period, you should take it. Those saying you do not qualify for immediate coverage many times have not done the necessary grunt work for you to have the coverage you deserve, immediate coverage.
While not everyone can qualify, we will do our absolute best to find something for you with no waiting period.
Those that have few or no serious medical health issues, outside of the normal things like high blood pressure or cholesterol, should find a policy that asks health questions and offers level, immediate coverage.
Best Guaranteed Issue Life Insurance Companies
Guaranteed issue policies are all nearly identical. They all have a two year waiting period and ask no health questions, the only difference is state availability and rate.
Below are some of the best guaranteed issue companies to pick from.
AIG has been in business since 1919 and has an A.M. Best rating of A. You can never go wrong with an AIG policy.
Well known for their child policies, which are spectacular, they also have guaranteed issue for seniors. Gerber has been in business since 1967 and have an A.M. Best rating of A. Gerber has some of the best rates available.
3. Great Western
Great Western is a great guaranteed issue company for people who don’t have or use email, as Great Western does not require an email like the others. They have been in business since 1983 and have an A.M. Best rating of A.
While there are plenty of other guaranteed issue companies out there, 99% of the time one of the above three are going to be the best carrier for you.
Here are our reviews for other guaranteed acceptance companies that we do not recommend due to their higher prices or changing benefits.
- Colonial Penn Review
- Open Care Review
- AARP Honorable Mention
- Mutual Of Omaha Honorable Mention
How To Buy A Guaranteed Issue Policy?
The application process for a burial insurance policy with no health questions asked is very fast and simple. And we can help you every step of the way.
BUT, you should know that there are a lot of no health questions policies out there, and they are not all the same cost. Unfortunately, some are only sold by captive agents who don’t shop around for the best rate for you like we do at Seniors Mutual.
Seniors Mutual is an independent agency, so we don’t care which carrier that you go with, we just find you the lowest rate.
Once you’ve determined that you want a no health questions asked policy, send in your application asap so you can start working through the waiting period.
You can send in your application at no cost to you by filling out our quote form or giving us a call today!