Guaranteed Insurance
Guaranteed life insurance, also known as guaranteed issue life insurance is available to people between the ages of 40-75. If you are between these ages, you are guaranteed to get this life insurance. There is an application process, in which you are asked several questions, such as your smoking habits (smoker or non smoker). The application doesn’t ask any medical history or health questions, which means you are guaranteed to get this insurance regardless of your health / medical condition.
Things to know
- There aren’t many insurance companies that offer this type of insurance.
- The average amount of insurance granted under this program is between $5000 – $25,000. There is a possibility of getting up to $50,000 of coverage under some circumstances as well.
- Premiums are guaranteed as well, which means they will never increase on you.
- Premiums are paid until the age of 95, at which point the insurance is paid up. This means that your coverage is in force until you pass away, however, you no longer pay your premiums.
- There is usually an accidental benefit, which will pay up to 5x your death benefit. Your beneficiary receives this tax free.
Depending on the policy and insurance company selected, and due to the nature of the product, there is usually a wait period of two years. This means if the insured passes away within two years, the premiums paid will be reimbursed. However, the death benefit will not be paid out.
If this seems like the product for you, give Team Levine a call today, we’re here to help!