Guaranteed Issue (No Medical Questions)

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Guarantee issue plans are a lifesaver for those with health risks or multiple conditions insurance companies deem the highest liability and refuse to consider. Some companies specialize in these plans for this very reason. Essentially, if you can enter into a legal contract, you are going to be accepted.

    * What is Life Insurance that is Guaranteed?

    * Disadvantages of Guaranteed Life Insurance

    * Top Guaranteed Acceptance Life Insurance Carriers

What is Life Insurance that is Guaranteed?

If you are not eligible for a plan with an underwriting, the only way to guarantee coverage is through a policy without health questions. They are often called guaranteed issue or guaranteed acceptance.

These types of funeral policies do not raise health problems or consider your health history. Literally, they issue policy blindly. In as much as you have the age and sound mind to sign a legal contract, you have permission.

The guaranteed acceptance of burial insurance policies is still life insurance. This means that the monthly premiums will be paid for life, the plan lasts forever, and the benefits cannot be reduced.

These policies include, but are not limited to, people who have dialysis, Alzheimer’s, dementia, severe epilepsy, have had recent cancer treatment, or are in hospice care or a nursing facility.

Since there is no underwriting required, carriers do not know what risks they are taking on and therefore have to compensate with higher prices, and there will always be a two-year graded period.

Should the insured person pass away during this time frame, premiums are paid back in full plus 10%, so at least no matter what happens, you will be getting more out of the plan than you put in.

Accidental deaths, however, are covered from day one, which in some cases, like seizures or dementia, can, unfortunately, be very important.

Once the two-year period has expired, you will receive full coverage and benefits. Some companies well known for these particular plans are Gerber Life Insurance, Sons of Norway and Great Western.

It is worth noting that, excluding the guaranteed issue, companies will also look at your prescription history when determining your plan to validate the application’s answers during the medical underwriting portion of the application.

This will not require a printed-out list from your pharmacy or any extra phone calls/work on your part – with your consent; the company can electronically analyze your medications in a matter of minutes.

No Matter What You or Your Loved One’s Health Condition May Be, There Will Always be a Policy Available. Do Not Let a Company or Agent Tell You Otherwise.

Disadvantages of Guaranteed Issue Life Insurance

Final insurance with a guaranteed issue has two main disadvantages.

  • It has higher premiums than other plans with health questions.
  • A compulsory minimum waiting period of two years

The risk assumed by the insurer is much higher because they do not know about the health of an applicant. As a result, they must charge higher premiums to compensate for this increased risk.

Top Guaranteed Acceptance Life Insurance Carriers

There are dozens of life insurance companies out there that offer these no health question policies. Here are just some to name a few:

There are many life insurers that offer you insurance policies without asking questions about your health. Below are some of the life insurance:

  • AIG
  • Americo
  • Colonial Penn
  • Gerber Life
  • Kemper
  • Mass mutual
  • Metlife
  • Mutual of Omaha
  • New York Life
  • Transamerica
  • Sons of Norway – Most affordable
  • United Home Life
  • Vantis Life

Many of these insurers have a normal waiting period of two years. However, there are some that have a waiting period of three years. Apart from the different waiting periods of two or three years, the other significant difference is the premium charged by them.

So, which insurer is the best and the most affordable?

We highly recommend Sons of Norway, as it is the insurer with the most affordable cost with which you can also have an agent. You would not find them in every state. Another one is Gerber Life. Also, there is Mutual of Omaha, but they are sold directly to the consumer.

This means that if you don’t have an agent to help you in the future. If you don’t want to work with a funeral insurance agent for the rest of your life when you have other insurance needs, then contact Mutual of Omaha.

But, if you understand and appreciate the importance of working with insurance professionals who will always strive to give you the best, then you can work with us to buy the Sons of Norway policy.

Like some of our past clients, you will probably need life insurance anytime in the future. You might be the one in need of it, a family member or a friend.

Don’t you think it would be best to have a nice burial insurance advocate working for you instead of looking for one yourself? Here are some examples of the rates from Sons of Norway.

Guaranteed Acceptance Burial Insurance for Sons of Norway

Female

AGE$5,000$10,000$15,000$20,000
50$13.81$27.63$41.44$55.25
55$16.98$33.96$50.94$67.92
60$20.54$41.07$61.61$82.14
65$24.67$49.33$74.00$98.67
70$31.66$63.33$94.99$126.65
75$41.55$83.10$124.64$166.19
80$53.33$106.67$160.00$213.33

Male

AGE$5,000$10,000$15,000$20,000
50$18.30$36.59$54.89$73.19
55$23.41$46.83$70.24$93.65
60$29.04$58.09$87.13$116.18
65$35.41$70.82$106.23$141.64
70$45.29$90.58$135.88$181.17
75$57.63$115.25$172.88$230.50
80$69.93$139.85$209.78$279.70

A unique aspect of burial insurance is the broad range of face values you can purchase, so you don’t have to spend more than is necessary. Most companies range from about $2,000-$25,000, but some companies offer as little as $1,000.

If you want a cremation, generally from $2,000-$5,000 for everything to be covered – that is all you need to pay for. Therefore, do not feel pressured into paying for a more expensive policy than you know is necessary– the amount you want is sure to be available to you.

Let us compare the lowest rates to find you the best deal on guaranteed acceptance coverage.

About Al Kushner
Al Kushner
He is a recognized financial educator, best-selling author, speaker, underwriting specialist and the founder & CEO of Superior Mutual, an independent insurance agency. He has helped families and individuals preserve, protect, and pass on a legacy since 1986. His mission is helping hard working seniors keep more of what they have worked a lifetime to save.
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