Guaranteed Life Insurance

Guaranteed Life Insurance!


The term guaranteed life insurance is a bit of a misnomer, due to the fact that there really isn’t an insurance product that guarantees coverage. 


You see what happens with this type of policy is what the insurance companies call a graded benefit life insurance policy.  As opposed to the no medical exam life policy a graded benefit plan in a nutshell is the policy might be for a face amount of say $50,000.  If you die in year one it might pay say $10,000 of the face in year two maybe $20,000.  The longer you live the more they will pay you the face amount that you originally desired. But there are life insurance carriers that offer a no medical exam type of coverage, which means you must answer no to a number of questions.  Then they check the MIB to see if there are any hits that would prove your statements otherwise, then issue the the policy which will cost much more than if you had the exam. 


Guaranteed Life Insurance vs.. regular life insurance?


These types of policies are typically whole life plans but may include universal life insurance plans as well.  From our research there really are no term life insurance plans that offer these types of benefits.  In fact there are only a handful of companies that really offer these life insurance policies anymore.  Last we checked Presidential Life and Guarantee Trust Life were the two big players in this market.  Don’t despair though to find affordable life insurance even if you have health issues really isn’t that hard.  Most carriers are used to underwriting the substandard or impaired risk market and they may issue you a table rating due to your issue.   


The best life insurance plan for you is hard to say, mostly it depends upon one your budget.  How much can you really afford and what is the death benefit for?  If you are leaving for your family then well I guess cost isn’t as important as having the coverage is (maybe)?  Trying to find cheap life insurance when you have health issues is very difficult to do but to get the best insurance rates and quotes you should go through the full underwriting process with blood and urine drawn this should help you get better rates in the long run! 


If you need to get guaranteed life and you need a chewing tobacco life insurance policy please check out how we can quote you the best most affordable rates.