Have you ever been turned down for term life insurance coverage? Guaranteed issue term life insurance was created for those who have trouble obtaining basic term life insurance coverage. Guaranteed issue term life insurance is also known as a simplified issue policy. You are automatically accepted for coverage without being required to submit to a medical exam. In exchange for guaranteed coverage, you will be charged a higher term life insurance premium. The higher premiums are a fair trade for insurance carriers taking a larger risk covering people without knowing their full medical histories. Purchasing a guaranteed issue term life insurance policy is ideal for people who were born with or have developed chronic medical problems.
The Inner Workings of Guaranteed Coverage
Guaranteed term life insurance coverage works a little differently than buying a straight term life insurance policy. While basic policies allow you to choose the period for which you would like to be covered, guaranteed policies are issued at five and 20 year periods.
If you initially buy the five year term, you may renew every five years after that until the age of 80. At age 80 your...
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