Guaranteed Acceptance Life Insurance

Life insurance policies give many people a sense of protection against an uncertain future. Should something happen to them, their loved ones will be cared for. One part of this protection is making sure your spouse and children can continue to live the lifestyle they're accustomed to. If you're an older person, getting life insurance can be tougher because of health reasons, and also higher premiums. One option for such people is guaranteed acceptance life insurance. You can get life insurance quotes online to compare different types of coverage.

Advantages

A guaranteed acceptance life insurance policy can be great for older people or people who have medical conditions or disabilities that prevent them from getting regular term life insurance. Depending on the policy, you might need to answer a few medical questions. Some other plans might not require this. In any case, you'll be accepted no matter your answer to these questions.

One difference between a guaranteed acceptance policy and traditional life insurance is that the coverage limit is lower. Plans which accept everybody are generally written to cover end of life costs such as funeral costs. That's different from term life insurance, which covers living expenses, mortgage payments, or other types of costs for dependents and family. That makes these plans best for older people or couples without children. Many plans have a limit of around $15,000-25,000, although you may be able to find other plans that will cover you for more.

Premiums

The premiums for guaranteed life insurance are larger than those for other types of life insurance. That's because the insurer takes on more risk by allowing anybody to get a policy without a medical exam. The insurance company passes this risk on to you in the form of larger monthly payments than for a similarly sized term life insurance plan. This makes guaranteed acceptance policies less attractive for people who can obtain other types of life insurance, such as a regular term life insurance plan. Check before you go for a guaranteed acceptance plan to make sure that you're not eligible for another type of insurance that would give similar coverage for a cheaper premium.

If you're looking for guaranteed acceptance life insurance or any other type of life insurance, you should get insurance quotes online to compare companies, plans, and policies. Only then can you make the decision of which type of life insurance is right for you and your family.