As our name implies, at Guaranteed Issue Life we know guaranteed life insurance. It is our #1 priority to stay on top of every guaranteed acceptance product on the market so you can make an educated decision. Below you will find our research on the three best guaranteed issue life insurance companies and their policies.
On top of our ongoing research, we are a team of highly experienced life insurance agents with decades of combined experience selling the most innovative insurance products to people across the country. We have worked with thousands of high-risk shoppers interested in protecting their loved ones.
The 3 Best Guaranteed Issue Life Insurance Companies in 2018
In order to help with the shopping process, we’ve analyzed 15 guaranteed issue life insurance companies and their products.
These are the three best guaranteed acceptance life insurance companies for 2018.
We chose these three in particular because of the unbeatable value they provide. You can read more about each company and policy below. Here is our list of the top 3:
- AIG Guaranteed Issue Whole Life
- Gerber Guaranteed Issue Life Insurance
- Great Western Guaranteed Issue Life Insurance
With these three carriers, customers between the ages of 40 and 85 are able to buy a guaranteed acceptance life insurance policy.
With over 15 companies offering some form of no questions whole life insurance, we understand the decision can be overwhelming. As seasoned agents with over 50+ years of combined experience, we’ve unfortunately seen the consequences of avoiding this important purchase because of information overload.
To prevent any delay in receiving life insurance coverage for yourself or a loved one, we’ve simplified the process. Below you will find a summary of the three best guaranteed life insurance companies so you can determine which is the best fit.
In each summary below, you will learn:
- Information about the company (when they were founded, rating, headquarters)
- A quick snapshot of their guaranteed issue product
- An in-depth look at each companies plan, what unique features they have, how to make a purchase and what information is required
- Sample pricing chart
How to Choose the Best Guaranteed Life Insurance Carrier
Ultimately, the best life insurance plan is one that works for your individual needs. There is no one plan that works for 100% of people, which is why there are so many options on the market.
In order to narrow down the options, we looked at all 15 major insurance carriers and narrowed it down to the top three based on value. This value was determined by looking at many factors with greater emphasis on these four features:
- State Availability
- Age Availability
- Policy Specifications (face amounts, graded period, riders)
In our experience, these factors are what determine the majority of purchase decisions for this type of policy. See below for which companies made the list of the top three no questions life insurance companies of 2018.
AIG Guaranteed Issue Life Insurance
Below you will find details about AIG, a full review with benefits of their guaranteed issue life insurance policy, and sample quotes for men and women.
AIG Company Details
- In business since: 1919
- A.M. Best Rating: A (Excellent)
- Headquartered: Houston, TX
AIG Guaranteed Issue Life Insurance Overview
- Plan Name: Guaranteed Issue Whole Life Insurance (GIWL)
- Age Availability: 50 – 85
- States Unavailable: NY
- Face Amounts: $5,000- $25,000
- Waiting Period: 24 months
- Interest Granted: 10%
American General Life Insurance Company (AIG) has roots that date back to 1919 when it began as a general insurance company in Shanghai, China. In 1926, AIG (then known as American International Underwriters) opened its first U.S. office in New York. In 2001, AIG acquired American General Corporation.
Some consumers may remember that AIG Life Insurance took a big hit during the recession, but has done an excellent job of rebuilding the company image. Their resurgence into the insurance marketplace can be seen specifically in the company’s strong ratings and their strong insurance products.
AIG Life Insurance Ratings
Across all rating standards, AIG gets straight A’s. As of March 2, 2015, A.M. Best Company gave AIG Life Insurance an ‘A’ (excellent) rating, Standard and Poor’s gives AIG an ‘A+’, and Fitch’s Rating is an ‘A+’. No matter how you look at it, American General Life Insurance is on solid financial ground.
Once you’ve worked with AIG, you’ll realize it’s no surprise that they’ve worked with 18 million clients across America and paid out over $39 Billion in claims over the last 5 years alone.
Across the board, AIG has set the standard high for most life insurance products, and are the #1 choice for many independent agents. Throughout their entire suite of products, they are able to balance competitive premiums with added policy benefits. They also excel in customer service and are known for their hassle-free application process.
Oftentimes, people do not think about aspects like customer service, digital applications, availability of information online or other non-policy related topics when shopping for insurance. Yet once you begin an application or have a question several years down the line, there are a handful of standout carriers who provide immense value.
It’s not uncommon for carriers backed by massive marketing budgets and flashy offers to appear reputable and consumer-friendly but really fall short on their promises. We do not promote these companies but have offered honest reviews of them on this website.
That said, there are several outstanding carriers on the market and AIG is most definitely one of them.
AIG is considered the “jack of all trades” in the insurance industry, but we believe they offer one of the best guaranteed issue products on the market.
AIG Guaranteed Issue Whole Life Product Review
The Guaranteed Issue Life Insurance (GIWL) policy from AIG is designed to provide secure, budget-friendly financial protection for your family. There is no underwriting, meaning there are no medical exams, lab tests or health questions whatsoever. The premiums are also level and guaranteed not to increase during the policy’s life. The price of the plan is determined by the current age at applying and will remain the same during its entirety.
AIG’s guaranteed acceptance plan comes in face amounts ranging from $5,000 – $25,000 and is therefore perfect to cover any final expenses incurred near the end of life. These expenses can include remaining debts, outstanding medical bills, burial or cremation costs, a ceremony and more. If final expenses will accumulate to more than $25,000, you are able to carry this policy on top of another one with another carrier.
For elderly people interested in a no questions policy, AIG is one of the few carriers that offer a plan beyond age 80. At this time, applicants ages 50 to 85 will be accepted and age is determined by the last birthday. This is great for people who may have forgotten to take a policy out or have hit unexpected hardships after turning 80 and are in desperate need of a plan.
The mandatory graded period is similar to many of the other guaranteed issue products on the market at 24 months (two years). This means that if death occurs within the first two years, the premiums paid plus 10% will be returned to the beneficiaries. The only exception is if death occurs by accident, which will pay out in full at any time. These features are very standard throughout the insurance industry.
The application with AIG is also very simple and efficient. The application process takes less than 15 minutes and is completed entirely over the phone with an independent agent.
After the application, you are immediately issued a policy number.
One of the top reasons the GIWL plan is our #1 choice above the rest is the custom features that come at no additional charge. These features allow insureds the ability to accelerate their death benefits if they suffer from a qualifying illness. Simply put, AIG offers life insurance that you can use while you’re still alive.
Accelerated Death Benefits from AIG
These Accelerated Death Benefits include:
- Chronic Illness
- Terminal Illness
The Chronic Illness rider pays a one-time lump sum payment of up to 50 percent of the policy’s face amount with no waiting period. This means if you get sick with a qualifying chronic illness and need to access a portion of your policy benefits early, you can do so at no additional charge.
The qualifying chronic illness is when you cannot perform 2 out of 6 Activities of Daily Living (ADLs). These ADLs including actions like bathing, walking, feeding, and others.
One thing to note is that the benefit payment for Chronic Illness rider is limited to the total premiums paid for the policy up to 50% of the policy’s coverage amount. This means you can only receive 100% of the money you’ve paid in so far, up to half of the total amount of coverage.
The Terminal Illness rider is a timely product feature that pays 50% of the applicable death benefit if your life expectancy is 24 months or less. This means if you come down with a terminal illness and are expected to live less than 2 years, you can take out 50% of your face amount to help pay for medical bills, hospice care or other expenses.
Both of these riders do ultimately affect the death benefit payout to your beneficiaries. If you elect to use them, the eventual payout will be the premium amount minus the amount you took out while alive.
AIG Guaranteed Issue Sample Policy Rates
To provide a snapshot of the affordability of AIG, we’ve included sample policy rates below. Keep in mind these can fluctuate, so the best way to compare rates for affordable guaranteed issue insurance is using the free quote tool on the site.
AIG Guaranteed Issue Sample Rates for Men
AIG Guaranteed Issue Sample Rates for Women
These sample rates include a $24 annual policy fee that is mandatory by AIG.
These rates are as of 08/17/2016.
Gerber Guaranteed Issue Life Insurance
Read below for details about Gerber Life Insurance, including a review of their guaranteed acceptance life insurance policy with sample quotes for both men and women.
- In business since: 1967
- A.M. Best Rating: A (Excellent)
- Headquartered: White Plains, NY
Guaranteed Issue Life Insurance Overview
- Plan Name: Guaranteed Life
- Age Availability: 50 – 80
- States Unavailable: MT
- Face Amounts: $5,000- $25,000 (up to $15,000 in SD)
- Waiting Period: 24 months
- Interest Granted: 10%
The Gerber Guaranteed Life Plan is a top product backed by a highly-reputable and trusted brand name. Over the years, Gerber has become a household name offering plans for every family member, including children. When a family is interested in streamlining the insurance process for every member, Gerber Life Insurance is a strong choice.
Today, Gerber has more than $33 billion in life insurance in force with over 2.9 million policies throughout the United States, Puerto Rico, and Canada. Gerber Life Insurance Company has been in business for more than 45 years as a separate affiliate to Gerber Products Company. You may recall that this is the same family-friendly company that has dominated the baby food and baby products market.
Interestingly enough, Gerber Products and Gerber Life are financially separate subsidiaries of the Nestlé Corporation, whose basic purpose of operation has been unchanged since 1867, and whose business practices reflect the basic ideas of fairness, honesty and a general concern for people.
Gerber Life Insurance Ratings
All of this equates to the fact that Gerber Life Insurance is a very experienced company and a financially stable carrier, which is reflected in their “A” (Excellent) Rating by A.M. Best since May 2016. With a strong balance sheet and solid brand name, Gerber is a financially strong company that will meet the needs of its customers when a policy is in need of payout.
Gerber Guaranteed Acceptance Life Insurance Review
The Gerber Guaranteed Issue product is a fairly typical policy in terms of features and benefits. What sets it apart from alternatives is the strong brand name, simple application process, and payment options.
The purpose of Gerber’s Guaranteed Life Plan is to help alleviate the burden of final expenses, such as medical bills, leftover debts, and funeral costs.
To review, this product is available for people between the ages of 50 and 80 in amounts ranging from $5,000 to $25,000. With Gerber, you are able to take out multiple guaranteed life policies, but the cumulative total cannot exceed $25,000. This amount is currently not subject to federal income tax when paid to a named beneficiary.
The application process is very simple, similarly to AIG’s. The process takes place entirely over the phone with a licensed, independent agent and is complete in under 20 minutes. There is no medical exam and absolutely no health questions to answer.
Regardless of your health, your acceptance is guaranteed.
One other interesting difference to AIG is that Gerber allows for the owner of the policy to be different from the insured. For example, an adult child can own the policy on their father, but the father is the insured. AIG does not offer this benefit to its customers and might be the #1 reason for some people to choose Gerber depending on individual family needs.
Another unique feature of Gerber is that they offer flexible payment options and provide discounts provided for certain methods. You can pay by direct billing, debit, credit, or ACH (preauthorized checking). When you pay by ACH, you can get a discount up to 8%.
Gerber Life is known for their competitive pricing, although they are about 20% more expensive than AIG’s Guaranteed Issue product. That said, once you select the amount of coverage you need, your premiums are guaranteed to never increase for as long as you hold the policy. You can easily trust this statement as it is backed by the strong Gerber name.
Gerber Graded Death Benefit
Similarly to AIG and other guaranteed acceptance products, the graded death benefit for this product is 24 months (2 years). If death occurs within the first two years for any reason other than an accident, all premiums will be paid to the beneficiary, plus 10%. That’s 110% back if the insured dies within the first 24 months.
If death is due to accidental causes, the full death benefit will be paid. After the two-year Graded Death Benefit period, if the insured dies for any reason, the full face amount of the policy shall be paid to the beneficiary.
Unlike AIG, Gerber Life does not offer any accelerated death benefits or riders. So if you or a loved one feels strongly towards critical illness or terminal illness protection, AIG would be the stronger choice.
Gerber Guaranteed Issue Sample Policy Rates
To see how Gerber Guaranteed Life fits within your budget, we’ve included sample policy rates below for both males and females. Keep in mind these prices are subject to change and are only for age brackets.
The best way to get an accurate, up-to-date quote for you is to compare guaranteed policy rates on our free quote tool on this website.
Gerber Guaranteed Issue Sample Rates for Men
Gerber Guaranteed Issue Sample Rates for Women
All rates shown include a $1.00 policy fee and a discount for ACH payment.
Great Western Guaranteed Issue Life Insurance
Next, we will review the guaranteed whole life policy from Great Western. You’ll read about the company, benefits of their policy, and view sample rates below.
- In business since: 1983
- A.M. Best Rating: B++
- Headquartered: Ogden, Utah
Guaranteed Issue Life Insurance Overview
- Plan Name: Guaranteed Assurance
- Age Availability: 40 – 85
- States Unavailable: NY
- Face Amounts: $1,000- $40,000
- Waiting Period: 24 months
- Interest Granted: 10%
Great Western Insurance Company specializes in final expense whole life insurance and has done so since 1983. They are less of a household name than AIG and Gerber, but their dedication to final expense insurance and their niche product features make them one of our top choices for high-risk and senior-friendly guaranteed acceptance policies.
From their early days, Great Western’s focus was on creating policies so that members of the community could fund pre-arranged funerals. This legacy has stayed in place ever since. They are available in 49 states and the District of Columbia. Today, despite being a lesser-known company, they are seen as one of the best ‘pre-need’ insurance companies in the country.
When it comes to their finances, there is not much information to be found. You may have noticed that both AIG and Gerber have announced the number of policies that have been paid out and how much they hold in assets. Great Western, however, has made mention of the following in their marketing collateral:
“With its history, Great Western understands the responsibility of being a trusted financial steward for providers and the families they serve. As a result, all investments are professionally managed under diversified and conservative guidelines. Great Western’s Surplus to Liability Ratio is among the highest in the industry, exceeding the margin of assets over liabilities and excess surplus standards averaged by America’s 25 largest life insurance companies.”
Great Western Life Insurance Ratings
Our way of assessing their financial position is through the official A.M. Best Ratings. As you read through all of the company reviews on this website, you’ll notice that all carriers come with a rating. Our top choices are both in the ‘A’ category, which spans from A++ to A-.
Great Western is just a notch below with B++. Although this is not in the ‘A’ range, it is the closest rating possible.
Since we are unable to provide financial information and make our own assessment about the strength of this company, selecting Great Western will most likely come down to being a “niche” customer.
Great Western Final Expense Product Review
First, we’re going to give an overview of Great Western’s no questions policy.
Similar to all other guaranteed issue products on the market, this policy is designed for the final expenses in life so that your loved ones do not have to be burdened with any costs associated with your passing. This could include funerals, which cost between $8,000 and $12,000, medical bills, outstanding debts, court fees, and many others.
With Great Western’s guaranteed acceptance option, there is no underwriting whatsoever so you will not have to worry about a medical exam or health questions. The graded death benefit period is identical to AIG and Gerber at two years and includes the 10% interest back if death occurs from natural causes within this period. Once the two years have passed, the full death benefit amount will go to your chosen beneficiary or beneficiaries regardless of the cause of death.
When you purchase this policy, you have the peace of mind in knowing that the rates will never increase. As opposed to some less trustworthy companies out there, your rate is locked in for as long as you are paying the premiums.
If you’re unsure whether this policy is for you, it does also include a ‘free look period’ of 30 days. This allows you to return the policy with no questions asked during the first 30 days after the policy is delivered.
Benefits of Great Western Guaranteed Life Insurance
So what makes this plan worthy of our top 3 spots? Two reasons.
One of the main draws to Great Western’s Final Assurance Plan is the age at which they’re willing to insure applicants. Today, they are the only carrier that will provide a guaranteed acceptance life insurance policy to someone as young as 40. Every other guaranteed issue product on the market begins at age 50.
This is fantastic news for younger, high-risk life insurance candidates who have been declined with every other carrier but are in desperate need of insurance to cover final expenses.
As with all guaranteed issue plans, however, we do urge consumers to make sure that this is definitely the type of plan they need. Many are able to qualify for a simplified issue life insurance policy instead, which Great Western offers.
The second reason to select Great Western is the available face amounts. They are noticeably more generous with their policy amounts, which begin as low as $1,000 and as high as $40,000. This is excellent news for those who have a greater need than the typical $25,000 found in most guaranteed acceptance products.
Although we do not consider riders as a top reason for selecting Great Western, they do have a couple of standout options that might be a good fit for you.
Spousal Bonus Rider
This is commonly known as the “first-to-die” rider. If spouses apply at the same time, Great Western will pay an extra $1,000 when the first spouse dies. In order to qualify for this, both spouses must each apply for at least $10,000 of coverage. The first death must also be after the 24-month graded period. There is no additional cost to this rider and it is already built in.
Dependent Child and Grandchild Rider
With this option, Great Western will pay $2,500 for the first death of a child or grandchild. This coverage will apply to all of the children/grandchildren of the insured, but will only pay when the first one dies. This coverage does not apply to stepchildren unless legally adopted but does apply to children of whom the insured has legal guardianship. The cost to elect this rider is an affordable $1.00 per month.
Great Western Guaranteed Issue Sample Policy Rates
If you believe Great Western is a fit for you because of age, policy amounts or riders, get a snapshot of prices below. Keep in mind these prices are subject to change and are only for age brackets.
Unlike the other two carriers, we’ve included rows for people in their 40’s as this is one of the few plans available to them, and by far the best.
Remember that policies are available in amounts ranging from $1,000 to $4,000 and the best way to compare the most accurate high-risk insurance rates are is by using our instant quote tool on the site.
Great Western Guaranteed Issue Sample Rates for Men
Great Western Guaranteed Issue Sample Rates for Women
Summary – Top 3 Guaranteed Issue Life Insurance Carriers
We know that was a lot of information to take in. So in summary, here are the top reasons to select each of the three carriers mentioned in this article.
AIG Life Insurance
- Very strong, financially stable carrier with quality brand recognition
- Available up to age 85
- Easy, fast application
- Very competitive rates
- Chronic Illness and Terminal Illness riders at no extra charge
Gerber Life Insurance
- Highly reputable family name with strong rating
- Simple application process
- Flexible payment options
- Affordable compared to others on the market
Great Western Life Insurance
- The only plan for people in their 40’s
- Plan available to people up to 85
- Large face amount range from $1,000 to $40,000
- Spousal Rider and Dependent Child & Grandchild Rider
- Affordably priced
Other Guaranteed Whole Life Options Available
Although we do consider these the three best guaranteed issue life insurance companies, they are not your only options when comparing guaranteed issue policies. If you are interested in learning about the other twelve carriers reviewed on this website, you can use the navigation at the top of the page or click on their individual links below. We have offered in-depth reviews about their guaranteed acceptance products as well as the reputability of the companies.
The choice is up to you based on your financial needs, personal circumstances and preferences.
If you’d like assistance in determining which of the carriers and their products are the best fit for you, let us help you by calling 949-480-9638. Our agents have experience working with the top insurance companies in the country and can help you compare your options and receive instant quotes.
You can also use our free guaranteed issue life insurance quote tool on the website.