Is guaranteed issue life insurance for 58 year olds a good idea?
You may have questions about the cost and benefits of this type of policy. Guaranteed issue life insurance is an important form of protection for seniors who might not qualify for traditional policies due to age or health issues.
In this article, we will explore what qualifies someone as eligible for guaranteed issue coverage, how much it costs and its associated benefits.
We’ll also provide helpful resources where readers can find more information on their own terms. So if you’re a 58 year old looking into getting covered by guaranteed issue life insurance, read on.
Table of Contents:
- What is Guaranteed Issue Life Insurance?
- Who Qualifies for Guaranteed Issue Life Insurance?
- How Much Does Guaranteed Issue Life Insurance Cost?
- What Are the Benefits of Guaranteed Issue Life Insurance?
- FAQs About Guaranteed Issue Life Insurance for 58 Year Olds
- Next Steps
What is Guaranteed Issue Life Insurance?
Guaranteed issue life insurance is a type of policy that provides coverage to individuals without the need for medical exams or health questions. It is designed to provide financial protection and peace of mind to those who may not qualify for traditional life insurance due to age, health conditions, or other factors.
Unlike traditional policies, guaranteed issue policies are issued regardless of an individual’s health history.
This means that even if you have pre-existing conditions such as diabetes or a history of a heart attack, you can still be approved for coverage. The only requirement is that applicants must typically be at least 50 years old (sometimes 40 years) in order to qualify.
One benefit of guaranteed issue life insurance is its flexibility; it allows you to choose how much coverage you want. Additionally, many policies also come with additional riders such as accidental death benefits which provide extra financial security in case something unexpected happens during the term period.
Finally, since there are no medical exams required with this type of policy it makes it easier and faster than ever before for seniors over 50 years old to get covered quickly without having any delays due to waiting periods or paperwork processing times associated with more traditional forms of life insurance.
Key Takeaway: Guaranteed issue life insurance is a great option for 58 year olds who may not qualify for traditional policies due to health conditions or other factors.
Who Qualifies for Guaranteed Issue Life Insurance?
Guaranteed issue life insurance is designed for those who have difficulty obtaining traditional life insurance coverage due to pre-existing medical conditions or other lifestyle factors.
Generally speaking, anyone over the age of 50 can qualify for guaranteed issue life insurance. Some companies may offer policies to individuals as young as 40 years old.
The exact eligibility requirements vary by insurer and policy type. In most cases, applicants must be U.S citizens or permanent residents in order to qualify for coverage.
Most insurers set an upper limit on the age at which they will provide coverage; this varies from company to company but typically ranges between 80 and 85 years old depending on the policy type and features offered with it.
For example, some policies may only cover up to 75 years old while others may extend up to 85 years old depending on the insurer’s guidelines and underwriting criteria.
Guaranteed issue life insurance is designed specifically for those who are unable to obtain traditional life insurance due to their health status or existing medical conditions such as:
As such there are no specific health requirements in order to qualify for this type of policy.
Since there are no underwriting requirements, guaranteed issue life insurance is truly intended for individuals who would otherwise be unable to purchase coverage.
Be sure to evaluate other types of policies first, such as final expense, term, and traditional whole life. An expert life insurance agent should help you walk through the evaluation process.
Key Takeaway: Guaranteed issue life insurance is a type of policy designed for those who have difficulty obtaining traditional coverage due pre-existing medical conditions or other factors.
How Much Does Guaranteed Issue Life Insurance Cost?
Premiums tend to be higher than those associated with traditional term or whole life policies with a similar face amount because there is no medical exam required in order for you to receive coverage.
Therefore, insurers must charge more in order offset any potential risks associated with providing coverage without knowing your full health history first hand through a physical exam process prior issuing a policy contract agreement.
Additionally, premiums also depend upon your age when applying – meaning older applicants will pay more than younger ones do since they represent a greater risk factor overall.
Rates depend on three things: age, gender, and face amount.
Let’s consider example rates for 58 year olds for a $10,000 guaranteed issue policy.
- Male: $63/month
- Female: $50/month
Again, the size of your policy, how old you are, and your gender all affect the monthly cost of your insurance policy. Start with our free quoter to view your specific rate.
Additional Fees & Charges
In addition to premiums, there can be additional fees associated with guaranteed issue life insurance policies.
These include application fees which range from $0-$50 depending on the insurer and policy fees ranging from $0-$25 per month.
It’s important to read through all documents carefully before signing any contracts so you know exactly what you’re paying for each month in addition to your premiums.
Overall, guaranteed issue life insurance can provide peace of mind knowing that even if you have pre-existing conditions or are over 50 years old, you still have access to coverage options without having to go through lengthy medical exams or answer intrusive health questions.
It is always wise practice when shopping around for quotes online to speak directly with an independent agent so that you understand all costs involved – prior buying a plan.
Key Takeaway: Shop around for the best rates available and read through all documents carefully before signing any contracts. That way, you know exactly what you’re paying for each month in addition to your premiums. Work with an independent agent throughout the process.
What Are the Benefits of Guaranteed Issue Life Insurance?
Remember, guaranteed issue coverage is designed provide seniors and other individuals who may not qualify for traditional life insurance with an option to obtain coverage.
One major benefit of guaranteed issue life insurance is that it can help protect your family from financial hardship in the event of your death.
The death benefit provided by these policies can be used to cover:
- Funeral expenses
- Outstanding debts
- Other costs associated with settling an estate
Another advantage offered by guaranteed issue life insurance is that it does not require any underwriting or medical examinations prior to approval. This means you don’t have to worry about being denied.
In addition, many insurers offer additional benefits with their guaranteed issue policies such as living benefits which allow you access up to 50% of your death benefit while still alive if diagnosed with certain terminal illnesses.
Overall, having a guaranteed issue policy provides peace of mind knowing that even if one has been declined for traditional forms of life insurance due to health issues, they still have access to protection against financial loss should something happen unexpectedly.
Guaranteed issue life insurance can provide a valuable financial safety net for those over the age of 58, and is worth considering if you are looking for peace of mind. Now let’s look at how to get started with guaranteed issue life insurance.
FAQs in Relation to Guaranteed Issue Life Insurance for 58 Year Olds
Here, we will cover commonly asked questions and their important answers.
Can a 58 year old get life insurance?
A 58 year old can get life insurance. Many insurers offer guaranteed issue policies for seniors and baby boomers over the age of 50.
These policies do not require any medical exams or health questions, so they are ideal for those who may have pre-existing conditions that would otherwise make them ineligible for traditional life insurance coverage.
However, these policies typically come with higher premiums and lower death benefits than other types of life insurance products. Be sure to confirm whether or not you qualify for other forms of coverage before buying a guaranteed issue policy.
It is important to compare quotes from multiple providers before making a decision on which policy is best suited to your needs.
What life insurance kicks in immediately?
Guaranteed issue life insurance is a type of policy that does not require any medical exams or health questions.
This means that the coverage kicks in immediately upon purchase.
However, you will have a waiting period of likely two years. If you pass away within the first two years of your policy’s purchase, you beneficiary will only receive a return of the premium payments made, plus interest.
Usually, after two years, the full death benefit is paid.
Is there guaranteed issue term life insurance?
Term guaranteed life insurance is highly uncommon.
Almost always, guaranteed issue policies are permanent in nature. With permanent coverage, you do not need to worry about outliving your policy.
Can a 58 year old get term life insurance?
Yes, a 58 year old can get term life insurance.
Term life insurance does offer larger face amounts, even over $500,000.
However, you need to know that underwriting is strict and you will likely need to participate in a medical exam.
Further, you may outlive your policy. Term insurance is just that – it lasts for a specific term period, such as 10 years.
Guaranteed issue life insurance for 58 year olds can be a great way to ensure that you and your family are financially secure in the event of an unexpected death. Just confirm that you do not qualify for other forms of coverage, first.
It is important to understand the benefits, costs, and qualifications before making a decision on which policy best fits your needs.
With the right information and research, you can make sure that you get the most out of your coverage. Again, partner up with an independent agent to verify you are accessing all facts and options before moving forward with an application.
Are you a 58 year old looking for life insurance? Look no further. Guaranteed Issue Life Insurance can provide the coverage you need without medical exams or health questions.
With our education, quotes and reviews, we make it easy to find the right policy that fits your budget and needs.