Determining whether to buy guaranteed issue life insurance for 59 year olds is an important decision to make.
Knowing the benefits and understanding how it works is important to help you make a more informed choice about what kind of coverage best suits your needs.
We’ll discuss guaranteed issue life insurance for 59 year olds in detail, including sample rates for both male and female applicants – as well as the best companies offering these policies.
We’ll also provide tips on how to apply so that you have all the information needed when making this significant financial commitment.
Table of Contents:
- What is Guaranteed Issue Life Insurance?
- Benefits of Guaranteed Issue Life Insurance
- Sample Rates for 59 Year Olds
- Best Companies for Guaranteed Issue Life Insurance
- How to Apply for Guaranteed Issue Life Insurance
- FAQs for Guaranteed Issue Life Insurance for 59 Year Olds
- Next Steps
What is Guaranteed Issue Life Insurance?
Guaranteed issue life insurance is a type of life insurance policy that does not require the applicant to answer any medical questions or take a medical exam.
This makes it an ideal option for those who are over the age of 59 and may have difficulty obtaining traditional coverage due to health issues.
The main benefit of guaranteed issue life insurance is that anyone can buy this form of coverage, as long as you meet the age requirements.
Unlike traditional policies, guaranteed issue policies do not offer coverage amounts based on your current health status or lifestyle habits. They provide fixed death benefits.
In addition, most guaranteed issue policies come with limited riders such as accidental death benefits and return of premium options, which can help make up for some of the lack of flexibility associated with these types of plans.
Finally, premiums tend to be higher than those offered by traditional policies because there is more risk involved in issuing these types of plans without any underwriting process taking place beforehand.
Guaranteed issue life insurance is a great way for seniors and baby boomers over the age of 50 to get coverage without having to go through medical exams or answer health questions.
Key Takeaway: Guaranteed issue life insurance is an ideal option for those over the age of 59 who may have difficulty obtaining traditional coverage due to health issues.
Benefits of Guaranteed Issue Life Insurance
A primary benefit of guaranteed issue life insurance is that it’s an ideal choice for seniors and baby boomers who may have pre-existing conditions.
For example, if you have been diagnosed with a serious health condition, a guaranteed issue policy may be your only option. Common medical ailments include:
Another benefit of guaranteed issue life insurance is that the premiums are usually lower than those associated with other types of policies, primarily because only modest face amounts are available.
The amount you pay each month will depend on your age and the amount of coverage you choose, but generally speaking, these policies tend to be more affordable than traditional plans.
The application process for guaranteed issue life insurance is also much simpler than other types of policies.
You don’t need to provide any medical records or answer any health questions; all you need to do is fill out a short form and submit it along with your payment information. Once approved, your policy will take effect immediately.
One final advantage of guaranteed issue life insurance is that there are no restrictions on how you use the death benefit payout from this type of policy. With guaranteed issue life insurance, there are no stipulations – so beneficiaries can spend their inheritance however they wish.
Overall, guaranteed issue life insurance offers seniors and baby boomers an easy way to get coverage without having to worry about being denied due to pre-existing conditions or complex paperwork requirements.
Guaranteed issue life insurance is an excellent option for seniors aged 59, as it offers a number of benefits such as no medical exams or health questions.
Key Takeaway: Guaranteed issue life insurance is a great option for seniors and baby boomers due to its simple application process, and lack of restrictions on how death benefits can be used.
Sample Rates for 59 Year Olds
For 59 year olds, sample rates vary depending on the company offering the policy and the amount of coverage desired.
Generally speaking, males will pay slightly more than females due to their longer life expectancy.
When shopping around for guaranteed issue life insurance policies, there are several factors to consider in order to get the best rate possible.
First, decide how much coverage you need; most companies offer policies ranging from $5,000 up to $25,000 in death benefit amounts.
Next, determine your budget; this will help narrow down your choices and ensure you don’t overspend on premiums each month.
Finally, compare quotes from different providers; some companies may offer better rates than others based on age and gender alone so it pays to shop around. Be sure to work with an independent agent.
Below are some sample rates for 59 year old males and females looking at purchasing a guaranteed issue life insurance policy:
- For a male aged 59 seeking $10k in coverage: The average monthly premium is approximately $50-$60 per month
- For a female aged 59 seeking $10k in coverage: The average monthly premium is approximately $45-$55 per month
- For a male aged 59 seeking $20k in coverage: The average monthly premium is approximately $90-$100 per month
- For a female aged 59 seeking $20k in coverage: The average monthly premium is approximately$80-$90 per month
It is important to note that these are only estimates, as actual rates can vary significantly between insurers depending on factors such as age and location of residence, among others.
Be sure to compare multiple quotes before making any decisions about which provider offers the best deal overall. The best way to compare carriers and quotes is by working with an independent agent.
Key Takeaway: Sample rates can vary based on age and gender, but generally males will pay slightly more than females due to their longer life expectancy.
Best Companies for Guaranteed Issue Life Insurance
When it comes to guaranteed issue life insurance, there are several companies that offer competitive rates and reliable coverage.
For those over the age of 59, the best companies for guaranteed issue life insurance include:
AIG Life Insurance Company offers some of the most competitive rates in the industry for seniors looking for guaranteed issue life insurance. Their policies come with a variety of benefits including no medical exams or health questions asked. They also have an A rating from AM Best, one of the leading financial ratings agencies in America.
Gerber Life Insurance Company is another great option when it comes to finding affordable coverage without having to answer any health questions or take a medical exam. They offer flexible payment options and have an A rating from AM Best.
Great Western Life Insurance Company: has been providing quality products since 1983 and they continue to be one of the top rated insurers in America today. Their policies come with several features such as riders for spouses, dependent children and grandchildren.
For seniors and baby boomers looking for guaranteed issue life insurance, researching the best companies is essential.
Key Takeaway: Guaranteed issue life insurance is an excellent option for those over the age of 50 who are looking for reliable coverage without having to answer any health questions or take a medical exam.
How to Apply for Guaranteed Issue Life Insurance
Applying for guaranteed issue life insurance is a straightforward process that can be completed in just a few steps.
Gather the Necessary Information
Before you apply, make sure to have all of your personal information ready. This includes your full name, date of birth, address and Social Security number.
Having this information readily available will help speed up the application process and ensure accuracy when filling out forms.
Choose an Insurance Company
Once you’ve gathered all the necessary documents, it’s time to choose an insurance company that offers guaranteed issue life insurance policies for seniors over 59 years old.
Use an independent life insurance agent to research different companies and compare rates to find one with competitive prices and good customer service reviews – before making a decision on which one is right for you.
Fill Out the Application Form
After selecting an insurer, fill out their application form carefully with accurate information.
Be sure to read through each section thoroughly before submitting it. That way, there are no mistakes made on the form that could delay processing times or result in higher premiums than expected due to incorrect answers given during the application process.
Submit Payment & Receive Policy Documents
Once approved by the insurer, submit payment for your policy according to their instructions.
Next, wait until they send you confirmation of coverage along with any additional paperwork required by law in order for it to become active, such as beneficiary designation forms.
Once these documents are received, keep them in a safe place until needed – typically upon death of insured person – at which point beneficiaries must present them in order to collect benefits outlined within the policy agreement itself.
Applying for guaranteed issue life insurance is easy and can provide you with the financial security you need. Now, let’s look at the benefits of having a policy in place.
Key Takeaway: When applying for guaranteed issue life insurance, it’s important to be prepared with all necessary personal information such as name, date of birth, address and Social Security number.
FAQs in Relation to Guaranteed Issue Life Insurance for 59 Year Olds
Here, we will cover commonly asked questions and their important answers.
Can a 59 year old get life insurance?
Yes, a 59 year old can get life insurance.
Generally speaking, the older you are when applying for life insurance, the more expensive it will be. However, there are still many options available to those over 50 years of age.
Guaranteed issue policies provide coverage without any medical questions or exams and may be an ideal choice for seniors who have pre-existing health conditions that would otherwise disqualify them from traditional coverage.
It is important to compare quotes and read reviews before selecting a policy in order to find the best option for your individual 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. It provides coverage regardless of the applicant’s age, health history, or lifestyle.
This type of policy kicks in immediately upon approval and payment of the first premium. But, keep in mind, almost all guaranteed issue policies require a two year waiting period before the full death benefit is paid out.
Can a 59 year old term life insurance?
Yes, a 59 year old can year term life insurance.
Term coverage does offer larger face amounts than guaranteed issue.
However, you must be able to participate in a medical interview and likely a medical exam.Certain health conditions will preclude you from qualifying for term.
Further, term life insurance only lasts for a particular period of time, like 10 years. If you financial obligations are ongoing, consider a whole life policy that will not expire.
Is there guaranteed issue term life insurance?
Term guaranteed issue life insurance if rare.
Almost always, guaranteed issue policies are permanent, meaning that they will last your whole life as long as you pay your premiums.
In conclusion, guaranteed issue life insurance for 59 year olds is a great way to get coverage without having to worry about being denied due to health conditions.
With sample rates available for both males and females, you can easily compare the best companies offering this type of policy.
Applying for guaranteed issue life insurance is simple and straightforward; all it takes is filling out an application form with some basic information. Be sure to work with an expert agent.
If you are 59 years old and in need of life insurance coverage, guaranteed issue life insurance is a great option – if you have experienced serious medical conditions.
With this type of policy, there’s no medical exam or questions asked – all that matters is your age. Learn more about the benefits of this type of plan by reading reviews from experts.