As you age, your life insurance needs change. If you are 63 years old and looking for a reliable form of coverage that doesn’t require medical exams or extensive underwriting process, guaranteed issue life insurance may be the right choice for you.
Guaranteed issue life insurance is designed to provide coverage regardless of health status, making it ideal for seniors who need quick access to protection without waiting periods or restrictions on their lifestyle choices.
In this article we will explore what makes guaranteed issue life insurance so attractive as well as sample rates and best companies offering policies specifically tailored towards those aged 63 year olds. We’ll also cover how much this type of policy costs and how to apply for one today.
Table of Contents
- What is Guaranteed Issue Life Insurance?
- Who Can Benefit from Guaranteed Issue Life Insurance?
- How Much Does Guaranteed Issue Life Insurance Cost?
- What Companies Offer Guaranteed Issue Life Insurance?
- How Do I Apply For Guaranteed Issue Life Insurance?
- Next Steps
What is Guaranteed Issue Life Insurance?
Guaranteed issue life insurance is a type of policy designed for individuals who may not qualify for traditional life insurance due to health issues or other factors. It provides coverage without the need for a medical exam or any other underwriting process.
This type of policy can be beneficial to seniors, baby boomers and anyone over the age of 50 who have pre-existing conditions that would make them ineligible for traditional policies. Guaranteed issue life insurance also offers an affordable way to provide financial protection in case something unexpected happens.
The cost of guaranteed issue life insurance depends on only a few factors such as your age, gender, and state of residence.
Generally speaking, premiums tend to be higher than those associated with traditional policies because there are no medical exams required and the insurer assumes more risk by offering this type of coverage.
There are many companies that offer guaranteed issue life insurance. Each company has its own set of eligibility requirements so it’s important to compare different providers before making a decision about which one is right for you.
Applying for guaranteed issue life insurance is straightforward, but it’s important to read all the fine print carefully before signing up for a policy so you know exactly what you’re getting into.
Most insurers will require basic information such as your name, address and date of birth. Once approved, you should receive confirmation right away – depending on the provider’s processing time frame.
Guaranteed issue life insurance provides coverage without the need for medical examinations or health questions, making it a great option for seniors over 60 years old. Next, we’ll look at how this type of policy benefits 63 year olds.
Key Takeaway: Guaranteed issue life insurance is a great option for seniors, baby boomers and anyone over the age of 50 who have pre-existing conditions that would make them ineligible for traditional policies.
Who Can Benefit from Guaranteed Issue Life Insurance?
Specifically guaranteed issue policies are designed for those who may have difficulty getting traditional life insurance due to their age, pre-existing conditions, or other factors.
Seniors and Baby Boomers are the primary demographic that can benefit from guaranteed issue life insurance policies.
Those over the age of 50 often find it difficult to obtain traditional coverage due to their age and potential health issues they may have developed over time.
Guaranteed issue policies provide an alternative option for these individuals as they do not require any medical testing or questions about one’s health history in order to be approved for coverage.
For example seniors with pre-existing conditions such as the following should consider guaranteed issue:
If the health conditions are severe, obtaining traditional life insurance can be nearly impossible since most companies will deny them coverage based on their existing condition(s).
However, with guaranteed issue policies there are no restrictions based on one’s current state of health; thus making it much easier for those with pre-existing conditions to get covered without having to worry about being denied due to their condition(s).
Another group that can benefit from guaranteed issue life insurance are those who cannot afford the premiums associated with traditional plans but still need some form of financial protection in case something were to happen unexpectedly.
These types of policies offer lower premiums than what you would typically pay for a policy with a larger face amount, which makes them ideal for people on a budget who still want some sort of protection in place should something happen down the line.
Overall, guaranteed issue life insurance provides an excellent solution for seniors and baby boomers looking for financial security without having to worry about being denied due to pre-existing conditions or lack of affordability.
Related – How to buy guaranteed issue life insurance for you parents.
Again, guaranteed issue life insurance can be an ideal solution for 63 year olds who may have difficulty obtaining traditional life insurance coverage.
Key Takeaway: Guaranteed issue life insurance is an ideal option for seniors and baby boomers looking for financial security without having to worry about being denied due to pre-existing conditions or lack of affordability.
How Much Does Guaranteed Issue Life Insurance Cost?
The cost of guaranteed issue life insurance varies depending on the age and gender of the applicant, as well as the amount of coverage they choose.
Generally, premiums are higher than those associated with traditional policies, in relation to policy face amount, because there is no medical exam or underwriting process involved.
For example, a 63-year-old male seeking $25,000 in coverage can expect to pay around $200 per month for guaranteed issue life insurance compared to just under $40 per month for a similar policy with traditional underwriting requirements (10 year term policy).
Similarly, a 63-year-old female looking for $25,000 in coverage will likely pay around $150 per month for guaranteed issue, versus less than half that amount (about $30) if she were able to qualify through standard means.
It’s important to note that these figures are estimates only; actual costs may vary from company to company.
Additionally, some companies offer discounts when multiple policies are purchased at once or when certain payment plans are chosen (such as annual payments instead of monthly).
While guaranteed issue life insurance typically carries higher premiums than its more conventional counterparts – due to the lack of medical examination requirements during the application process – exact costs will depend largely on individual circumstances such as age and desired level of coverage.
Key Takeaway: Guaranteed issue life insurance can provide financial security for those over the age of 60, but it’s important to understand how much it costs before making a decision.
What Companies Offer Guaranteed Issue Life Insurance?
When it comes to guaranteed issue life insurance, there are several companies that offer policies. Be sure to to familiarize yourself with the best guaranteed issue life insurance companies before moving forward with an application.
Gerber is one of the most well-known providers and offers a variety of plans with competitive rates. Great Western also provides guaranteed issue life insurance, offering coverage for up to $25,000 in death benefit protection. AIG is another option, providing guaranteed issue whole life policies with no medical exam required.
No matter which company you choose for your guaranteed issue policy, make sure you understand all the terms and conditions before signing on the dotted line.
With the help of an expert agent, compare quotes from different providers to ensure you’re getting the best deal possible on your coverage.
Consider factors such as:
- Premium cost
- Death benefit amount
- Riders available (such as accelerated death benefits)
- Any additional fees associated with each policy
It is important to note that while some companies may offer lower premiums than others at first glance, they may not be the best choice in terms of overall value when taking into account other factors such as customer service or claims processing speed and efficiency over time.
Be sure to read reviews from customers who have used each provider so you can get an idea of their reputation within the industry before committing to a particular plan or company.
When it comes to finding the best guaranteed issue life insurance for 63 year olds, researching different companies and their policies is essential. Just be sure to work with an independent agent who has access to top-rated carriers.
How Do I Apply For Guaranteed Issue Life Insurance?
Applying for guaranteed issue life insurance is relatively simple and straightforward. You will need to provide basic information such as your name, address, date of birth, and Social Security number in order to get started with the application process.
Once you have submitted your application, you should receive a response almost immediately regarding your eligibility and premium rate.
The first step in applying for guaranteed issue life insurance is to determine which company offers the best coverage at the most affordable price.
There are many companies that offer this type of policy so it’s important to compare different policies before making a decision.
It’s also important to read reviews from other customers who have purchased similar policies in order to get an idea of what kind of customer service they received from each provider.
Once you have chosen a company that meets your needs, the next step is to complete the application form. This includes questions about your name, address, date of birth, gender, and desired coverage amount.
The answers provided on this form will help determine whether or not you qualify for coverage under their policy terms and conditions.
Once all necessary paperwork has been completed and submitted, the last step is to provide your premium payment and any applicable fees associated with processing applications.
Applicants should expect an answer immediately regarding their acceptance into the program. If accepted, then they can begin enjoying peace of mind knowing that they are covered against financial losses due to death or illness.
With guaranteed issue life insurance, applying is easy and straightforward. 63 year olds buy guaranteed life insurance all time time.
Key Takeaway: The application process will require basic information such as your name, address, date of birth, and Social Security number.
Guaranteed issue life insurance is a great option for those aged 63 who are looking for coverage without the hassle of medical exams or other restrictions.
It can provide peace of mind knowing that your loved ones will be taken care of in the event of your passing.
Here, you will find sample rates from top companies, so you can find the best policy to fit your needs and budget. With easy application processes available online, it’s never been easier to get started with guaranteed issue life insurance.
Guaranteed issue life insurance for 63 year olds is a smart decision that can provide peace of mind and financial security. Get educated on the options available, get quotes from reliable providers, and read reviews to make sure you are getting the best coverage for your needs. Don’t wait any longer – take action now.