At 64, you may think that life insurance is out of reach. But with guaranteed issue life insurance for 64 year olds, it’s possible to get coverage without having to answer any health questions or take a medical exam.
With this type of policy, your age and state of residence are the only factors used in determining eligibility—and premiums can be surprisingly affordable.
So if you’re looking for financial protection but don’t want the hassle associated with traditional policies, read on.
We’ll discuss what makes guaranteed issue life insurance different from other types of plans; its benefits; how rates vary based on age and location; plus some tips on finding top-rated companies offering these products at competitive prices.
Table of Contents
- What is Guaranteed Issue Life Insurance?
- Benefits of Guaranteed Issue Life Insurance
- How Does it Work?
- Sample Rates for 64 Year Olds
- Best Guaranteed Issue Life Insurance Companies
- Is it Right For Me?
- Next Steps
What is Guaranteed Issue Life Insurance?
Guaranteed issue life insurance is a type of policy designed for those who may not qualify for traditional coverage due to health issues or other factors. It provides coverage without the need for a medical exam or health questions, and is typically available to individuals aged 50-80.
This type of policy can be beneficial if you have been denied coverage in the past due to pre-existing conditions such as diabetes, heart disease, or cancer as it does not require any medical information from applicants.
In other words, guaranteed issue life insurance is an attractive option for seniors and baby boomers who may otherwise find themselves unable to obtain life insurance.
Unlike traditional policies that require underwriting and approval before being issued, guaranteed issue policies are issued automatically with no additional requirements needed. The only requirement is that you meet the age criteria (seniors over 60 qualify) and pay your premiums on time each month.
The downside of this type of policy is that it generally has higher premiums, in relation to coverage amount, than traditional policies since there are no medical exams required to approve them.
Specifically, these policies often come with limited death benefits – typically up to $25,000 – and they have limited cash value accumulation.
Despite its drawbacks, guaranteed issue life insurance can provide peace of mind knowing that your loved ones will receive financial protection – even if you have been denied coverage in the past due to health issues or age restrictions imposed by other insurers.
Before purchasing a policy however, it is important to make sure you understand all terms and conditions associated with it so that you know exactly what kind of protection your family will receive should something happen to you down the road.
Key Takeaway: Guaranteed issue life Insurance is a great option for those over the age of 64 who want to ensure their family’s financial security.
Benefits of Guaranteed Issue Life Insurance For 64 Year Olds
Guaranteed issue life insurance offers several advantages for seniors and baby boomers.
It provides a way to protect your loved ones financially without having to go through the hassle of a medical exam or answering intrusive health questions.
One of the main benefits is that it guarantees acceptance regardless of age or health status. This means that even if you have pre-existing conditions, such as the following, you can still secure coverage:
Another advantage is that premiums are almost always fixed and will not increase over time. This makes it easier to budget for and plan ahead when considering how much money you need to set aside each month in order to pay your premium payments on time.
Plus, there are typically no hidden fees associated with this type of policy so you know exactly what costs are involved upfront before signing up for coverage.
Finally, guaranteed issue life insurance policies offer death benefit protection which helps ensure that your family will be taken care of financially should something happen to you unexpectedly.
The death benefit amount varies depending on the company offering the policy but typically ranges from $5,000 – $25,000 which can provide funds for burial expenses and other end-of-life costs.
Key Takeaway: Guaranteed issue life insurance provides 64 year olds with several benefits, such as guaranteed acceptance regardless of age or health status, fixed premiums that never increase over time (usually), and death benefit protection.
How Does it Work?
The way guaranteed issue life insurance works is simple: you pay a fixed premium each month and in return receive a death benefit if you pass away during the term of the policy.
The amount of coverage available varies by company but can range from $5,000 to $25,000 depending on your age and other factors.
Important – When purchasing this type of policy there is typically a waiting periods before benefits become payable. Most companies require you to wait two years before receiving full benefits. This is known as the contestability period.
Additionally, many policies have accelerated death benefits which allow you access to part of your death benefit while still alive should you be diagnosed with a terminal illness or suffer from long-term care needs, such as nursing home care or hospice services.
Further, most guaranteed issue life insurance policies only build modest cash values, so they cannot be used as an investment vehicle like whole life policies can be.
Key Takeaway: Guaranteed issue life insurance is an attractive option for 64 year olds who may not qualify for traditional policies due to age, health conditions, or lifestyle choices. It works simply – you pay a fixed premium each month, and when you pass away, beneficiaries receive the policy proceeds.
Sample Rates for 64 Year Olds
Remember, guaranteed issue life insurance is a type of policy that doesn’t require any medical exams or health questions.
In relation to the policy face amount, the premiums are typically higher than other types of policies, but the benefit amount remains fixed throughout the term of the policy.
The average cost of guaranteed issue life insurance for a 64 year old male is $85 per month for a $10,000 policy, while females can expect to pay around $65 per month.
Rates will vary depending on your age, gender, coverage amount and state of residence, so it’s important to shop around to find the best rate available. Be sure to use the free quoter to find your specific rate.
Maximum Benefit Amounts
Most guaranteed issue life insurance policies have maximum benefit amounts ranging from $10,000 up to $25,000 in death benefits.
Some companies also offer larger amounts such as $50,000, depending on your age and state laws. It’s important to read through all the details before purchasing a policy so you know exactly what you’re getting into and how much coverage you need.
Almost always, guaranteed issue life insurance policies are permanent in nature. You cannot outlive your policy as long as you make your premium payments.
Guaranteed issue life insurance is a great option for 61 year olds looking for coverage, as the sample rates can provide an idea of how much coverage may cost. Now let’s take a look at what sample rates are available for 64 year olds.
Key Takeaway: Average premiums for 64 year olds vary depending on gender and coverage amount. For a $10,000 policy, it will cost about $85 per month for 64 year old males and $65 per month for 64 year old females. Shopping around is advised since different companies may offer better rates than others.
Best Guaranteed Issue Life Insurance Companies
When it comes to guaranteed issue life insurance, there are several companies that offer this type of coverage. The best companies for guaranteed issue life insurance will depend on your individual needs and budget.
One of the most popular providers is Gerber. They offer a variety of policies with no medical exam required and flexible payment options. Their rates are among the lowest in the industrty, and they have an A+ rating from the Better Business Bureau (BBB).
Another top provider is AIG. They provide guaranteed issue whole life policies with no health questions asked. Plus, their rates are highly competitive so you can get great value without breaking your budget.
A third option is Great Western which offers guaranteed issue policies to individuals as young as 40 years old. Additionally, they have excellent customer service ratings from customers across the country which makes them one of the best choices when shopping around.
Overall, these three companies provide some of the best options when looking into guaranteed issue life insurance coverage. Each has its own unique benefits that make them stand out above others in terms of affordability and convenience while still providing quality protection you can count on.
Finding the best guaranteed issue life insurance company for 64 year olds can be a difficult process. Fortunately, with the help of an expert life insurance agent, you have the ability to compare companies and find the right one for your needs.
Key Takeaway: When shopping for guaranteed issue life insurance, it’s important to consider the provider’s ratings and customer service.
Is it Right For Me?
To determine if a guaranteed issue policy is right for you, you will need to exhaust other life insurance options first, including final expense that includes just a few health questions.
If you can pass a basic health questionnaire, there are significant premium savings to be had. To find out whether you qualify for a simplified issue final expense policy, be sure to reach out to us and we will walk you through the evaluation process.
The primary benefit of guaranteed issue life insurance is that it does not require any medical exams or questions about your health history, making it easier to obtain than traditional policies.
Guaranteed issue policies are right for you if your health or lifestyle choices preclude you from qualifying for other forms of life insurance.
Additionally, premiums are typically lower than other types of life insurance policies because coverage amounts are always modest – since there is no risk assessment involved.
At the end of the day, if you are 64 years old and looking for life insurance but have been denied due to your age or health status, then guaranteed issue life insurance may be right for you as long as it fits within your budget given your current financial situation.
Key Takeaway: Guaranteed issue life insurance is a great option for those who are 60 years or older, but it’s important to consider your specific needs and budget before making any decisions. Now let’s look at the types of guaranteed issue life insurance available.
64 year olds can have the peace of mind that comes with knowing you have coverage in place, without having to worry about being denied due to health issues or other factors.
Knowing how it works, what benefits it provides and which companies offer the best rates can help you make an informed decision when selecting your policy. With all these considerations in mind, guaranteed issue life insurance could be just the right choice for you.
Are you a 64 year old looking for life insurance coverage? We provide education, quotes and reviews at Guaranteed Issue Life Insurance to help you find the best fit. Get informed and get covered today with our one-stop shop for all your guaranteed issue life insurance needs.