Are you a 68 year old looking for guaranteed issue life insurance? Many seniors over the age of 50 are now turning to this type of policy as it can provide peace of mind and financial security.
Guaranteed issue life insurance is an attractive option for those who may not qualify for traditional policies due to pre-existing health conditions or other factors, making it easier than ever before to secure coverage.
In this article, we’ll discuss the benefits of guaranteed issue life insurance specifically tailored towards 68 year olds, sample rates available from various companies and how you can apply today.
Table of Contents
- What is Guaranteed Issue Life Insurance?
- Benefits of Guaranteed Issue Life Insurance for 68 Year Olds
- Sample Rates for 68 Year Olds
- Best Companies Offering Guaranteed Issue Life Insurance
- How to Apply for Guaranteed Issue Life Insurance
- FAQs in Relation to Guaranteed Issue Life Insurance for 68 Year Olds
What is Guaranteed Issue Life Insurance?
Guaranteed issue life insurance is a type of policy designed for seniors, including those over the age of 60, who may have difficulty obtaining traditional life insurance due to health issues or other factors. It provides coverage without a medical exam or any questions about your health.
This type of policy is also known as “no-questions”, “guaranteed acceptance”, or “final expense” life insurance.
The policies are typically issued in smaller amounts than traditional policies, ranging from $2,000 to $25,000 depending on the company and state regulations.
The main benefit of guaranteed issue life insurance is that it does not require a medical exam or ask any questions about your health status before issuing the policy.
This makes it ideal for people with pre-existing conditions such as cancer or heart disease, which would otherwise make them ineligible for traditional life insurance policies.
Another benefit is that these policies can be purchased quickly and easily online.
Finally, guaranteed issue life insurance offers peace of mind knowing that if something were to happen to you unexpectedly, your loved ones would have funds available to pay of end-of-life and funeral expenses.
Guaranteed issue life Insurance provides seniors with the security of knowing that their families will be taken care of in the event of their death. Now, let’s explore the benefits this type of life insurance can offer 68 year olds.
Key Takeaway: Guaranteed issue life insurance is a type of policy designed for seniors and those over the age of 50 who may have difficulty obtaining traditional life insurance due to health issues or other factors.
Benefits of Guaranteed Issue Life Insurance for 68 Year Olds
One major benefit of guaranteed issue life insurance is that it does not require a medical exam or health questionnaire.
This means that even if you have pre-existing conditions such as the following, coverage is still available:
Another advantage is that approval typically happens immediately because there is virtually no underwriting involved when purchasing a policy.
The cost associated with guaranteed issue life insurance depends on several factors including age and gender but typically ranges from $50-$200 per month depending on how much coverage you need (up to $25,000).
The good news is that these policies are fairly affordable compared to other types of life insurance products available for seniors over 68 years old.
Finally, many companies offering guaranteed issue life insurance also provide additional benefits such as accelerated death benefits which allow beneficiaries access up to 50% or more of the death benefit while insured person is still alive under certain circumstances (such as terminal illness).
Riders help cover end-of-life expenses like medical bills and funeral costs so families don’t have financial burdens during difficult times.
Overall, guaranteed issue life insurance provides seniors over 68 years old with an easy way to obtain coverage without worrying about being denied due to age or health condition; giving them peace of mind knowing their loved ones will be taken care of when they pass away.
Key Takeaway: Guaranteed issue life insurance is an excellent option for seniors over the age of 68 if they cannot qualify for other forms of coverage, offering coverage without medical exams or health questionnaires and immediate policy activation.
Sample Rates for 68 Year Olds
Sample rates for guaranteed issue life insurance vary depending on the company, but generally range from $70-$100 per month for a $10,000 policy – depending on your gender and the carrier you apply with.
For example, John Smith is 68 years old and he can purchase a guaranteed issue insurance policy with a death benefit of $10,000 from Company A at a monthly premium of just under $100.
Company B offers the same coverage to John Smith at a monthly premium of around $120. However, this rate includes an accidental death rider that pays double the face amount in case of accidental death.
This means that if John dies as a result of an accident his beneficiaries will receive twice the amount they would have received without this rider – in this case it would be up to $20,000 instead of just $10,000.
To compare, Jane Smith is 68 years old and she can purchase the same life insurance, a guaranteed issue policy with a $10,000 death benefit from Company A for just over $70 a month.
Company B would charge Jane about $90 per month and she would receive the added protection from the accidental death rider, as well.
Rates for 68 year olds are always dependent on a few things:
- Coverage amount
- State in which you live
No matter which guaranteed issue life insurance policy you choose, make sure you compare quotes from multiple companies before making your decision so that you get the best possible deal available to meet your needs and budget constraints. Be sure to work with an independent agent.
An expert agent will take the time to research different policies, as this will help ensure that you are getting the coverage that is right for you at a price that fits within your budget.
Key Takeaway: Sample rates for 68 year olds can vary greatly depending on the insurer, so it’s important to compare quotes from different companies. An expert agent will do the work for you – quickly and efficiently.
Best Companies Offering Guaranteed Issue Life Insurance
When it comes to choosing the best companies offering guaranteed issue life insurance, there are several factors to consider.
Three of the most well-known providers in this space include:
All three offer competitive rates and flexible policies tailored specifically for seniors and those over 50 years old.
Gerber offers a range of options with its guaranteed issue life Insurance product line including cash value accumulation potentials and up to $25,000 in death benefit amounts depending on your age at time of purchase. Rates start at around $35 per month for 68 year olds depending on gender and coverage amounts.
AIG also has an extensive selection when it comes to guaranteed issue policies with modest cash value accumulation potentials as well. AIG offers up to $25,000 in death benefit amounts depending on your age at time of purchase.
Rates start at around $40 per month for 68 year olds – again dependent upon gender and coverage amount.
Great Western also provides an excellent guaranteed issue whole life plan. You can be as young as 40 years old and qualify. Further, their coverage amount caps at $40,000 (rather than the typical $25,000). Rates begin around $20 per month for 68 year olds, but vary greatly based on gender and policy size.
Applying for guaranteed issue life insurance is relatively straightforward compared with more traditional forms of coverage requiring medical exams or health questionnaires; typically all you need is basic information about yourself such as:
- Date of birth
- Social Security number
- Payment details
You can get quotes online quickly here by using our free quoting tool – and entering just a few pieces of information so shopping around can be done easily without having to leave home.
Choosing the right guaranteed issue life insurance company is essential to ensure that you get the best coverage and rates. In the next section, we will explore how to apply for guaranteed issue life insurance so you can make an informed decision.
Key Takeaway: Be sure to evaluate the best guaranteed issue life insurance companies to compare and contrast your options.
How to Apply for Guaranteed Issue Life Insurance
Applying for guaranteed issue life insurance is relatively straightforward. All you need to do is provide some basic information about yourself and your desired coverage amount, and you’ll receive an instant quote with no obligation to purchase the policy.
Work with an independent agent. That way you can compare and contrast multiple carriers and companies without leaving the comfort of your home.
First, you’ll need to decide how much coverage you want. Generally speaking, it’s best to choose a policy that will cover at least your funeral expenses and any debts or expenses that would be left behind if something were to happen.
Once you have chosen the right amount of coverage for your needs, it’s time to start shopping around for policies.
When looking for a guaranteed issue life insurance policy, there are several factors that should be taken into consideration such as cost, benefits offered by the insurer and customer service ratings from other customers who have purchased similar policies in the past.
It’s also important to read through all of the fine print before signing on the dotted line so that there are no surprises down the road when it comes time to make a claim or change your policy terms.
Once you’ve found a few policies that meet your needs, it’s time to apply online or over-the-phone depending on which option works best for you. An expert agent will walk you through the process.
When applying online most companies will require basic personal information such as name, address and date of birth – along with details about what type of coverage they’re looking for and death benefit amount (the lump sum payment made upon death).
Finally, once all paperwork has been submitted successfully, applicants can expect an answer within 24 hours, usually via email or phone call. Sometimes, your answer is immediate.
This will confirm whether their application was accepted or not; however, in some cases this process may take longer due to circumstances outside of their control such as waiting periods imposed by state laws.
If approved, then applicants can begin making payments towards their new policy right away.
Key Takeaway: When looking for guaranteed issue life insurance, it’s important to consider cost, benefits offered by the insurer and customer service ratings. Applying is straightforward; applicants need to provide basic information about themselves and their desired coverage amount.
FAQs in Relation to Guaranteed Issue Life Insurance for 68 Year Olds
Can a 68 year old get life insurance?
Yes, a 68 year old can get life insurance.
Most companies offer guaranteed issue policies that do not require medical exams or health questions. These policies are typically more expensive than traditional life insurance policies, but they provide coverage for seniors who may have difficulty qualifying for other types of coverage due to their age or health conditions.
It is important to compare quotes and read reviews before selecting a policy to ensure you are getting the best deal possible.
What is guaranteed life insurance for seniors?
Guaranteed issue life insurance is a type of policy designed specifically for seniors and those over the age of 50.
It provides coverage without any medical questions or exams, allowing individuals to get coverage regardless of their health status. Guaranteed issue policies are typically whole life insurance policies with limited benefits and higher premiums than traditional policies.
They provide peace of mind knowing that you will have some financial protection in the event of death, even if your health has declined significantly since taking out the policy.
What is the best type of life insurance for seniors?
The best type of life insurance for seniors is often guaranteed issue life insurance. This type of policy offers coverage without the need to answer any medical questions or undergo a medical exam. It also has no waiting period, meaning approval happens right away.
Premiums are typically higher than other types of policies, but this is offset by the fact that it guarantees acceptance regardless of your health status and age. Additionally, some policies offer living benefits such as an accelerated death benefit rider, which can provide additional financial security.
In conclusion, guaranteed issue life insurance for 68 year olds is a great way to ensure financial security in the event of an unexpected death.
With sample rates available for both male and female applicants, it’s easy to find the best policy that fits your needs and budget. The best companies offering this type of coverage are those with a long history of providing quality products and services.
Finally, applying for guaranteed issue life insurance is straightforward; just make sure you have all the necessary information on hand before submitting your application.
Guaranteed issue life insurance can provide peace of mind knowing that your loved ones will be taken care of if something happens to you.
Are you a 68-year old looking for life insurance coverage? With Guaranteed Issue Life Insurance, your age won’t be an issue. Learn more about this unique policy and get personalized quotes today to make sure you’re getting the best deal possible.