Guaranteed issue life insurance is an important tool for seniors and those over the age of 78, allowing them to secure coverage without having to go through medical examinations or answer health questions.
However, it’s important to understand the costs associated with guaranteed issue life insurance before making a purchase decision – particularly if you’re looking at rates for 78 year olds.
Here, we’ll explore what makes guaranteed issue life insurance different from other types of policies, as well as its benefits specifically for those aged 78 and older.
We’ll also look at sample rates available on the market today so that you can make informed decisions about your own policy needs.
Finally, we’ll review some of the best companies offering guaranteed issue life insurance products tailored towards individuals in their late 70s and provide tips on how to buy such a product successfully.
Table of Contents
- What is Guaranteed Issue Life Insurance?
- Benefits of Guaranteed Issue Life Insurance for 78 Year Olds
- Sample Rates for 78 Year Olds
- Best Companies Offering Guaranteed Issue Life Insurance
- How to Buy Guaranteed Issue Life Insurance
- FAQs in Relation to Guaranteed Issue Life Insurance for 78 Year Olds
- Next Steps
What is Guaranteed Issue Life Insurance?
This type of life insurance offers guaranteed acceptance with no medical exam or questions asked, making it an attractive option for individuals who are unable to obtain traditional life insurance policies.
The main benefit of guaranteed life insurance is that it provides financial protection in the event of death without requiring any medical examinations or questionnaires.
This makes it ideal for those who cannot pass a physical examination, have pre-existing conditions, or are otherwise unable to qualify for standard life insurance policies.
Premiums can be higher than regular term policies but they remain level throughout the duration of the policy (permanent). The amount covered by these plans typically ranges from $2,000-$25,000 depending on your age and state regulations.
In addition to providing financial security in case of death, some companies also offer additional benefits such as living benefits, which allow you access up to half your death benefit while still alive if diagnosed with certain terminal illnesses like cancer or heart disease.
Overall, guaranteed issue life insurance provides peace of mind knowing that even if you don’t qualify for traditional coverage due to health reasons; you will still be able to provide financial protection for your loved ones after you’re gone without having any intrusive medical exams done beforehand.
Guaranteed issue life insurance provides seniors with the security of knowing that their loved ones will be taken care of financially, even if they are unable to qualify for traditional life insurance. Now let’s take a look at some of the benefits this type of policy can offer 78 year olds.
Key Takeaway: Guaranteed issue life insurance is an attractive option for seniors and those over the age of 50 who may have difficulty obtaining traditional life insurance coverage due to health issues or other factors.
Benefits of Guaranteed Issue Life Insurance for 78 Year Olds
One major benefit for seniors looking into this type of policy is that it does not require medical exams or tests in order to qualify.
Seniors, who may have difficulty passing such tests due to their age or health, can still obtain coverage without worry. Common health conditions that often prompt the need for guaranteed issue coverage include:
Another advantage is that, almost always, premiums remain level throughout the life of the policy and do not increase as you get older, making them more affordable than traditional policies which often become too expensive as people age.
Furthermore, some companies offer additional benefits such as an accelerated death benefit if you are diagnosed with a terminal illness during the term period; allowing you access to part or all of your death benefit while still alive should you need it for medical bills or living expenses.
Finally, guaranteed issue life insurance policies provide tax advantages since they are considered non-taxable income when paid out upon death (in most cases).
This means that beneficiaries won’t have to pay taxes on any money received from these types of policies, providing added financial security in times when families may already be dealing with difficult circumstances surrounding a loved one’s passing.
Guaranteed issue life insurance provides a valuable financial safety net for seniors over 70 years old and their families, allowing them to rest easy knowing that they are protected. Moving on, let’s take a look at some sample rates available to those in this age group.
Key Takeaway: Guaranteed issue life insurance is a great option for seniors over the age of 78, providing peace of mind and financial security. Benefits include: no medical exams or tests required; level premiums throughout the policy’s lifetime; and possible living benefits.
Sample Rates for 78 Year Olds
When it comes to guaranteed issue life insurance, sample rates for 78 year olds can vary greatly depending on the insurer.
Generally speaking, seniors over the age of 78 can expect to pay anywhere from $150-$215 per month for a policy with a death benefit of $10,000.
For a $5,000 guaranteed issue policy a 78 year old male will pay about $100 per month. A 78 year old female will pay approximately $80 for the same policy.
Males pay more in premiums than females. Why? Statistically-speaking, females live longer than males and are, therefore, charged less for a life insurance policy.
Be sure to partner with an expert agent. You will want access to multiple carriers to compare and contrast rates.
Related – how to buy guaranteed issue life insurance for parents.
It’s important to note that these policies are designed specifically for those who have been declined coverage due to their health or age. As such, there is no medical exam required and applicants will not be denied based on pre-existing conditions or other factors.
The cost of these policies may also depend on whether you choose an annual premium payment plan or one that requires monthly payments. Annual premiums tend to be lower than monthly premiums since insurers don’t have to worry about collecting multiple payments throughout the year.
In addition, some companies offer discounts if you purchase more than one policy at once or if you agree to automatic payments through your bank account each month rather than paying by check or credit card every time your bill arrives in the mail.
It’s always wise to ask your insurer what types of discounts they offer so that you can get the best rate possible when purchasing guaranteed issue life insurance coverage as a senior citizen over 78 years old.
Finally, seniors need to compare quotes from different providers before making any decisions regarding their life insurance needs as rates can vary significantly between companies, even when all other factors remain constant.
By shopping around and doing research, with the help of an independent agent, into various providers and plans available in your area, you should be able to find an affordable option that meets both your budget and protection needs without sacrificing quality coverage options in order to do so.
Sample rates for 78 year olds vary greatly depending on the company, but with guaranteed issue life insurance, you can be sure to find an affordable policy that meets your needs. Now let’s look at the best companies offering this type of coverage.
Key Takeaway: To get the best rate possible, seniors should: compare quotes from different providers and consider annual premiums or automatic payments.
Best Companies Offering Guaranteed Issue Life Insurance
AIG is one of the top providers in this field and offers policies with no medical exam or health questions asked. Gerber Life also provides quality coverage for seniors over the age of 50 without any health-related requirements. Lastly, Great Western offers competitive rates on their guaranteed issue life insurance plans.
Each company will have different premiums based on your age, gender, and desired coverage amount.
For example, if you are 78 years old, you can expect to pay more than someone who is 65 years old. It’s important to compare quotes from multiple top-rated guaranteed issue life insurance companies before deciding which one is best for you so that you get the most value out of your policy purchase.
In addition to comparing prices between different providers, it’s also wise to read reviews about each company online before making a decision about where to buy your policy from.
This way, you can make sure they have good customer service ratings and don’t have any major complaints against them regarding their claims process or other issues related to their services offered.
Finally, once you decide which provider works best for your needs be sure to read through all of the terms and conditions carefully before signing anything so that there aren’t any surprises down the line.
Doing this due diligence upfront will help ensure that everything goes smoothly should an emergency arise later on down the road.
When it comes to finding the best companies offering guaranteed issue life insurance, researching and comparing policies is key. Let’s now look at how you can buy guaranteed issue life insurance for a 78 year old.
Key Takeaway: When shopping for guaranteed issue life insurance, it’s important to compare quotes from multiple companies and read reviews about each one before making a decision. Before signing anything be sure to read through all of the terms and conditions carefully.
How to Buy Guaranteed Issue Life Insurance
Buying guaranteed issue life insurance is a straightforward process. The first step is to compare quotes from different insurers online or speak to an independent agent who can help you find the best policy for your needs and budget.
When comparing policies, it’s important to look at factors such as coverage amounts, premiums, and any riders, such an accidental death or accelerate benefit, that may be included in the policy.
Check if there are any restrictions on when you can apply for coverage with a particular insurer. Some companies may require applicants to be between certain ages (often ages 50 – 85) before they will accept applications for guaranteed issue life insurance policies.
Once you have compared quotes and found a suitable policy, you will need to complete an application form which should include basic questions about your full name, Social Security number, date of birth, and address.
You will then need to pay the required premium either monthly or annually depending on what payment option is available with your chosen insurer.
Finally, once all of these steps have been completed successfully, you should receive confirmation that your application has been accepted, along with details of when coverage starts and how much it costs each month or yearly.
Policy information should be kept safe in case proof of cover is ever needed in future claims processes.
Key Takeaway: When buying guaranteed issue life insurance for a 78 year old, it’s important to compare quotes and look at coverage amounts, premiums and riders. Check any restrictions on applying with the insurer, complete an application form and pay the required premium either monthly or annually.
FAQs in Relation to Guaranteed Issue Life Insurance for 78 Year Olds
Can a 78 year old get life insurance?
Yes, a 78 year old can get life insurance. It is known as “guaranteed issue” or “final expense” life insurance and does not require a medical exam or health questions.
Coverage amounts are typically limited to $25,000 or less, but it provides peace of mind knowing that your loved ones will be taken care of in the event of your passing. Premiums may be higher than other types of policies due to age and lack of underwriting requirements.
Can I get guaranteed issue life insurance on my 78 year old mother?
Yes, you can get guaranteed issue life insurance on your parent.
Most life insurance companies offer guaranteed issue policies for seniors over the age of 50, with no medical exam or health questions required.
These policies typically have a lower death benefit and higher premiums than traditional life insurance policies, but they are still an option for those who may not qualify for other types of coverage due to their age or health status.
It is important to compare quotes from different providers and read reviews before making a decision in order to find the best policy that meets your needs.
Guaranteed issue life insurance for 78 year olds is a great way to ensure that you and your loved ones are financially secure. It provides peace of mind knowing that no matter what happens, your family will be taken care of.
With sample rates available for both male and female 78 year olds, there are many options to choose from when it comes to finding the best companies offering guaranteed issue life insurance.
Knowing how to buy this type of policy is also important so make sure you do your research before making any decisions.
Are you a 78 year old looking for life insurance? Finding the right coverage can be daunting, but with our comprehensive resources and knowledgeable staff, we make it easier to find the perfect policy.
We offer education on guaranteed issue life insurance, quotes from top providers and reviews of different plans so that you can make an informed decision about your future. Don’t wait any longer – start protecting yourself today by taking advantage of our services!