Last Updated on Jan 29, 2021 by James W
When it comes to insurance shopping, the choices can be overwhelming if you are healthy and young. But, traditional plans fail to protect seniors and people with critical diseases in some instances. That’s where guaranteed acceptance insurance comes forth as a viable solution. It does not require a medical exam or health questions for coverage.
Adults in the age 50 and above can opt for guaranteed life insurance with no waiting period if they can’t qualify for a traditional insurance policy. Here’s why:
No Waiting Period
The traditional insurance policies typically consider a two-year waiting period after the policy activation. It means, if the applicant dies in these two years, the beneficiary will only receive the amount equal to the paid premiums till that time. So, if your policy involves a waiting period, ditch it.
According to expert insurance agents like Gary Cubeta from Insurance for final expenses, if you opt for guaranteed life insurance plans, there is no waiting period. If the applicant dies within two years of the policy activation, the policy will fully compensate the beneficiary, as per the policy terms.
Another essential aspect of guaranteed life insurance with no waiting period is the underwriting process. While the other insurance policies may take several weeks in the underwriting process, the provider can activate the guaranteed life insurance plans in just a few days.
No Medical Exam Required
If you are above 60 years and still doing good, bravo! But, generally, as you get older, some minor health conditions are most likely to impact you. Several traditional life insurance policies may want you to undergo certain medical examinations for the approval process.
However, many of you might dread such medical tests because of distaste for needles, doctors, or tests. The medical examinations might make you much more comfortable, which is the primary reason why you should opt for a guaranteed insurance plan with guaranteed acceptance.
Certain people may also dread such examinations because of a high premium charge. In case of any underlying health conditions, the insurance provider may charge you a high premium. Many policies are expensive because the insurance rates are charged based on the medical conditions of the applicant. In most cases, the applicant may end up with expensive policies during the underwriting process.
Your guaranteed insurance plan does not have any mandatory guidelines that want to undergo any physical examination. Your law requires you to qualify for identity verification on the receipt of the policy.
Protect Your Loved Ones
At an older age, the well-being of your loved ones bothers you more frequently. Your family might face a financial burden in the event of your death. A guaranteed life insurance policy is the best way to protect your loved ones, even after your death. Your family can use the money from the policy to compensate for the funeral costs and take care of any debts or mortgages.
So, if you fall in the elderly age category, you should think about getting guaranteed life insurance with guaranteed acceptance for the sake of your family. Even if you are not around anymore, your family might be able to deal with the loss with the financial stability that you provide them.