Should You Get Guaranteed Issue Life Insurance?

For people who have been refused by regular life insurance companies, there’s always the option of getting a guaranteed issue life insurance. Should you get this type of life insurance policy? Only if you’re really desperate.

Just because it is a free-for-all type of insurance where you can get insurance no matter what the state of your health is, it doesn’t mean it’s necessarily better.

A guaranteed issue life insurance policy has more expensive premiums and the benefits aren’t necessarily that great. Policies usually just amount to $50,000 at the most, unlike regular life insurance.

If you’re still healthy and insurable, you should get a regular life insurance, even if it means you getting a health examination. The premiums would be cheaper and the benefits would be greater than $50,000. But even if you’ve been refused by the different insurance companies for regular insurance, you should still persist and ask for a regular insurance quote. You’ll never know when you might find an insurance company that offers regular life insurance.

Insurance premiums are calculated by an actuary, or an accountant. If you persist, you will get something in terms of an insurance company that will give you regular life insurance.

In conclusion, guaranteed issue life insurance is an option but it’s not a terribly good choice for anyone. But if you really have no choice, then go ahead and get a plan.

Having that kind of insurance policy is certainly better than having no life insurance policy at all. At least you will have some form of security if anything happens to you.

Just like any other type of insurance, you shouldn’t just get insurance from the first company you encounter. You should ask for a quote from at least three companies that offer that kind of insurance.

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