A Guide to Guaranteed Life Insurance

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Do you want to help protect the financial future of your family with life insurance, but you’re concerned that your health isn’t good enough or you’re too old to get coverage? You aren’t alone! Many people who share the same worries as you turn to a product called guaranteed life insurance for the coverage they need.

What is guaranteed life insurance and how does it work? Keep reading for answers to many common questions!

What is Guaranteed Life Insurance?

Guaranteed life insurance is coverage where acceptance is guaranteed regardless of pre-existing conditions, so you don’t need to be in perfect health to get coverage.

Usually, guaranteed life insurance policies have age requirements. In most states, you must be around ages 50–85 to get coverage.

Benefits and features of guaranteed life insurance vary by insurer, but many guaranteed policies—including what we offer here at Colonial Penn—are whole life insurance, ours is a guaranteed acceptance whole life insurance, which is coverage that lasts for your entire life.

How is Guaranteed Life Insurance Different Than Other Coverage?

Many other types of life insurance require a medical questionnaire and examination. A medical exam could include a basic physical, a blood test and a urine sample, performed by a medical professional at a testing facility or in your home. These policies can deny coverage to applicants who fall into high-risk categories, often due to health challenges like diabetes, obesity or a previous diagnosis of a serious disease.

Get in the know about life insurance underwriting.

Do Guaranteed Life Insurance Rates Go Up or Benefits Decrease?

Not at Colonial Penn! With guaranteed acceptance whole life insurance from Colonial Penn, as long as you pay your premiums, your coverage can’t be cancelled. Once insured, your rate will never increase and your death benefit will never decrease due to age or health changes.

How Much Guaranteed Life Insurance Can I Get?

Coverage amounts vary by insurer, but some companies offer coverage amounts from around $5,000 to $25,000. These benefit amounts may be ideal if you’re seeking enough life insurance to help your loved ones pay for final expenses, such as a funeral and burial.

Read here to understand the REAL cost of a funeral.

Guaranteed Acceptance Life Insurance

Coverage options starting at $9.95 a month!

Guaranteed acceptance life insurance without medical exams, health questions, or rate increases.


Can Guaranteed Acceptance Life Insurance Build Cash Value?

Many guaranteed acceptance whole life insurance policies can build cash value. Policyholders can typically borrow against their cash value at a guaranteed rate.

What’s the Difference Between Guaranteed Life and Guaranteed Acceptance Life Insurance?

These are different names for the same product. Other names this coverage might go by include guaranteed issue life insurance or final expense life insurance.

What is a Limited Benefit Period?

Many guaranteed acceptance life insurance policies have a limited benefit period. This is a waiting period at the beginning of a policy when the policy won’t pay benefits (or will only pay partial benefits, depending on the policy) if the policyholder passes away. For example, if a policy has a two-year limited benefit period and a policyholder passes away during this time, the policy won’t pay benefits (or it might pay partial benefits, depending on the policy). Insurers can guarantee policyholders’ coverage acceptance because of limited benefit periods.

Guaranteed Life Insurance: Final Thoughts

Guaranteed acceptance whole life insurance is a great option for people who don’t want to burden their families financially upon their passing—but who also have a difficult time getting traditional life insurance due to age or health conditions. If you’ve been turned down for traditional life insurance, a guaranteed issue life policy may be a good fit for you.

Colonial Penn is here for you!

Colonial Penn has specialized in making life insurance simple and accessible by offering it directly to consumers since 1957. Click here to learn more.

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