As you plan for the future, you know life insurance is essential. It can give you peace of mind that your loved ones can cover your final expenses after you’re gone, easing their financial burden during an already difficult time.
But if you’re older or have a serious health condition, you might worry you won’t qualify for a traditional policy that has a medical evaluation. That’s where guaranteed acceptance life insurance could come in—here’s how to decide if this insurance is right for you.
What Is Guaranteed Acceptance Life Insurance?
Guaranteed acceptance insurance is a type of whole life insurance (meaning coverage lasts your entire life) that accepts you regardless of your health condition or medical history. It can be a helpful option if you have a pre-existing health condition and are concerned about qualifying based on a medical exam.
This insurance provides a death benefit that can help your loved ones cover your final expenses, such as your funeral. The average cost of a funeral with burial has increased 5.8 percent over the past two years, and a funeral with cremation has increased by 8.1 percent. Guaranteed acceptance life insurance can help your family offset these costs. They can also use the death benefit to cover your final medical bills and any unpaid debt.
Benefits of Guaranteed Acceptance Life Insurance
Guaranteed acceptance is just one of the benefits of guaranteed life insurance. It also offers several other advantages.
Easy to Apply and Gain Coverage
You don’t need to complete a health assessment or medical questionnaire. Your coverage also may begin as early as the day you apply and get accepted.
Set Premium and Benefit
Your rate won’t increase since it’s guaranteed for life, which can also help support your financial planning. Your benefit also won’t decrease with age.
Guaranteed Acceptance Life Insurance
Coverage options starting at $9.95 a month!
Guaranteed acceptance life insurance without medical exams, health questions, or rate increases.
Lasting Coverage
Your coverage remains in place as long as you pay your premiums.
Cash Value
You can use your policy’s cash value as collateral for a loan, providing a financial resource during times of need as well as financial security in addition to other investments and retirement accounts.
Supplements Other Coverage
You can get guaranteed acceptance insurance in addition to other types of life insurance.
Disadvantages of Guaranteed Acceptance Insurance
This insurance may not be right for everyone. Considering the potential cons can help you make an informed decision.
Smaller Benefit
Guaranteed acceptance insurance usually offers a smaller payout than typical whole life insurance policies. Your insurer may allow you to purchase more coverage based on your age, gender, and state.
Higher Premiums
Generally, this insurance tends to have higher premiums than other life insurance options, though it depends on the insurer.
Is Guaranteed Acceptance Insurance Right for You?
Guaranteed acceptance insurance can be ideal if you’re older and have pre-existing health conditions. It may also be right for you if:
- You have a limited fixed income.
- You don’t have life insurance.
- You don’t qualify for life insurance due to age.
- You experience anxiety around routine health screenings and tests.
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.
