What is meant by the terms Guaranteed Acceptance Life Insurance? For most life insurance companies this simply means that each individual who applies for life insurance is guaranteed to be accepted by the life insurance company that issues the coverage. There are several life insurance companies that provide Guaranteed Acceptance Life Insurance. Some of these companies are:

• Colonial Penn
• New York Life
• Met Life

Guaranteed Acceptance Life Insurance Terms

Guaranteed Acceptance Life Insurance means that you will qualify for life insurance unless one of two things is in place; you are in a hospital right now or that you residing in a nursing or long term care facility. This type of life insurance is usually purchased by individuals who have health conditions that would ordinarily exclude them from purchasing life insurance plans from other insurance companies.

guaranteed life insurance

The monthly premiums for guaranteed life insurance policies are usually quite high, at least higher than traditional life insurance policies, but they are great for these individuals who have no other choice in the matter. Many individuals who are accepted for guaranteed life insurance are those who are at least 50 years of age, and insurance can be purchased by those individuals up to the age of 80.

Another component of Guaranteed Acceptance Life Insurance is that there is no underwriting needed so this really eliminates the traditional waiting period to allow an insurance company to complete the policy, which is usually at least one month and can be as long as 6 weeks. A guaranteed plan usually can be completed over the telephone in as little as 15 or 20 minutes.

Because there is no requirement of a medical examination, individuals who apply for this type of life insurance plan will not be turned away from having the coverage that they need. Many traditional life insurance plans will exclude individuals who have pre-existing conditions. In addition, there is no waiting periods for the benefits of the plan to take effect.

How to Buy Guaranteed Acceptance Life Insurance Plans

An individual can choose from one of the many insurance carriers listed above, when trying to decide what company to go with, or can do their research online to have an insurance broker complete a quote obtained from several different life insurance companies at once. This option will enable the individual to speak with only one individual who will then gather all of the quotes from several different insurance companies. This will save most people valuable time when looking for the best price available for the amount of insurance that they want.

Some individuals choose to go through AARP for their life insurance and one that they do offer is the Guaranteed Acceptance Life Insurance plan. Of course, each individual who decides to purchase this type of life insurance must remember that the monthly rates for these plans are so much higher than that of traditional insurance companies. For this reason, individuals who are merely afraid that they will not pass a physical examination, should always apply for a regular traditional life insurance plan to save some money, because you will not know whether you will be turned down for coverage or not.

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