Guaranteed issue life insurance is a type of whole life insurance policy that allows you to skip health questions and or undergo a medical exam.1 In some spaces, you may hear it referred to as guaranteed life insurance or guaranteed acceptance life insurance.
You can access this benefit in guaranteed whole life insurance plans, such as Aflac’s whole life policy.2
For specific candidates, this can be particularly beneficial. Read on to discover if guaranteed issue life insurance with no health questions is the right choice for you.
Guaranteed acceptance life insurance plans have some type of waiting period before the benefits go into effect. Most of these policies fully function after 2 to 3 years.3
If the guaranteed life insurance policyholder were to pass before the waiting period was over and the cause of death was accidental, this would result in a full payout of the death benefit. If the cause of death was non-accidental, on the other hand, the beneficiary would not receive the death benefit. However, the insurance company will pay the beneficiary all the paid premiums back with interest.4
The guaranteed issue life insurance waiting periods are put in place to prevent end-of-life candidates from cashing into the death benefit too early. This would put a serious financial strain on most insurance companies.5
Usually, you need to fall within the age requirements to access this type of plan. This depends on the company you are working with, but it’s usually between 50 and 80 years old.6
The specific qualifications for guaranteed issue life insurance vary based on your age and location. At Aflac, you may be able to skip the medical exam depending on your unique circumstances. We recommend chatting with an agent to see if this option is available for you.
Here are some pros and cons of guaranteed issue life insurance:
There are a handful of benefits attached to a guaranteed life insurance policy:
On the other hand, there are a few disadvantages of guaranteed acceptance life insurance to watch out for:
Don’t wait until it’s too late. Help cover yourself and your family with affordable coverage from Aflac.
There are a few circumstances that may make a guaranteed issue life insurance policy worth it for you. Some insurance companies will shy away from customers with serious health issues, but Aflac knows that everyone could benefit from a life insurance policy to fit their needs.
Typically, those who are terminally ill, on dialysis, need an organ transplant, are on hospice, have a chronic illness, have AIDS or HIV, or have Alzheimer's or dementia, have a more difficult time finding the right coverage.9 That’s where some type of guaranteed acceptance life insurance with no health questions could come in.
Guaranteed issue life insurance exists to help those with serious health problems find the coverage they need. These plans may help prevent consumers from being turned down based on their medical history. If you or someone you know is battling a serious illness, life insurance without medical questions could make all the difference for their loved ones.
Guaranteed life insurance for seniors may be particularly helpful as new health conditions can arise with age. This type of plan could make coverage possible, even if you have a new diagnosis. At Aflac, you can explore term and whole life insurance options for seniors, with enhanced benefits to fit your lifestyle.
If these guaranteed issue life insurance qualities appeal to you, you may be able to explore life insurance coverage without any medical questions at Aflac. Chat with one of our life insurance agents today and see how you can make this a reality.
Explore your life insurance options.
1-9 Investopedia-Guaranteed Issue Life Insurance Definition. Updated: September 14, 2022. Accessed: November 1, 2022. https://www.investopedia.com/terms/g/guaranteed-issue-life-insurance.asp.
Aflac coverage is underwritten by Aflac. In New York, Aflac coverage is underwritten by Aflac New York.Coverage may not be available in all states. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies/riders have limitations and exclusions that may affect benefits payable. For complete details, including availability and costs, please contact your local Aflac benefits advisor.
Life (68000 series): In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In New York, NY68100-NY68400.
Term & Whole Life (B60000 series): These policies are not available in New York. In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400.
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