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Guaranteed Issue Life Insurance

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 some of Aflac’s whole life plans.

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.

How Does Guaranteed Issue Insurance Work?

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.1

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.2

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.1

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.1

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.

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Pros and Cons of Guaranteed Acceptance Life Insurance1

Here are some pros and cons of guaranteed issue life insurance:

Pros of Guaranteed Life Insurance

There are a handful of benefits attached to a guaranteed life insurance policy:

  • These plans help provide coverage for those who may usually have a difficult time getting life insurance.
  • You can save time by avoiding a trip to the doctor’s office – skipping the medical exam and medical questions.
  • The policyholder can scale the death benefit up and down, usually somewhere between $2,000 and $25,000.

Cons of Guaranteed Issue Life Insurance

On the other hand, there are a few disadvantages of guaranteed acceptance life insurance to watch out for:

  • These plans are usually more expensive than typical term and whole life policies because they are considered riskier.
  • You can’t access the benefits of these plans immediately because there is an initial waiting period. If the policyholder passes before the waiting period is over, the beneficiaries will not receive the death benefit.
  • If the policyholder passes before the waiting period is over, the beneficiaries will not receive the death benefit.

Should I Get Guaranteed Issue Life Insurance?

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.1 While most most insurance companies believe these conditions represent too much risk, there are some insurers who may still provide options.

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 options to help fit your lifestyle.

Aflac Offers Some Life Insurance Plans with No Medical Questions

If guaranteed issue life insurance options 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 if you can make this a reality.

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