Guaranteed Accepted Life vs Simplified Issue Policy – Which one is better?

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• Publié par: seorumer
• Publié le: 12 octobre 2015
• Nombre de lectures: 3
• Langue: English

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Guaranteed Accepted Life vs Simplified Issue Policy–Which one is better?

The guaranteed issue life insurance will provide guaranteed coverage throughout

the policy life and the premium will not increase. It is ideal for persons who cannot qualify for a traditional life policy or graded death benefit life policy. Guaranteed acceptance life insurance might be a good option if you want an affordable way to ensure that your loved ones can cover your final expenses.

Here are characteristics of guaranteed acceptance insurance :

• Everyone can qualify for coverage because there is no examination and health questions requirement.

• The policies are a lot more expensive than the traditional coverage as the companies are taking on risks.

• A two year waiting period for full death benefit to be paid out if an accident occurs. The life insurance provider will return the premiums along with inter- est in the event that a non-accidental death happens in the first two years.

It’s generally easy to apply for this type of life insurance. You just have to decide if it makes sense or if you are willing to do the work to find affordable guaranteed is - sue life insurance.

Simplified Issue Life Policy

A simplified issue life insurance, also called no medical exam life insurance, is a great alternative to the traditional options. Generally when you apply for life insur- ance, the company will check on your weight, height, blood pressure, and other health conditions as well as take samples of urine and blood. However, you are not required to do this for a simplified issue life insurance policy. With most policies you’ll be able to get as much as $400,000 in two days or less.

Generally people buy the simplified issue policies because they want life insurance coverage quickly or to avoid a physical exam. It might be a good choice if you do not have time or want to get life insurance coverage because of a court order. This no exam policy might also be right if you did not see a doctor recently and you are not sure about your blood pressure or cholesterol levels. You could also get it to use your life insurance policy as loan collateral if you can’t wait four to six weeks for approval.

Major Difference between Simplified Issue Life Insurance and Guaranteed Acceptance Life Insurance:

Both will provide you with insurance alternatives if your lifestyle or medical pro- file makes it hard to get coverage. You can get any without doing a medical exam. The major difference between the two is that guaranteed accepted life insurance coverage will be given without you having you to answer a number of health ques- tions, unlike the simplified issue that requires you to answer a limited number of lifestyle and health questions.