There are some people who think that they are not eligible for life insurance. Perhaps they think they are too old, or that some sort of pre-existing health condition would prevent them from securing coverage. In fact, there is a way for them to obtain life insurance and rest assured that their loved ones will have access to the benefits when the time comes. That solution is known as Guaranteed Life Insurance.
Understanding the Concept
The basic concept of Guaranteed Life Insurance is that no one is excluded from coverage. This means that no matter what set of circumstances would preclude the individual from being able to obtain some other type of life coverage, the company issuing the guaranteed life policy will approve the application. As with other plans, there are options in terms of the amount of the benefit and other provisions that the client can talk over with the agent.
Who Could Use This Coverage?
People with chronic illnesses are prime candidates for this type of life insurance coverage. Since ongoing health issues can shorten life expectancy in some cases, the insurance provider does take on more risk by offering a policy. That is often enough to make many providers reject an application for coverage.
Individuals who have experienced a major medical problem in the past, and are at risk of experiencing a similar issue in the future, can also benefit from choosing this type of plan. For example, someone who had cancer a decade ago may be viewed as being at greater risk for developing cancer again. Some insurance providers would be wary of extending coverage because of what has taken place in the past.
What to Expect from the Plan
While guaranteed life plans do mean that it is possible to secure coverage, keep in mind that the rates will be impacted by the specific circumstances of the client. Specifically, there may be limits on how much coverage can be secured. The premium will be higher than with other forms of life coverage. Keep in mind that even with these issues in mind, it is possible to compare plans and find one that is affordable.
For help with finding the perfectly guaranteed life plan, talk with the team at Perdue Insurance Group today. It will not take long to assess the needs of the individual and find a plan that is a good fit.
