How To Get Senior Life Insurance With No Waiting Period
Typical guaranteed life insurance policies have a waiting period. It can be as long as 2 years. This means if you die within those 2 years, your beneficiaries receive little or no benefits. If they receive anything, it is usually the equivalent of the premiums you paid thus far plus a small percentage .
Why is this waiting period?
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Insurance companies have a waiting period to keep the terminally ill and who will pass away soon from purchasing the policy.
Insurance companies take a risk insuring anyone â the waiting period protects them from financial distress.
How Can Funeral Funds Help Me
The reality is that inexperienced and less knowledgeable insurance agents will cost you loads of money by selling you overpriced burial and final expense policies.
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Once we know more about your age and health history, we can accurately give you burial insurance quotes from the final expense companies that best fit you.
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With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.
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What Are The Top Life Insurance Companies By Market Share
To find the best no waiting period life insurance company, start with the top companies. Like every industry, not all life insurance companies are created equal. The top five life insurance companies are:
Checking credit ratings is a great way to find out if the company youre interested in is stable and legitimate. The most common rating companies are A.M. Best, the Better Business Bureau , Fitch Ratings, Moodys, and Standard & Poors .
A.M. Bests rating scale is called the Financial Strength Scale. The scale is composed of rating symbols and rating notches.
The rating symbols are A+, A, B+, B, C+, C, and D. The rating notches are an additional + or added to the rating symbol. The company determines its rankings from research, both written and statistical.
The Better Business Bureau has a detailed rating system with ratings on a scale of A+ to F. The company compiles information from public and business data sources to record business complaints.
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Senior Life Insurance With No Waiting Period
In reality, there is always an appropriate life insurance policy for just about everyone. Even senior citizens who have poor health or who have a terminal illness can possibly get the insurance that will fit their needs and preferences. The best product for them is senior life insurance with no waiting period.
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This type of life insurance is unique because anyone can never be rejected to own policy for whatever reason, which would be impossible with any other types of life or even term insurance. Such a policy can instantly be granted to anyone who applies for it, just as long as they agree to the terms and they fully understand what they are getting into.
The Policy is Known as Guaranteed Acceptance
No medical examination nor any questionnaire pertaining to health is required to qualify for a guaranteed acceptance policy. Thus, even a person with a debilitating medical condition could possibly buy and own a policy.
However, the major downside of this product is that it is the most expensive type of life insurance policy available in the market. This is why it is not recommended for the people who can qualify to buy regular types of whole or term insurance policies .
Vantis Life Insurance Company
The guaranteed whole life insurance policy offered by Vantis is called SBLI Guaranteed Golden Life Insurance. It is available to individuals ages 50-80. No health questions or physical examinations are required. Policy values are available in $5,000 increments up to $20,000. Premiums are guaranteed never to increase. Accidental death is covered during the first two years of the policy, and after two years, full coverage is provided.
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Your Family Will Be Covered
- One of the main benefits of guaranteed acceptance life insurance with no waiting period for seniors is the fact that it provides money that your family might need when you pass away. Funerals are expensive, and without life insurance with no medical exam and no waiting period, your family might not be able to cover the cost. If you can secure life insurance without a waiting period, you will know that your family is covered and will be able to pay your final expenses. This is a common problem that many seniors worry about, so life insurance with no medical exam and no waiting period can provide a lot of peace of mind.
Will My Life Insurance Payout If I Have Cancer
If you have a guaranteed issue life insurance policy, it will pay out after the waiting period, no matter how you die. Because you wont have to pass a medical exam or even disclose your medical condition, there are no disease restrictions as long as the waiting period has passed. If you pass during the waiting period, your beneficiary will receive a return of the premiums paid plus 10 to 20 percent.
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Best Guaranteed Acceptance Life Insurance Companies
Find Cheap Life Insurance in Your Area
Guaranteed acceptance life insurance, also called guaranteed issue or GI life insurance, is typically a whole life insurance policy with a limited death benefit.
As with other whole life insurance policies, guaranteed issue policies will build a cash value over time, and coverage lasts as long as you continue to pay the premiums. Unlike most life insurance policies, there are no health questions and no medical exam when applying. However, death benefits are typically restricted to less than $25,000. Quotes will also be significantly more expensive since the insurer has no health details and has to assume you’re high-risk.
Quotes are entirely based on your age, location and gender. Given the simplicity of the application, you can often get instant coverage and in many cases, you can purchase a policy online.
Is There Guaranteed Acceptance Life Insurance With No Waiting Period
There is no such thing as guaranteed issue life insurance with no waiting period. It flat out does not exist anywhere in the USA.
Any life insurance plan with no health questions will always have a two-three year waiting period.
There are no exceptions.
Sadly, there are websites and insurance agents who will proclaim the opposite.
They make it seem as if they can offer you a guaranteed acceptance plan without a waiting period.
Know that they are lying to you because they are so greedy, dishonest, and immoral that they say anything to get money.
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You Have Health Issues
- As you’re getting up in age, you might be dealing with health issues that you never dealt with before. Some of them could prevent you from securing a life insurance plan. However, guaranteed plans are designed specifically for people in your situation, so you can buy a plan, even if you’re an older senior who’s had multiple health problems in the past.
Common Health Issues Where You Cannot Avoid A Waiting Period
Truthfully, most health issues are still eligible for no waiting period coverage.
However, some health issues are so high risk that a waiting period is inevitable.
Below are the most common situations where you cannot qualify for an immediate coverage life insurance policy.
There are situations outside of these where you may have a waiting period. These are just the most common circumstances.
- End-stage renal failure
- Dialysis in the last 12 months
- In a nursing home
- Dementia or Alzheimers
- Ever been prescribed medication for memory issues
- Had an organ or bone marrow transplant
- Heart attack or full-blown stroke in the last 12 months
- Terminal illness
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What Is A Waiting Period On A Life Insurance Policy
Although most applicants dont realize it, there is a waiting period that comes along with many life insurance plans, especially if there is no medical exam required. Moreover, you cannot purchase guaranteed life insurance no waiting period.
These guaranteed issue plans are usually purchased from companies like Colonial Penn, Globe Life, AIG, and Gerber Life and have a two-year waiting period that starts the day that the plan becomes active.
Here is an example of how Mutual of Omaha handles the waiting period and modified death benefit:
Guaranteed Life Insurance For Smokers
Life insurance shopping tip for Smokers applying for life insurance. In certain situations Guaranteed issue life insurance can potentially provide cheaper monthly premiums on guaranteed issue, rather than day 1 coverage. Now, this will include the graded benefit and waiting period. The reason being is, Guaranteed issue, does not charge any additional premium for smokers or tobacco. The monthly premiums on guaranteed issue is flat-rated fixed premium determined by age, gender, coverage amount and carrier.
Compare Burial Insurance no waiting period first, but you may find a better rate with Guaranteed Issue Life Insurance for smokers
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K Life Insurance No Medical Exam
Rates for life insurance are calculated based on the insureds age, health profile, lifestyle, driving record and other factors. Policy details like term length and coverage amount also affect premiums.
A 40-year-old with excellent health buying $500,000 life insurance with a 10-year term will pay $18.44 per month on average. The same individual will pay approximately $24.82 per month for a 20-year term.
Should I Buy Guaranteed Acceptance Life Insurance
A final expense insurance agent can pre-qualify you for immediate coverage options. You should get a permanent guaranteed acceptance plan if you cannot pre-qualify.
These policies do not care if other life insurance companies have denied you coverage, so there is no harm in trying to get a simplified issue plan with medical questions and no waiting period.
Guaranteed issue plans are a great option for life insurance if you cannot qualify for other coverage.
A burial life insurance specialist will be able to assist you in finding the best plan to meet your needs.
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Best Age For Buying Guaranteed Acceptance Insurance
Anyone 45 80 is eligible for guaranteed life insurance coverage. However, age requirements vary by company.
Other life policies will likely be better if you are younger than 45. Final expense insurance is available for those who qualify up to 89 years old. Guaranteed acceptance plans are not available to seniors over 85.
Should I Get Guaranteed Acceptance Life Insurance
You should only get guaranteed acceptance life insurance if you’ve already applied for simplified issue life insurance and have been rejected. Guaranteed issue life insurance is the most expensive form of life insurance, so it should only be applied for if there are no other life insurance alternatives.
About the Author
Mandy Sleight is a professional freelance writer and licensed insurance agent. She has her property, casualty, life, and health licenses and has been working in the industry since 2005. Mandy has worked for well-known insurance companies like State Farm and Nationwide Insurance, and most recently as the Operations Coordinator for a start-up employee benefits company.
Mandy earned her Bachelor of Science degree in Business Administration and Management from the University of Baltimore and her Master in Business Administration from Southern New Hampshire University. She uses her vast knowledge of the insurance industry and personal finance combined with her writing background to create easy-to-understand and engaging content to help readers make smarter choices with their budget and finances.
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More About Guaranteed Life Insurance
One third of Canadians do not have life insurance. Too often, life gets busy and complicated and life insurance needs are put on a backburner. They are not considered again until retirement age starts to approach. Unfortunately, around this same time, many people are realizing that previous health issues, combined with age, now make it very difficult or impossible to obtain life insurance.
This is exactly where Guaranteed Issue Life Insurance comes in. With pre-determined payments that do not increase and policy payouts that are designed for senior years, this type of policy is a way to ensure that your needs will be met. In addition to providing insurance when standard policies fail you, not having to complete a medical exam for your Guaranteed Life Insurance policy helps to speed up your policy approval time and completed it remotely.
Who Can Benefit From A Guaranteed Issue Policy
If your age or health prevents you from finding a competitively priced policy with medical underwriting, you may want to consider this type of insurance. You can get a small amount of coverage with no questions asked.
But dont assume you cant get a term or whole life insurance policy with medical underwriting. You can often buy life insurance with a preexisting condition, and it may be cheaper than a guaranteed issue policy. Shop around, compare life insurance quotes and see what coverage you qualify for before purchasing a guaranteed issue life insurance policy.
If you just want to avoid the exam but dont mind answering a few questions about your health, a simplified issue policy might be a better option. Providing any information about your health no matter how minor may help you qualify for a cheaper policy with larger death benefits than a guaranteed issue policy.
» MORE:A guide to buying life insurance for seniors
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Life Insurance Companies That Offer No Medical Exam Term Insurance
Practically every life insurance company offers some form of no medical exam life insurance. What differentiates them other than their rates is the limits they provide on the coverage of their policies.
Below, we have listed 10 highly-rated life insurance companies along with their no medical exam policy limits:
Americo offers a no medical exam policy that is handled electronically between the carrier and the agent of record.
Their simplified issue term product offers face amounts of $25,000 to $250,000 for no medical exam policies and $250,001 to $400,000 when the agent collects a saliva sample with a prescription drug history.
Ameritas offers no medical exam life insurance with limits based on the age and rate class of the applicant. Policy limits are based on the underwriting class established by the insurer:
Is Alex Trebek A Life Insurance Shill
You might have heard about guaranteed issue life insurance from a 2018 television commercial. One from insurer Colonial Penn has “Jeopardy”host Alex Trebek advertising the company’s guaranteed issue life insurance. Who doesnt love and trust Trebek? He was a national treasure, like Mr. Rogers or Vin Scully. Having him pitch insurance was a great idea.
All the information in the commercial is accuratethough most applicants will probably not be paying the teaser rate of $9.95 a month for their policy. Still, its true that insurers cannot deny you coverage, increase your premiums, or reduce your death benefit as long as you pay the premiums. These are all standard features of a whole life insurance policy, and guaranteed issue is a type of whole life insurance.
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How Guaranteed Life Insurance Works
As the name suggests, a guaranteed issue life insurance policy provides life insurance coverage, regardless of your health or financial history. This policy may also be called a guaranteed acceptance whole life insurance policy. This type of life insurance is generally available to individuals between the ages of 50 and 85, though some companies may provide coverage for people as young as 450 while others wont approve coverage for someone older than 80.
Guaranteed issue whole life insurance doesnt qualify you based on your health. The price for a 50-year-old in supreme health is the same as for a 50-year-old with a long history of health conditions. Consequently, if youre in good health, you could save a lot of money going with a traditional final expense life insurance policy instead.
What Is The Difference Between Guaranteed And Non
Guaranteed life insurance has few requirements to get a policy, and virtually everyone is accepted. Life insurance that is not guaranteed goes through an underwriting process with more restrictions. Seniors must apply and qualify for any other type of life insurance that is not guaranteed acceptance.
Guaranteed policies have an automatic waiting period before full benefits are available, while many non-guaranteed policies offer coverage with no waiting period. Non-guaranteed life insurance is also known as simplified issue life insurance.
Policies that guarantee coverage to every applicant come at a higher price point.
Riders are added coverage benefits. More rider options are usually available with non-guaranteed plans compared to guaranteed products.
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Whole Life Insurance No Medical Exam No Waiting Period
Some people prefer not to have a medical exam because of needles, doctors, or tests. If the thoughts of undergoing a physical examination make you uncomfortable, guaranteed issue whole life insurance provides a way to apply for coverage without taking an exam.
Specific individuals may also prefer to avoid a medical exam because they fear being charged higher life insurance premiums because of their health being turned down. Lot life insurance rates are dictated in part health. Many applicants can face more expensive policies based on medical exam results during the insurance underwriting process. Others may assume they wont get aordable coverage due to their health and will not even go through with the exam.
Guaranteed issue whole life, a person cannot be denied health issues, and no exam or lab will be necessary. The policy coverage is subject to payment and verification of identity as required law and is eective upon receipt of the policy.
Online Quotes are online at woodysinsurance.com and also a complete application. No sales pressure you decide for yourself.