If you have some health issues, you may be interested in guaranteed issue life policies. However, you should be sure you understand how these policies work before you make a decision. It may seem like a good deal because you will not have to answer any health questions.
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What is guaranteed life insurance for seniors? I mention senior citizens because a lot of the marketing for these products is aimed at folks over 50. Seniors life insurance is a bit different than life insurance for younger people.
By saying the policies are a guaranteed issue, the companies mean that applicants will not have to answer any questions. If you have some health issues, as many older people do have, you may be very interested in this feature.
You should do your homework before you buy anything. The application will not ask you any questions about your health. However, insurers have a way to protect themselves.
Health questions, and other forms of health underwriting, help insurers minimize risk. Insurance is all about risk. Of course, life insurance companies will set premiums higher for these policies. They take a bigger risk. Insurers understand that these policies will be very attractive to individuals who would rather not answer a lot of questions about their health.
Insurers may also impose something called a graduated death benefit. This means that the insured person must survive a certain length of time before full benefits will be paid out. This period is called a waiting period.