For people that have been diagnosed with a terminal illness or are in poor health, the idea of not having life insurance when needing it can be unsettling. For others who have a chemical dependency or have had one in the past, guaranteed issue life insurance (GI life) ignores the health risk of the dependence and provides the death benefit to their beneficiaries after the two-year waiting period. With other types of life insurance, the health risks the individuals face would be an automatic decline for coverage. Guaranteed issue life insurance may be the only life insurance available to these individuals.
Guaranteed issue is popular among families wanting to cover burial expenses. To save the insurance company from fraud, the death benefit on a guaranteed issue policy will not pay if the individual dies before the waiting period. Instead, the company refunds all of the money spent on the policy plus interest to beneficiaries. The waiting period is designed to keep the coverage affordable for the company and the insured.
Lastly, the insurance company will review your existing life insurance policies to prevent fraud and over-insurance before issuing the GI life policy.
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