Everyone likes guaranteed things in life, and getting guaranteed term life insurance is one of the things everyone loves. It’s a policy for life insurance that doesn’t require any health questions, medical exams, and has few questions asked for most of the applicants. However, despite being guaranteed, it might not be for everyone.
A guaranteed acceptance term life insurance policy will offer cash benefits to a beneficiary when the person who is insured dies. However, it is often an insurance policy of last resort for people with health problems and those who don’t have long to live. If those health problems stop them from getting traditional life insurance, then they go for guaranteed acceptance.
They are easy to get and there aren’t any deep dives into someone’s past that could disqualify you from getting life insurance, but it does come with a few negatives to balance things out. Due to the fact that your past health was not looked into, you won’t be able to purchase as much coverage as you might need, and paying for the premiums could get expensive.
But they do stay the same, and the premiums you pay are locked in for your life as long as you hold the policy. Then that money is given to your beneficiary. You will often receive graded death penalties towards the first two years, where if you die for any non-accidental reasons, the beneficiary will receive the premiums and 10% interests. While accidental death will give out the full benefit, and once the two years are up your beneficiary will get everything.
So, if you want an easy way to get life insurance and you have been turned away everywhere else, then maybe guaranteed term life insurance is the best way to do so.