How Does Guaranteed Issue Life Insurance Work?
Is No Questions Asked Life Insurance For Real?
If you have seen issues for guaranteed issue life insurance, you may think it is too good to be true. How can an insurer hope to profit if they do not require a medical exam or even ask any health questions? Well, I hope you do not spend a lot of time worrying about how life insurance companies make money. Trust me. They have ways.
Guranteed issue, or no questions life insurance, work because they usually use a waiting period instead of health underwrting exams or questions. These means that a terminaly ill person cannot take out a million dollar policy and hope he or she has a good chance of passing that benefit on the the family.
How Long Are Life Insurance Waiting Periods?
Policy terms will vary by insurer, but the insured person may have to survive 24 to 35 months before the beneficiaries will get the whole amount. Before that time, some policies may refund premiums, some may even pay interest on the premiums, and others may pay part of the whole death benefit. It is important to understand these policy terms before you purchase your own life insurance so you know if is a good idea or not.
Learn More About Simplified vs. Guaranteed Issue Life Insurance
You may find simplified issue policies, that do not require exams, but ask a few simple Yes or No questions that do have immediate death benefits. Learn more about guaranteed and simplifed life insurance here.
Please do not run out to buy the first policy you see on TV either. You can compare no medical exam term life quotes here with our fast and free online quote system!
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