What Is Guaranteed Life Insurance?

​If you're between 50 and 80, guaranteed life insurance is for you. You are not required to consider your present health status as long as you meet the age requirements. 

So, how exactly does it work? What role does it play in your final expenses? To learn more, keep reading.

Guaranteed Life Insurance
Individuals don’t need to take medical exams to have this. Aside from that, the death benefits are comparatively lower than others, with only $5,000-$25,000, depending on the insurer. Also, the premiums will stay the same for the rest of the policy’s terms.

How Does Guaranteed Life Insurance Work?
The guaranteed life insurance must have a specific waiting period to be enforced before the policy owner dies. This process ensures that the beneficiaries will receive the full benefits. Should the policyholder die earlier than the set time, the beneficiary will receive a reduced amount. 

Aside from these, it’s also important to note that this type of coverage can be more expensive than other forms of insurance, so be sure to compare and assess your needs.

Also, guaranteed life insurance is different from simplified issue life insurance. Although both do not require medical exams, you’ll answer some health questions for simplified insurance. Another difference is that guaranteed life is whole life insurance, while simplified is term life insurance.

What Are The Benefits of Guaranteed Life Insurance?
The target population for guaranteed life insurance is 50-80 years old. Thus, it is effective on the condition that the policyholder pays the premiums. Usually, individuals can enjoy benefits for end-of-life, like funeral expenses or existing credit. 

Others believe that guaranteed life insurance is the only option if you have a preexisting condition. However, that’s not always the case. Having chronic illness or sickness does not disqualify you; it only increases your premiums.
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Conclusion
Generally, the guaranteed life policy can be small life insurance for people between 50-80 years of age. Even though it has low death benefits, it can still cover expenses like funerals and left-over debts. There is no medical requirement to qualify.

At UG Insurance Brokerage Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (718) 848-7777. Get your free quote today by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agency to go over your existing coverage. We are happy to help you make sure your needs are being met!