Many seniors wring their hands over life insurance. They fear that past health issues could result in a denial of their application for life insurance. Indeed, many seniors have been denied life insurance because of their prior medical history.
Such seniors, in particular, should know that they have several options. One such option is Guaranteed Issue Life Insurance designed specifically for elderly participants. While a guaranteed issue policy is more expensive and carries modestly higher premiums, it is far better than not being covered. Furthermore, it gives you the peace of mind that your dependents or designated beneficiaries would be financially compensated should you pass away.
Guaranteed elderly life insurance is actually quite easy to get. You do not need to go through a medical examination. All you have to do is fill out a few forms. Many leading national companies underwrite Guaranteed Issue life insurance policies, so you must shop around to get the best rates.
Guaranteed Issue life insurance typically gives you graded death benefits. Should you pass away in the first or second year of your policy, your beneficiaries will receive the amount you have paid in premiums till your death, less fees and expenses. Depending on the specific plan you choose, your beneficiaries will typically receive the full insurance amount after two years.