The following lists the features that the majority of Guaranteed Acceptance Life Insurance plans include:
- No health questions will be asked
- There will be no physical examination required
- You will be guaranteed acceptance regardless of your health or habit history
- For your lifetime there will be a Locked-in level premium.
- There will be some cash savings that are called cash value
- During the first few years there will be modified benefits.
- The insurance company can never cancel your Insurance as you grow older.
If you’ve been refused insurance or been offered a plan with a high surcharge because of your health, habits or family medical history, Guaranteed Acceptance Life Insurance is an option if you have been turned down getting insurance or in order to get the insurance you have been offered a plan with a high dollar surcharge.
There are companies that do offer protection for those with a high risk classification where health questions will not be asked. Only your basic information such as your name, address and beneficiary will be required in order to purchase this life insurance.
Insurance companies offset the lack of medical information which would normally be gained by Review of your history, called underwriting, will be used to gain an understanding of your medical information and any lack of medical information is balanced by limiting the death benefit.
In the initial years, the protection could equal a percentage of the total life insurance purchased. Total limits on the amount of insurance many companies offer will be between $5,000 and $20,000.
If the plan were to have a total ultimate benefit of $10,000, in the first 24 months, for instance, the benefit could be a return of premium plus interest such as 5 or 10%. This is much like a savings account.
In the third year, the total protection of $10,000 would be available (see each plan for its schedule of benefit). Limited benefits will no longer be an issue once the waiting period is finished. After this period, if the premium is paid on time, the full benefit will always be available
Note: Guaranteed Acceptance Life Insurance is not available in all states and there are minimum age requirements.
How to Get More Life Insurance
Although a respective insurance company might limit your maximum amount of life insurance, you are able to purchase as many policies as you are able to qualify for from different insurance companies. This will allow your total death benefits to be much higher than if you limited yourself to only one policy.
Call Jeff Pennington today at 1-877-221-6198 to discuss your needs and get a selection of life insurance quotes for your situation. Jeff can answer all of your insurance questions and will provide friendly personal advice.