You may be surprised to find out that are many options for buying life insurance if you are not the best risk. There is also one major thing you have to understand if you are going to buy a guaranteed issue policy. In most cases, if you die (other than as a result of an accident) within two years of buying the policy, you only get your premiums refunded. You won’t get the full death benefit. This is the insurance company’s way of protecting itself from very bad risks.
But people facing large health risks are the ones most interested in buying this policy. For that reason, if you are facing a major health crisis and are scrambling to buy life insurance, make sure you check this provision out before you sign on the dotted line.
Another consideration is that these guaranteed policies are usually issued for small amounts. Usually, the policies issued for death benefits are between $5,000 and $50,000.
If you need life insurance, don’t assume a traditional carrier will decline you. Find out. It doesn’t cost anything to get a quote. It could be the best move you could make to protect yourself and your life insurance beneficiary. Of course you should be completely honest when you complete your application. But guaranteed life should be your very last option and even then, possibly