Guaranteed Issue Life Insurance (GUL)
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- Guaranteed issue life insurance is a life insurance policy that require no health qualifications.
- These insurance policies typically have higher premiums, and lower payouts and benefits.
- Guaranteed issue life insurances are offered to those with previous medical history
- Life insurance companies cannot deny coverage as long as applicants can afford the premiums, even if the insured has an existing medical condition.
What is Guaranteed Issue Life Insurance (GUL)
Guaranteed issue life insurance (GUL), or guaranteed acceptance life insurance, is a life insurance policy offered by trusted IAA partners that require no health qualifications. These policies are often focused for the elderly, most life insurance policies will come with a higher premium and regardless of current medical conditions.
Normally, people that request or apply for guaranteed issue life insurance will not be turned down. And the only reason someone can be denied coverage is if they are under or over the age requirement. The age range to qualify is usually up to 75 years of age.
How Guaranteed Issue Life Insurance Works
Policies and coverage will be issued regardless of the applicant’s current medical condition. All that is required is to choose the wanted level of coverage and answer a few general questions about themselves. This kind of life insurance policy will pay cash to the named beneficiary upon the death of the insured.
Who is Guaranteed Issue Life Insurance For?
Life insurance companies cannot deny coverage as long as applicants can afford the premiums, even if the insured has an existing medical condition.
For this very reason, guaranteed issue life insurance is the most attractive plan for applicants with health. It is best for those with medical histories that are denied coverage for better policies and those who cannot purchase life insurance through their jobs.
Quy Nguyen is Your Guaranteed Life Insurance Expert
Quy Nguyen graduated from medical school and became a medical doctor in order to help people, but he chose not to pursue life as a doctor. Instead, he learned about how Income Protection with Life Insurance can help others. He uses his extensive knowledge to help people just like you with financial savings, retirement planning, their child’s college education, and protection for your family in case of life’s emergencies.
Plan your financial future. It’s better late than never. To learn more about Guaranteed Issue Life Insurance or to sign up for a free consultation fill out the form on the right. A licensed insurance expert will be happy to help you build your unique financial solution.