Guaranteed Issue Life Insurance: Who Should Buy It?
Guaranteed Issue life insurance seems like an excellent choice at first glance.
The commercials and advertisements can be very alluring because the insured is not asked to complete any health questions and there are no medical tests. However, this convenience comes at a big cost. Most guaranteed issue life insurance plans have a two-year waiting period or longer on non-accidental death. Moreover, the issue limits are very low on these policies and the premiums are quite high.
The best fit for these type policies are individuals who have very serious health issues and are unable to qualify for Simplified Issue or traditional life insurance policies.