This depends largely on the company you apply with. Depending on your health condition these insurance companies may limit the amount of coverage you can receive. Most guaranteed issue policies range between $5,000 and $1,000,000 of coverage. The difference between those policies comes down to the number of questions you will have to answer. For more coverage, you will need to answer more questions.

 

 

For some people who have recently experienced major health concern, there might be some other stipulations. One of them being a 2 year wait period. Meaning if you were to pass away in the first 2 years, your beneficiary will only receive the amount you have paid in premium, not the total death benefit. After the first 2 years your beneficiary will receive the full amount of coverage.

 

 

How long the coverage lasts depends on the policy. You can get the coverage that is level and will be there for you as long as you need it. For some people who have recently purchased a property or have a debt, they would like to cover a term 10 or term 20 coverage option might make more sense.

 

 

The cost to own guaranteed life insurance is slightly more expensive than a normally underwritten policy. This is why if you are in good health, you should try and apply for a normally underwritten policy first. As a normally underwritten policy will be more affordable.

 

 

This is great for people who are later in life, looking for coverage. People who have some medical conditions that might make it hard for them to apply for other coverage. Or anyone who has been declined for life insurance in the past.

 

 

The other options would be considered to be a traditionally medical underwritten. Yes, there will be some questions you need to answer pertaining to your health. But as well, there will be some version of a medical test (salvia kit, urine sample, or blood profile) that might be required as well.

 

 

It’s best to contact an unbiased broker. Our friendly non-commissioned staff is trained to help guide you from application to approval. For any additional information please feel free to contact us for more details.