High-Risk Life Insurance

High-Risk Life Insurance

Having a chronic illness or involvement in risky activities doesn’t exclude you from all life insurance plans. You just have to explore ways to offer financial protection to your loved ones in case of your death. 

In such a situation, if you want to cover your final expenses, high-risk life insurance or guaranteed issue life insurance could be your solution.


What is High-Risk Life Insurance?

Guaranteed issue life insurance is a plan designed for those people who can’t qualify for other insurance coverages because of high risk. Mostly, this plan is not much different from traditional life insurance, except its cost and underwriting process. 


Neither a medical examination nor a health-related questionnaire is required to qualify for the plan. There is an extremely brief application process and you are all done. But remember that, as it is more risky for the insurer, it’s one of the most expensive life insurance plans available. 


How Does It Work?

Guaranteed issue life insurance is named so that the insurer issues a policy as long as the applicant lies within the allowed age range (generally 50 to 80). If you outlive this age, you can still get this plan, but with limited options.


Moreover, this plan also has a waiting period of 24 to 36 months before it goes into effect. If the insured dies within this period, his beneficiary will not get the death benefit. However, if the waiting period is over, the insurer has to pay all the paid premiums along with interest to the aligned beneficiary. 


Benefits of High-Risk Life Insurance

Aside from the fact that your funeral and burial expenses are covered, there are some other benefits to this insurance policy including: 


  • Premium and death benefits are fixed and never fluctuate. 
  • You are covered until and unless premiums are paid. 
  • Easy to apply 
  • No medical exam and,
  • No medical questionnaire. 


Why Is Guaranteed Issue Life Insurance Costly?

As there is no medical exam or questions asked, people having high risks mostly opt for this plan. That’s why premiums are higher because it’s risky too for the insurance provider. However, the policy’s acceptance is guaranteed, coverage never expires, and premiums don’t increase. 


So people who can’t find any coverage through other means can take it as a sort of “last resort” plan to cover their final expenses. After all, nobody wants to pass off his final expenses to his surviving loved ones. 


How To Apply For High-Risk Life Insurance?

The process for applying is very simple. You just have to consider your life insurance needs and get rates from various insurance companies. Comparing multiple insurers enables you to get the best deal available within your budget.


After deciding on your insurance provider, you just have to go through a simple application process and your acceptance is guaranteed. Furthermore, your plan will be started as soon as you pay your first premium. 


Still need some assistance for guaranteed issue life insurance? Call our licensed agents now at +1 (800)-718-4568 to get a free consultation. 

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