Guaranteed Life Insurance for Elderly

If you've been declined for life insurance coverage before because of health issues, then you should consider a guaranteed issue policy. These are permanent whole life insurance policies, which means the coverage will last for your lifetime and your premiums will always remain level.

Some features of a this type of policy are:

• No medical exam is required
• Permanent life insurance coverage
• Level premiums
• Builds cash value
• Graded benefits

The death benefit for this type of policy is graded, which means that it won't be paid out in full until after the second or third year. If you pass away in year one, then your beneficiaries will typically get either what has been paid into the policy or a certain percentage of the death benefit. If you die in year two, the percentage paid out is higher. Usually after year two, the death benefit is fully payable. Because there is a higher risk to the carrier, the premiums on this type of policy is higher, but your can still get peace of mind in knowing that you have some coverage in place.