Knowing the Unknown Facts About Guaranteed Life Insurance
In order to obtain a life insurance plan, you are required to qualify a number of eligibility criteria's including age, health condition and other requirements. Most of the insurance providers require you to undergo various medical examinations. There are a number of people who do not have enough time for medical examinations. However, there are also some people who have been disqualified because they fail to fulfill these conditions. As a result, such people can be found looking for the indemnity cover plans without any medical examinations. So, if you do not have time to undergo the medical exam or have been disqualified by for the standard safety cover schemes, then you can go for the guaranteed issue life insurance.
What is Guaranteed Issue Life Insurance Policy?
As the name implies, the guaranteed assurance policies are indemnity schemes which are said to be guaranteed for almost every person, despite of their age, health conditions and other factors. In simple words, you will not be disqualified for obtaining a life cover on the grounds of various conditions and requirements. These policies are mainly designed for the people who either fail in qualifying for the standard policies because of any health problems or age. In the guaranteed cover plans, you need not fulfill any requirements of the physical examination and others. However, there are certain terms and conditions attached with these life assurance plans that can be detrimental for the insured. Therefore, before purchasing these policies, you are required to go through and completely understand the terms of the plan.
Some of the main features of the guaranteed issue life insurance are listed below in this article. You are required to go through them in order to know more about this type of safety cover plans.
• The people falling between the 45 to 75 years are eligible for obtaining this type of life cover plans. Normally, the people below the age bar of 45 and above 75 years of age are not eligible to obtain this type of safety cover.
• No medical examination is the second most popular feature of this type of assurance policy. You need not qualify any physical exam or fulfill other requirements in order to obtain these policies. Almost, all the serious and harmful medical ailments and illnesses are covered under the guaranteed issue life insurance plans.
• It is normally observed that a large number of guaranteed schemes or similar schemes have the period of 2 years and only after this time period, the full amount of death benefit can be claimed. Death caused by an accident is one of the main immune conditions of these policies.
• Most of these plans have only a limited death benefit amount and despite of that, these covers are very popular among the people belonging to this age group. The main reason behind their popularity is the redemption of different expenses like medical bills, mortgage debts or burial expenses in the event of death.
Therefore, guaranteed issue life insurance policies are ideal for the people who want to skip the medical examination process. You are required to go through the article carefully in order to gather more info about these cover plans.
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By purchasing a suitable cheap life insurance policy, you can assure proper living of your partner and other dependents after your death. You can learn more about the various types of life insurance policies and insurance after speaking to our expert. You should not purchase an insurance policy without having a word with our expert.
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