No one plans to get hurt or sick, but most people need some help at some point. The insurance policy covers the medical costs and also provides additional benefits. However, the financial assistance is generally delayed causing hardships to the insured person and his family.
Experts like Gary P. Cubeta from Insurance for Final Expense mentions things are different when you take guaranteed acceptance life insurance no waiting period. Here are a few things you should know about this life insurance policy.
1. No Waiting Period
There is no waiting period in guaranteed acceptance life insurance policy, and you enjoy the coverage from day one.
2. No Medical Examination
Yes, you are not required to appear for a medical examination when you buy a guaranteed acceptance life insurance policy. However, there are some pre-conditions to it. Your age must fall under a particular category when you buy the policy.
3. Types of Life Insurance
You have two options when you opt for guaranteed acceptance life insurance with no waiting period policy like Term Life Insurance and Whole Life Insurance. Here are some details about these policies.
This insurance policy offers coverage for a particular time, like 10, 20, 30, or 40 years. The term life insurance policy might offer level, convertible, renewable, decreasing, or increasing benefits. The level insurance has fixed-term payments throughout the term, but the coverage amount increases with time.
It has several insurance policies like variable universal insurance, guaranteed universal coverage, and universal life insurance. Every insurance plan has specific features, and you need to talk with the insurance agent to get more information and make the right selection.
4. Factors that determine policy rates
Some of the factors that determine policy rates are:
Younger people have to pay lower premiums, and seniors have to pay higher premiums.
Men have to pay higher insurance premiums as they have a lower life expectancy in comparison to women.
If you have average weight, you will have to pay lower premiums than people who are obese. The reason is weight is directly related to chronic diseases like diabetes and high blood pressure.
5. How Can You Qualify For A Guaranteed Acceptance Life Insurance Policy?
When you apply for an insurance policy, the carriers conduct underwriting to determine the risks. They ask you a few questions to create your risk profile. The questions can be divided into four categories like Medical history, your profile, policy requirements, and your lifestyle.
The underwriter may ask you personal questions like name, address, job profile, designation, employer name, and social security number. You may have to answer questions like
- Do you have drinking habits?
- Do you smoke or take drugs?
- What is your driving record?
To get details about your medical history, the underwriter may ask about medications you take, family medical history, past or current diagnosis. Depending on your answers, the underwriter may put you in some risk class.
To sum up, the guaranteed acceptance life insurance policy is different from other insurance products in the market. However, you need to be careful and read the terms and conditions carefully before buying any insurance policy.