Guaranteed Acceptance Life Insurance
Life insurance is an important purchase, and for many individuals with families to protect it is a vital need. Even so, many people are understandably worried that they will not be able to qualify for traditional life insurance coverage. That is because life insurance companies routinely rate those they insure based on their current and projected future health. Those individuals with current health problems or a predisposition for serious illness in the future may be forced to pay higher premiums – or even denied coverage altogether based on these underwriting policies.
Fortunately for those individuals there is a way to get the life insurance coverage they need without submitting to a medical exam. A type of life insurance known in the industry as guaranteed acceptance life insurance provides individuals with guaranteed coverage, no matter what the state of their health.
This type of life insurance coverage can be a great choice for those with serious illnesses, including cancer, AIDS and other significant health challenges. Guaranteed life insurance coverage can also be a good choice for those who do not wish to submit to a health exam for various reasons. Many individuals simply are not comfortable allowing a life insurance to know so much about their health, and they are wiling to pay a bit more in premiums to avoid an intrusive health examination.
As mentioned above, the premiums for guaranteed acceptance life insurance coverage tend to be a bit higher than the premiums for comparable coverage with a medical exam. That is because the insurance company is taking on a larger risk when they write this type of policy, and that increased level of risk is reflected in the premiums that are charged. Even so, this type of coverage can be a great choice for many different types of individuals, from young people who do not want to undergo a medical exam to older folks who are worried about their insurability.
Since the costs of guaranteed acceptance life insurance tend to be a bit higher than traditional policies it is even more important to shop around for the best possible coverage at the lowest possible price. The rates for the same level of coverage can vary quite widely from company to company, and it is important to compare coverage levels very carefully.
It is also important to take a close look at the health of the companies under consideration. The health of the life insurance company is an important consideration no matter what the type of coverage, and it is important to look at the ratings of each life insurance company. Independent rating agencies like A.M Best can be a big help in this regard, and it is important for those in the market for life insurance coverage to weigh their options carefully whether they are looking for traditional coverage or a guaranteed acceptance life insurance policy.