Life insurance is considered a necessity nowadays with an increasing number of people suffering and dying from life-threatening diseases like AIDS and cancer. People who are already suffering from such diseases, and don’t have a life insurance policy find it difficult to get one in their present health condition.
To help such people get an insurance policy, there are some insurance companies like AARP life insurance, Gerber life insurance and Globe life insurance that offer guaranteed acceptance life insurance. This life insurance policy is just like its name implies; you can get the benefit of the policy as long as you can pay for it. This is the best policy for high risk people as the insurance company does not ask any health questions. Moreover, there is no need of taking any physical exam to get the policy.
The Guaranteed Life Insurance Policy
In addition to this, it is not possible to cancel a guaranteed acceptance life insurance policy as you grow older, nor can you expect an increase in the premium amount. The reason for this is that this policy is much more expensive than the same amount of death benefit a traditional life insurance policy may give you.
It may seem to be foolish to get this insurance policy; however to many, it can be a life saver. People are facing death in the eye, and who cannot get insured by other insurance companies because of health problems opt for this insurance policy. They have to pay extra to the insurance company so that they will receive a life insurance without any questions asked.
The insurance company offering this policy does it by taking a big risk; this is why they set limits on the benefits of the policy. This is why most companies limit the insurance amount you can buy.
However if you want to get maximum benefit from your life insurance policy, it is better to get it through a multiple insurance company which leverages your risks. With this option, it is possible to build a higher death benefit that you would receive through a single policy.
Sometimes, the benefits to the guaranteed acceptance life insurance policy are limited to the first few years of the policy. So if you die in perhaps the first year of the policy, your beneficiary receives only a portion of the premium amount, with 5-10% interest. However in case of the second year, the beneficiary can expect 50% of the total benefit and in the third year, the beneficiary can expect total benefit.
There are some insurance companies that have minimum age requirements to be met to get a guaranteed acceptance life insurance policy. In other cases, these policies are not available in all states. So the best thing to do to find out if you qualify for a policy in your state is to visit an insurance comparison website.
On furnishing some basic information like name, address and beneficiary, you will receive some life insurance quotes from various A-rated life insurance companies. It is up to you to make comparisons between the quotes to get the best rates and policy for yourself.