WHAT IS GUARANTEED ACCEPTANCE LIFE INSURANCE?
Guaranteed Acceptance is a type of whole life insurance policy that does not require a medical exam. Anyone (45-85) who applies for this type of policy is guaranteed to be accepted. This type of policy is usually more expensive than a policy that requires a medical exam, but it is a good option for those who cannot qualify for life insurance due to past and present health problems.
Guaranteed acceptance life insurance policies come with a 2 year limited benefit period. If a policy holder passes away from natural causes (heart attack, stroke, cancer, anything other than an accident) during the first 2 years their beneficiary will receive all that was payed into the policy up to date of passing, plus 10% interest. If the policy holder passes away from an accident the policy pays the full coverage amount starting from the issuance of the policy. After the 2 year period is complete the policy pays the full coverage amount regardless to the cause of passing.
Guaranteed Acceptance Insurance policies are ideal for those who have had recent health problems
(heart, stroke, cancer, serious mental illness, diabetes with insulin, amputations, AIDS-HIV,etc).
