You want guaranteed issue life insurance, no heath questions, up to 100k in death benefit.
You just want an easy application, and then be done.
Or, maybe you have a moderate to severe health condition which precludes you from traditional life insurance underwriting and an affordable premium.
Whatever the case may be, you end up in a dead end.
You’ve researched and see guaranteed issue life insurance up to $25,000 or $40,000. Good coverage, but you want more.
Or, you don’t qualify based on age. Many guaranteed issue life insurance policies qualify people starting at age 50.
Additionally, maybe you don’t want to go through the hassle of a full underwriting process.
You think you can’t obtain $100k of life insurance coverage at guaranteed issue.
But, we are here to tell you that you can.
Well, almost. There is really one question to answer. It’s not really a health question, but more of a lifestyle one.
That is right. No direct health questions like if you’ve had cancer in the last 2 years. Moreover, no MIB, prescription drug check, etc.
However, some people will qualify for this life insurance while others will not.
This life insurance is offered by an A-rated A.M. Best carrier. They’ve been around for over a hundred years.
What is the catch, you ask? Yes, there is one, and we address that right off the bat.
In this article, we discuss the following. Feel free to skip ahead by clicking on the link.
What Is The Catch?
You might be thinking, “What is the catch? This sounds too good to be true.”
Always transparent, I want to give you this information earlier in the article.
Yes, there is a catch…sort of.
You may be aware that corporations, associations, and partnerships can offer insurance benefits to their employees, partners, and members.
They can’t do this without receiving “something” in return.
For example, if you work for a company to earn a profit, that is the “something”. You are working for them to earn a profit. The company can then offer insurance benefits to you (if they wish). Same with associations and partnerships.
The life insurance offered here is through a limited partnership.
Millions of Americans do not have access to affordable health benefits. If you are self-employed, for instance, you have to pay your health insurance in full. Sure, you are eligible for a tax deduction, but it is still expensive.
However, as we discussed, partnerships can’t function without charging you “something” or making an investment. In return, that “something” is your online browsing data. We discuss how that works next.
Briefly How This Works
Before you say, “no way”, hear me out as it is not as bad as it seems.
There is no cost to join this limited partnership, with the exception of what you pay for the life insurance. You become a limited partner, and a limited partner, by definition, has no risk other than the investment he or she makes. In this case, that is $0 for you (except for the life insurance premiums).
Your data is encrypted and anonymized. Additionally, you receive compensation for your data.
All the big tech firms are tracking your data usage. You know when you to go to Amazon to purchase a lawnmower, but then see lawnmower ads on Facebook. You got it…
The limited partnership requires you to install an app on your browser – Chrome or Firefox – that tracks your browsing. If you don’t use either of these, then I guess you indirectly won’t participate and still have the life insurance.
I am neither 100% for nor against this. If this doesn’t work for you, or it feels funny, so be it. We can find you other life insurance.
You can learn more about the limited partnership by contacting us. I am happy to explain more.
It’s not as bad as it sounds. We have been able to manage the data sharing with no disruption. I am happy to explain that. Just contact us to learn more.
Nevertheless, again, if this doesn’t feel right to you, then no problem. We can find insurance for you from another carrier.
Who Could Use 100k Guaranteed Issue Life Insurance?
Really, anyone. However, as we discussed in our guaranteed issue life insurance guide, there possibly are other options for you instead of guaranteed issue life insurance. These options include:
- traditionally underwritten life insurance
- simplified issue life insurance
In both cases, the premium cost will be less than that on a guaranteed issue life insurance policy, all things being equal.
However, maybe you don’t want or need underwritten life insurance. If not, guaranteed issue life insurance is good for:
(1) people who want a quick and easy application process. They don’t mind paying extra. However, until now, what put them off was a low death benefit (usually up to $25,000)
(2) people who have moderate to severe health conditions, or a lifestyle situation, and can’t qualify for an underwritten life insurance policy
So, guaranteed issue life insurance is good for people who have:
Obese / high BMI
Recent heart conditions such as a cardiomyopathy
Complications From Diabetes
If you have any of these conditions, or any we didn’t mentioned, you are probably eligible for the life insurance. As we said earlier, however, there is one question to answer. Not many people will qualify for this life insurance plan. Let’s introduce this question next by discussing the underwriting process.
All guaranteed life insurance applications have questions. Many of these questions are administrative only; they ask about any current policies you have and if you will replace the policies.
Some other carriers have one or two health questions about terminal illness or extremely serious conditions.
In this case, there are a few questions to answer, but really only one that is the determining question:
“Are you actively at work?”
That is it. (Some states have a modified question, but similar.)
Before you simply say “Yes!” Think about that question. It’s not a gray area, subject to interpretation.
- Are you actively at work?
If you are unemployed, you are not actively at work. If you only work 10 hours a week, you are not actively at work. It’s not a hard question, but too many think they qualify, and they don’t.
Let’s discuss this question in more detail.
What Does The Question Mean?
This isn’t a trick question.
If you don’t work, you simply can’t obtain this insurance. You can be healthy every other way, but if you don’t work, let’s say due to depression, you don’t qualify. It is that simple.
And, if you only work a few hours per week, that is not “actively” at work. I think you would agree with me.
In fact, even working 10 or 15 hours per week is not actively at work.
A negative answer prevents many people from purchasing this insurance. Moreover, as we discussed, if you are disabled and not working, well, you can’t purchase this insurance.
Nevertheless, many people with moderate to severe health conditions, or none at all if they want speed and simplicity, can purchase this insurance, up to $100,000 in coverage. Provided, they can truthfully answer the question.
I am sure you are interested, so let’s talk about the life insurance in more detail.
Available Types of Guaranteed Issue Life Insurance For $100k
The carrier we use offers 1 type of guaranteed issue life insurance up to 100k:
- (1) whole life
A term life insurance was offered, but that has recently been pulled.
Whole life is a type of permanent life insurance. Permanent insurance is designed to last one’s lifetime. The advantage of whole life is that as long as the premiums are paid, your family will receive the death benefit.
Let’s go into the whole life insurance option in more detail.
Details Of The Guaranteed Issue Whole Life Insurance Up To $100,000
- Eligible ages: 18 to 70
- Guaranteed issue life insurance up to 100k, provided question answered truthfully.
- Spousal guaranteed issue up to $15,000
- Children guaranteed issue term rider up to $25,000
- Immediate death benefit. That is right; no waiting period
- Optional accidental death benefit rider
- Premiums do not change
Let’s discuss premiums on the life insurance next.
Premium Cost Of The Guaranteed Issue Life Insurance
Here are the premium costs for the guaranteed issue life insurance. We included the range of premiums for a 35-year-old, non-tobacco user as well as $100,000 across age ranges.
Here are the premiums for corresponding death benefits for a 35-year-old:
These aren’t too bad, right? Keep in mind, these premiums are subject to change.
Here are the premiums by age.
Ok, sounds good, John. But, how do these compare with other fully underwritten policies?
Sure. First, anything that is fully underwritten will be cheaper than a guaranteed issue policy.
Comparable Premium Costs
However, here are some comparable premiums versus other carriers.
I think you find the premiums for the (almost) guaranteed issue life insurance extremely competitive.
Here are comparable premiums versus Gerber’s simplified whole life insurance plan. It is a nice plan.
A 50-year-old, male, $100,000 will cost $202.92 per month versus the $204.49 with the guaranteed issue plan. However, a 50-year-old woman will pay $181.83 with Gerber.
Likewise, with a fraternal benefits organization we work with. A 55-year-old man can purchase $50,000 with the guaranteed issue plan for $132.04 per month versus $130.14 with the fraternal organization. However, a woman of the same age will pay $116.20 per month with the fraternal.
Finally, you have heard of “burial insurance” or “final expense life insurance”. These are small face amount whole life policies, like $30,000 or less, predominantly used to fund your funeral needs.
Let’s say you want $30,000 of burial insurance. Depending on your health status, you could pay anywhere from:
- $93 and $142 per month if male, or
- $68 and $125 per month if female
However, as with any underwritten life insurance, the premiums you pay depends on your health (among other factors). You may not qualify. But, the comparable $30,000 for the guaranteed issue whole life insurance costs $80.07 per month.
So, it is very competitive.
Of course, all of this is subject to change as well as your working full-time. Nevertheless, the (almost) guaranteed issue life insurance is a viable option.
The application process to obtain the guaranteed issue life insurance is very simple.
The application is online and obtained through a link from us.
You self-enroll through the link we provide; however, I recommend we do this together over the phone. We can screen share very easily, and I can show you how that is done.
Here is what you will need to do:
- need to register for access to the enrollment portal
- input your personal information (a secured; encrypted site)
- select the life insurance
- answer 3 questions (including the one we described above)
- input who will be enrolling – you, you and your spouse, or family coverage
- enter smoking status, coverage amount, and other information then click on continue enrollment
- agree to the terms and continue with the enrollment
- enter your payment information and finalize the enrollment
- receive the limited partnership agreement sent to the email address you applied with and sign (more on that in FAQs)
If it seems easy, it is. Setting up and enrolling is no different than your enrolling or filling out any online application.
Still, though, I recommend you contact us to discuss the steps and screenshare if necessary.
Key Takeaways For The Life Insurance
- Really only 1 question to answer (there are two others, but they are about policy replacement)
- Not everyone will qualify
- Pick whole life insurance
- Apply online through our application link. It is like a “cart” option
- Agree to the terms and submit your application
- Agree to the limited partnership agreement (sent to the email address you applied with) and sign
That is it. Then, you have life insurance. It is that simple.
FAQ About Guaranteed Issue Life Insurance Up To 100k
(1) Is this for real?
Yes, this is legitimate. The carrier that underwrites the life insurance is an A-rated carrier and has been in existence for over 100 years. You do need to answer, essentially, that one question as we described earlier.
If there is a “catch”, as we discussed, it is that this insurance is offered through a limited partnership that was created to promote the controlled sharing of your online information. Your data is anonymous and encrypted. You also receive compensation for your online browsing data.
In return, you have the life insurance.
Contact us if you would like to learn more. Again, if you don’t like it, then we can find you other types of life insurance.
(2) If I am totally disabled, can I purchase the life insurance?
If you are not working in a full-time capacity, then no.
(3) Is this guaranteed issue life insurance available in all states?
No, these plans are not available in all states. Currently, it is not available in NY, HI, and AK.
(4) Is this guaranteed issue life insurance available in New York?
New York is a tough state for guaranteed issue life insurance. Unfortunately, it is not available in NY as of this writing. The options under the prior program were. We will update accordingly if this changes. Of course, feel free to contact us if you have questions. We likely can get you some level of life insurance coverage depending on your situation.
(5) Can I purchase more than $100,000?
No, currently you can’t purchase more than $100,000.
(6) Can someone else own the policy?
No, the applicant must be the insured and owner. A guardian, power of attorney, or trust can not own the policy. If you are in need of life insurance that contains these ownership options, please contact us.
(7) Is there a waiting period on the death benefit?
There is no waiting period on the life insurance. It is an immediate benefit.
(8) Can’t I just lie on the life insurance application? The carrier won’t find out, right?
Lying on an insurance application is fraud. While the carrier may issue the policy, if they don’t feel you answered the questions truthfully, upon death they may either rescind your policy (pay back your premiums) or pay out a smaller death benefit.
Do you really want that for your surviving loved ones? Most people don’t. So, the best way is to be truthful. We have other life insurance options. If you are in a wheelchair, use a walker, or have cognitive problems, likely you won’t qualify for this insurance.
So, just tell us the truth. We can likely find you the right life insurance for your situation.
How We Can Help
We hope you see that (almost) guaranteed issue life insurance up to 100k is available. Remember, you must be:
- actively working
If you are actively working, then the life insurance is available.
Want to know more and how we can help? Contact us or use the form below. We would be happy to chat with you and see if you are a good fit. We will also help you with the application process.
As we always say, there is no risk to contacting us. You see, unlike other agencies, we must work in your best interest. It’s the only way we know how. If we can’t help you, no problem. You’ll learn a little more, and we will part as friends. Seriously!