The plan terminates at age 80.
John, is there a waiting period like other guaranteed issue life insurance policies?
Yes, now is a good time to discuss the death benefit.
Structure Of The Death Benefit
As mentioned, you can purchase between $10,000 and $50,000 of life insurance, in $10,000 increments.
However, like all guaranteed issue life insurance, there’s a waiting period on the death benefit.
As we explain in our guaranteed issue life insurance guide, the reason carriers do this is to avoid quick payouts of the death benefit. There’s no underwriting, so carriers must mitigate their risk somehow (in order for the premiums to be reasonable and their plan solvent and competitive).
With the Protection Plus, the waiting period is 2 years and is structured as follows:
100% of the death benefit is paid anytime if death is due to an accident.
Here’s an example.
Larry is 56 and purchases the Protection Plus10 (i.e. $10,000 death benefit). His premium is $58.38 per month. He paid 10 months when he, unfortunately, passes away from an illness. His beneficiary receives $583.80 or 10 X $58.38.
Let’s say he passes away in the early part of year 2. Then, his beneficiary receives $2,000 ($10,000 X 20%).
Let’s change the situation where Larry is driving his car and passes away in a car accident in year 1. His beneficiary receives $10,000.
Note the waiting period again. If a doctor certifies that you have a life expectancy of fewer than 24 months, then this plan is not right for you.
How Much Does Guaranteed Issue Term Life Insurance Cost?
The Protection Plus plan has step-up premium rates as you enter age bands.
Step-up rates are very common in association and group employer life insurance plans. The Protection Plus is no different.
The plan has 5-year fixed premiums. You can convert the term life insurance into one of LifeShield’s permanent plans, if you wish (called the convertibility feature).
Here’s a snapshot of the current rates and age bands. Of course, this is subject to change.
These rates include the cost of membership to WAOA. They do not include a one-time, $25 application fee.
Where Is It Available?
The Protection Plus guaranteed issue term life insurance plan is not available in every state. It is available in 32 states and the District Of Columbia:
If you live in a state where Protection Plus is not available, please contact us. We likely have other options available for you.
Who Is The Guaranteed Issue Term Life Insurance Good For?
Who is the Protection Plus guaranteed issue term life insurance good for?
Anyone, really, but here is a list of people who might benefit from this plan. These include, but are not limited to:
The list goes on.
People who are in tough situations due to health conditions or lifestyle situations should consider this guaranteed issue term life insurance.
What Are The Other Association Benefits?
When you purchase the guaranteed issue term life insurance, you will have access to other valuable, non-insurance benefits. These benefits include:
How Do I Apply For The Protection Plus Guaranteed Issue Term Life Insurance?
Applying for the Protection Plus guaranteed issue term life insurance is easy.
Just click on the button below (or any of the “apply now” buttons in the article).