A guaranteed acceptance plan or guaranteed issue life insurance is an insurance policy specifically designed for people suffering from specific health problems. These people do not qualify for conventional insurance policies. Guaranteed acceptance insurance does not require you to provide any extensive medical information or answer any medical questions. This makes the plan more convenient and easier to buy.
You may want to provide assets or money to your heirs, or you may want to support them in paying the funeral costs after you pass away. However, because of your health condition, you may not qualify for specific burial insurance plans. But you have no reason to worry. A guaranteed acceptance plan like Colonial Penn Burial Insurance is here for people like you. There are numerous benefits of availing of such insurance. Here is a brief about the same to help you understand such insurance policies.
What Is a Guaranteed Acceptance Insurance Plan?
Guaranteed issue life insurance, popularly known as guaranteed acceptance insurance plan, is a variety of whole life insurance policies that don’t need you to answer medical information or divulge any information about your health. Some people also call such an insurance plan ‘no questions life insurance,’ ‘no questions final expense insurance,’ etc.
The insurance policy, although convenient and easy to avail, contains a tricky situation. A guaranteed acceptance insurance plan usually has a waiting period. However, if you pass away during the waiting period, your heirs or beneficiaries shall not receive any death benefits. Instead, the insurance company shall repay all your premiums to your beneficiary along with interest. Although this amount is less than the death benefits, it still gives you the chance of some insurance despite suffering from a serious illness.
Guaranteed Acceptance Insurance for People Suffering From Specific Conditions
Conventional life insurance policies are not granted to people suffering from certain health conditions. For such people, companies introduced the guaranteed issue life insurance. The scheme is ideal if you are a terminally ill person having a life expectancy of fewer than two years. You may also avail of this scheme if you need organ/tissue transplant, dialysis, suffering from dementia or Alzheimer’s disease, living in a nursing home or care-center, suffering from Cancer or AIDS, or using a wheelchair while suffering from a chronic health condition.
Other Benefits of Guaranteed Acceptance Insurance Plan
Guaranteed acceptance life insurance is beneficial because of multiple reasons. Terminally ill or sick patients who are neither eligible nor can afford a whole life insurance plan can settle for such insurance schemes. Moreover, those with a limited budget or suffering from a financial crunch shall also apply for this policy. Moreover, if you favor small-budgeted life insurance coverage, this policy shall work for you. This proves that such insurance policies are beneficial for a large chunk of the population in the country.
A guaranteed acceptance insurance plan like Colonial Penn Burial Insurance is designed to keep in mind those who are suffering from severe health conditions. This option provides you a chance to aid your family financially after you pass away.