Guaranteed Acceptance Life Insurance

Guaranteed acceptance life insurance, also known as guaranteed issue life insurance, does not require you to answer any health questions, undergo a medical exam, nor allow an insurance company to review your medical prescription records. Because of this, the premiums will be higher traditional life insurance policies, and there will be a waiting period (usually 2 years) for the full benefit to be paid out in the event of the death of the insured. But during the waiting period, if the insured passes away due to an accident, the full death benefit will be paid out to the beneficiary. For any other kind of death during the waiting period, the premium plus interest (usually 10%) will be paid out. While this is not as favorable as a traditional life insurance policy, it is much better during the two-year waiting period to have the guaranteed acceptance life policy than keeping your money in savings. This is because your premiums will receive an incredibly much higher guaranteed interest rate than you could earn in any investment, let alone, in a checking, savings or money market account. This is very beneficial for people who do not qualify for any other life insurance, but still need coverage. Also, guaranteed acceptance life policies are usually small whole life or term policies ranging from $5,000 to $100,000 in coverage.