The best insurance for your needs

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When you are looking to purchase a life insurance policy there may be a number of different options that are available to you. However, there is one kind of insurance coverage where you cannot be refused. Guaranteed acceptance term life insurance does not ask any health questions or have any waiting period. In certain situations this might be the best insurance for your needs.

The best insurance for your needs

With this kind of insurance, you basically are not rejected for any reason. You do not have to answer any health questions and there are no medical exams involved. Everyone who applies is granted this insurance.

The main benefit for this type of insurance coverage is if you happen to have a debilitating health issue, you can still get life insurance. The biggest disadvantage is that it is the most expensive kind of life insurance.

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Most of these types of policies have waiting periods that are up to two years. But it is possible to purchase guaranteed acceptance life insurance that does not have a waiting period. Of course, there are a couple of catches for this kind of coverage:

Limit on benefits
Expense

Limit on Benefits

When you purchase guaranteed acceptance life insurance without a waiting period or medical exam is is the most expensive type of life insurance you can buy. So although you immediate get the benefit of insurance, even when you are terminally ill, it will cost you more than any other type of insurance that is available in today’s marketplace.

Expense

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Another major drawback to this type of insurance is that the benefit amount is usually limited to either $100,000 or $50,000 depending on what is offered by a specific insurance company.

You should only consider this type of insurance when:

You don’t have any other options. For a majority of individuals, this kind of life insurance isn’t necessary unless it is expected that you are going to die very soon, or you have a very strong history of debilitation, injury or medical illness. Otherwise, even if you have been very sick, other types of insurance will probably be available to you that are less expensive.

Guaranteed acceptance life insurance can be a good option when you need insurance quickly and do not want to undergo a medical exam or be required to go through a waiting period. The major drawback is the expense, but it is a way that anyone can qualify for life insurance without any requirements.

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The best insurance for your needs
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