Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Guaranteed Issue Insurance Policies
Preferred Premium Plans - Coverage Available for Everyone in All 50 States
Guaranteed issue life insurance simply refers to a class of life products that have no medical underwriting.
Application is very straightforward, with no height or weight restrictions or medical tests to endure. Within the policy's limitations, any applicant will be accepted for these plans.
Just as with health policies, the ideal term life plan can be very difficult to find.
Any agent selling individual health insurance will tell you that even seemingly young healthy people often have trouble getting insured if they have previously been diagnosed with a pre-existing condition.
That is why guaranteed issue offers real benefits to those who otherwise would not be able to get coverage.
Unfortunately, a number of companies take extreme license when it comes to advertising these products. Many are nothing more than discount medical cards and are generally a waste of money.
Others are careful to avoid the fact that some of these plans have limited benefits.
Although, they can get past the scrutiny of regulators in using the health insurance label, the insured is generally unpleasantly surprised in the event of a serious illness.
Nevertheless, there are a few plans that advertise their benefits in a clear unambiguous fashion use nationally accepted networks and most importantly, qualify as “credible coverage” by following strict HIPAA guidelines.
Is a Guaranteed Life Policy Right for You?
Keep in mind that the customer for these types of plans is generally someone who:
- Cannot obtain life coverage due to medical reasons
- Wants coverage for pre-existing conditions
A perfect example of qualified products can be found at www.naaip.org. They offer three classes of guaranteed issue health plans.
What Kinds of Health Plans Are Available?
Limited benefit or indemnity plans offer policyholders a pre-specified amount of benefit for certain services, such as hospital admissions, doctor visits, surgical procedures and various tests.
The top-end indemnity plans can offer large amounts of benefits to customers, albeit with higher premiums.
Another common guaranteed policy is commonly referred to as a mini-medical plan.
These plans subsidize the cost of services such as prescription drug fees, hospital visits, tests, outpatient procedures, etc, with actual co-pays.
In appearances and use, it is very much like a major medical plan, but, there are still annual limits.
Lastly, we have the comprehensive major medical health policy. These plans are fully guaranteed and offer several millions of dollars in coverage. Due to the complete nature of these plans, it is often hard to source truly guaranteed major medical plans.
Remember these plans are, with few exceptions, limited in their coverage. They are designed for those of you who do not have other viable alternatives due to medical issues or cost.
If you can qualify for a traditional plan, it is generally the best choice. You should speak to a knowledgeable and licensed health insurance agent to get more details.
Guaranteed Issue Health Insurance and Term Life Insurance:
Why are we lumping together term life insurance and guaranteed issue health insurance? Our goal is to provide comprehensive coverage to our customers, or failing that, the best possible policy they can receive for their individual circumstances.
Term life is a gift to one's family after one has passed on. While having health insurance and seeing doctors, hospitals, etc. in a timely manner may actually increase the term of one's life.
Term life insurance will protect one’s beneficiaries after you have passed on, whereas guaranteed issue health plans look after those who are in desperate need of cover while they are still very much alive.
While we cannot guarantee an individual health, happiness and financial security, we can certainly sell you the insurance policy that will make this more likely. Look into guaranteed life insurance and health policies if you have been denied coverage elsewhere and need the security that a good policy delivers.