January 24, 2012. Samuel Valero
Guaranteed Issue Term Life Insurance is being lapped up in a big way by the elderly citizens of the society. There is a special reason why the policy is doing so well.
After all, it does not care to know about the medical condition of the aspiring buyers. In other words, it does not require you to undergo medical screening to buy the policy. This way, those senior citizens between 50 and 85 who are bothered by a gamut of diseases can look forward to fetch a policy today. Earlier, this was not possible. Either they were negated insurance or they obtained it at a very high premium. Such an unaffordable premium was hard to be paid at all and resulted in quite a fuss.
Guaranteed Issue term life insurance has changed all this. The only disclaimer posted by the company is negation of payment within the first 2 years of buying it. This is quite justified. Without such disclaimers, any person could buy a policy even on his deathbed and avail the benefits of hospitalization. Yes, the policy plays in utter dark regarding your health condition but certainly tries to subsidize losses by being practical about the situation. It is worth noting that compensations are not denied within the first two years in case of accidents.
Guaranteed Issue has shown that the insurance providers are willing to experiment today. They do not mind taking a chance in order to provide greater satisfaction to the consumer base. For the purpose, they also challenge long-held traditions. For instance, no one ever supposed that Term policies could offer a premium. Yet, Return of Premium Term Life Insurance is offering just that. It aims to give back the cumulative premium amount to the policyholders at the time of maturity even if they outlive the policy tenure.
Updated January 24, 2012. Published June 16, 2011. Samuel Valero
