Guaranteed acceptance life insurance: who needs it?

Some important things to know about guaranteed acceptance life insurance is that it doesn't require a medical exam, and there are no health questions. This type of coverage typically comes with higher rates and can offer smaller coverage amounts. It generally has a limited benefit period in the first two years. Now, let's see if it might be right for you.

You might benefit from guaranteed acceptance coverage if…

…you have a serious health condition

For someone with major medical issues or a person managing chronic illnesses, guaranteed acceptance life insurance may be an option. Although the benefit is typically limited, it may still help provide something meaningful for your loved ones after you are gone.

...you want help with final expenses

Individuals may consider guaranteed acceptance life insurance to help cover final expenses. That could include things like burial, cremation, or funeral. Even older adults with savings might prefer this type of insurance to dedicate it to these expenses. This could make things easier for family members at an already difficult time.

…you want speed and simplicity

Because it’s quick and easy to apply—that’s why some people choose guaranteed acceptance life insurance. With no medical exams and no health questions, approval is relatively fast compared to other types of coverage. A quicker reply can give older adults reassurance without the usual delays.

Guaranteed acceptance life insurance may not be the right fit for everyone, but for those with health issues, final expense concerns, or the desire for simple coverage, it may be an option worth considering. Even a small benefit may provide you and your loved ones added peace of mind.

 

This article is provided by New York Life for informational purposes only. Neither New York Life, AARP, nor its affiliates provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.