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Guaranteed Issue Life Insurance |
 The (whole) Life policy is issued on a guaranteed issue basis for ages 40 - 80 in most states.** There are no medical questions, no medical examinations, and no medical tests required to obtain this coverage. The minimum policy face amount is $2,000, and the maximum, $50,000. Benefits payable under the Graded Benefit (whole) Life policy are limited in the first two or three years, depending on the issue age of the insured. If the insured is under age 65, the benefit payable in the event of death that does not result from accidental means during the first 3 policy years is an amount equal to the premiums paid plus 5% compounded annually. If the insured is age 65 or older, the benefit payable in the event of death that does not result from accidental means during the first 2 policy years is an amount equal to the premiums paid plus 5% compounded annually. If death occurs as the result of accidental means during a policy's 2- or 3-year graded benefit period, the death benefit payable under the policy will be premiums paid plus 5% compounded annually plus an accidental death benefit amount equal to the full face amount of the policy.
*Not approved in Arkansas, California, Kansas, Illinois, Massachusetts, Minnesota, Montana, New Hampshire, and Washington
**Except New York: 50 - 75, Missouri: 40 - 75,
New Jersey: 65 - 78 Male and 65 - 80 Female |
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- No medical questions
- No medical examinations
- No medical tests
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The policy death benefit is the full face amount of the policy, except during the first two or three policy years, as described below:
Issue age between 40 - 64
Benefits payable during the first 3 policy years, except when death results from accidental causes, are limited to premiums paid plus 5% compounded annually.
Issue age 65 or older
Benefits payable during the first two policy years, except when death results from accidental causes, are limited to premiums paid plus 5% compounded annually.
Accidental Death
If death during the applicable 2- or 3- year limited-benefit period results from accidental causes, the policy death benefit will be premiums paid plus 5% compounded annually plus an additional sum equal to the policy face amount. |
- Missouri: 40-75
- New Jersey:
- New York: 50-75
- All other states: 40-80
Issue ages based on age nearest birthday(Not approved in Arkansas, Kansas, Minnesota, New Hampshire, and Washington) Minimum Face Amount: $2,000
Maximum Face Amount: $50,000 |
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