Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent Daniel Walker

UPDATED: Feb 13, 2022

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The Lowdown

  • Guaranteed issue life insurance policies offer a guaranteed acceptance regardless of your health status
  • Guaranteed issue life insurance policies work well for people with medical conditions and people purchasing life insurance in their 70s or older
  • Some of the downsides of a guaranteed issue life insurance policy include high rates, low coverage amounts, and graded death benefits

When you are searching to purchase a life insurance policy, you have a lot of different options to choose from. Depending on what you’re looking for, how old you are, and your health status, a guaranteed issue life insurance policy may be the best fit.

Guaranteed issue life insurance is a type of whole life insurance policy that does not require any sort of health exam and does not necessitate a specific health qualification. While there are some individuals who may be excluded from buying a guaranteed issue life insurance policy, many people would qualify for coverage.

As you search for the best guaranteed issue life insurance companies near you, you may want to shop around to compare several guaranteed issue life insurance quotes at once. This will help you make sure you’re finding the best coverage options available at the most reasonable prices.

You can use our free quote tool above to find and compare guaranteed issue life insurance for seniors and other individuals today.

What is guaranteed life insurance?

Guaranteed issue life insurance, also called guaranteed acceptance life insurance, is a type of life insurance policy that most individuals cannot be turned down for. Most guaranteed issue life insurance policies do not require you to answer any medical questions, and they involve a simple application prior to purchase.

Some of the people who benefit the most from a guaranteed issue life insurance policy include:

  • People with advanced diabetes
  • People with HIV or AIDS
  • People in need of an organ or tissue transplant
  • People with a recent cancer diagnosis
  • People with Alzheimer’s or dementia
  • People with a limited budget for life insurance
  • People who are looking for a small amount of life insurance coverage

Most people who are searching for a guaranteed issue life insurance policy find it difficult or impossible to purchase a different type of term or whole life insurance coverage. If you had a term life insurance policy that has matured, have health concerns, or are searching for life insurance in your 70s or 80s, a guaranteed issue life insurance policy could be a great way to protect your family and cover funeral and burial costs.

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What are the best guaranteed issue life insurance companies?

There are a lot of different life insurance companies that offer guaranteed issue life insurance coverage. Some of the companies that are considered the best when it comes to a guaranteed acceptance policy often include:

  • AAA
  • AIG
  • Gerber Life
  • Mutual of Omaha
  • New York Life
  • Colonial Penn
  • Americo
  • MetLife
  • United Home Life
  • Fidelity Life
  • Vantis Life

Just because you see a company listed above does not mean that company will offer you the best coverage options and rates when it comes to a guaranteed life insurance policy. Likewise, if you do not see a company listed above that you’re interested in, there is no harm in speaking to an agent with the company to ask more about their guaranteed issue life insurance options and get a quote.

Your best bet is to get quotes from life insurance companies and then compare them before making any final decisions. Because guaranteed issue life insurance policies are often quite simple to apply for and ultimately purchase, you should not feel rushed to make any decisions until you know what’s best for you.

What are the pros and cons of guaranteed life insurance?

With guaranteed issue life insurance, as with any other type of life insurance coverage, there are positives and negatives to the policy. When it comes to the pros of guaranteed life insurance, most people appreciate the following:

  • It’s easy to apply.
  • There is no medical exam required.
  • You do not have to answer any health questions.

When it comes to the cons of a guaranteed issue life insurance policy, many insurance professionals and financial experts agree on the following:

  • You can only purchase low coverage amounts.
  • The rates are high.
  • The policies include graded death benefits.

With most companies, it is impossible to purchase a guaranteed issue life insurance 100k policy. Most guaranteed issue policies cap out at around $25,000. And while you may be able to purchase guaranteed issue life insurance with no waiting period, you can expect to pay high rates for the coverage you receive.

Probably the worst aspect of guaranteed issue life insurance policies is the graded death benefit. With most guaranteed issue policies, if you pass away within the first two or three years of the policy, your beneficiaries may only receive a refund of your premiums. In many cases, this would not provide enough financial support.

How much is guaranteed issue life insurance?

You’ll never know exactly how much you can expect to pay for a guaranteed issue life insurance policy until you shop around for coverage. But the table below shows the average monthly rates for a guaranteed issue life insurance policy based on age, gender, and the policy amount.

Guaranteed Issue Life Insurance Rates

Age and GenderFor $5,000For $10,000For $15,000For $20,000For $25,000
60-Year-Old Male$35.07 $68.14$101.21$149.25$186.07
60-Year-Old Female$27.97 $53.93$79.90 $118.96$148.20
70-Year-Old Male$54.00 $106.00$158.00$232.60$290.25
70-Year-Old Female$41.21 $80.41 $119.62$176.74$220.43
80-Year-Old Male$104.16$206.32$308.48$415.67$519.08
80-Year-Old Female$95.77 $189.53$283.30$410.63$512.78

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As you can see, monthly rates, especially considering the fairly low coverage amounts, can get expensive depending on your age. Before deciding on a guaranteed issue life insurance policy, you may want to consider some alternatives.

A term life insurance policy could be good for someone searching for life insurance. This is especially true for individuals looking for guaranteed issue life insurance under 30. If you apply for a term life insurance policy and are turned down, don’t let that discourage you from trying with another company.

Simplified whole life insurance is a type of final expense insurance that is often less expensive than a guaranteed issue policy. With simplified whole life insurance, you may be eligible for higher amounts of coverage, but you will likely have to answer a few medical questions.

Lastly, funeral insurance could be a way to help mitigate the cost of any final expenses associated with your death. Funeral insurance should be considered a last resort when it comes to life insurance coverage, but a funeral insurance policy typically has a death benefit that covers specific services you choose in advance with a funeral director.

If you’re still unsure what type of life insurance policy you want, be sure to do your own research and speak to a few experts. After you shop around for quotes and compare coverage options, you should be able to pick out a policy that would work best for you.

Be sure to use our free quote tool below to find and compare guaranteed issue life insurance rates from top companies in your area today.