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Guaranteed Life Insurance

One thing you may have heard of is guaranteed life insurance. Guaranteed is in the name. However, you may wonder whether or not this is true. Thankfully, it is in fact guaranteed. This kind of coverage does not change based on a person’s age or heath. For this reason, it may be a good choice for older people or people suffering from health problems.

The Pros of Guaranteed Life Insurance

The greatest benefit of this form of life insurance is that a medical examination is not actually required. This makes guaranteed life insurance a great option for individuals that have been rejected for other forms of life insurance due to either their age or health issues.

The Cons of Guaranteed Life Insurance

There are some limitations to this type of policy. Usually, 24 months must lapse before it will pay out. If someone dies during those two years, the policy will not cover the funeral or other expenses. However, the money that was paid into the policy will still be refunded if this were to occur. Secondly, a guaranteed life policy will generally be more expensive than other kinds of life insurance.

For these reasons, guaranteed life insurance is a choice that is best suited for individuals that are considered too high risk for other life policies. Alternatively, it is not a good option for those looking to save money. Before making your choice, fill out our simple online form to compare guaranteed life insurance rate quotes from top providers in your area.