Guaranteed Issue Life Insurance (Life insurance without medical questions)
For those who are at a venerable age, and those who have any medical problems, an insurance program was created, under which the person is guaranteed an insurance contract without medical questions.
Of course, one has to pay more for such a contract, but sometimes it is the only option. Unfortunately, there are funeral expenses and someone has to pay them. It would be financially beneficial if the insurance company were to assume these costs. A 70-year-old woman can have coverage of $15,000, enough to pay for a funeral, and it will cost her only $99.54 per month. Of course, if you feel that your health is good enough so there should be no special problems with a medical examination, then the same amount of insurance, $15,000, can be bought 2 times cheaper – for $54.
Thus, you will put away money today and the insurance company will cover all costs incurred later, or you yourself will have to find a substantial amount (and, as always, financial problems arise at a bad time …).
After 3 years this contract offers some money in case of termination (cash surrender value) or, even if the person stops making payments, maintains a certain coverage (reduced paid-up value).
In case of death due to an accident (accidental death), the amount of insurance paid will be double.
In extreme cases, if you miss 1-2 monthly payments, the contract will not be terminated. These are pretty good conditions.
For the same $100 a month, a 40-year-old man can have about $50,000 of coverage and payments will never change throughout one’s life.
I’m looking forward to your questions.