When it comes to life insurance, the process from application to acceptance can be a lengthy one. With the application process, there are many factors that can hold up a policy being accepted and approved so it is important that people are aware of the immediate options to help speed things up.
For elderly people who have to consider things like their retirement funds too, this can make the process even longer and can cause a lot of uncertainty, which is why in this post I want to talk about immediate life insurance and the options that are out there for people looking for a quicker solution. You want life insurance that starts immediately and this post should hopefully inform you as to what you should be considering when taking out a guaranteed life insurance policy.
Guaranteed Issue Life Insurance
So to provide a bit of background on what guaranteed issue life insurance, it is basically a policy type that means the provider has to accept and cannot reject this kind of insurance for any reason. So it means that they accept for anyone that applies for this type of cover and essentially makes the entire process a lot faster and smoother for people.
This is an excellent option for people that are either elderly or have significant health issues as it means you are guaranteed acceptance and it makes it a very suitable option for this reason alone. Although it is more expensive due to the cover type, you can live with the assurance that you need to know that you and your family are protected if worse was to come to worse.
Will You Be Able To Get This Insurance Cover Right Away?
So with this cover although all applications do get accepted, there are different types that depend on the nature of your policy. There is an immediate guaranteed life plan that you can take out that may be even more expensive that the standard guaranteed plan. With the standard, there is a waiting period that can be up to four years that basically means you would not be entitled to your full benefits until this period is up. This tends to be a cheaper option for people but if worse was to come to worse; it would mean you wouldn’t get the full entitlement due to this waiting period that is in place.
Will I Be Fully Covered With Immediate Life Insurance?
With immediate life insurance, you will be covered from the very first payment which may be a more secure option for people but again, it will be more expensive so it really is dependent on how soon you will require the full coverage. There are many providers out there that you can compare online on sites like Senior Life Insurance but a lot of providers won’t actually offer this so it is important to find the right provider that you know you will be completely covered with.
Why Do Life Insurance Policies Include A Waiting Period?
For the insurance companies to make money on these kinds of immediate life insurance plans, they put waiting periods in place that basically protects the insurer during this period of time. This is why it is vitally important to thoroughly check the small print with regard to your plan. Insurers will try to avoid paying out the full amount and especially if they have not been able to ask any health related questions. This period of time basically means that if they need to pay out, they will not need to pay the full sum of the policy value.
Why Should I Consider Immediate Guaranteed Life Insurance?
If you or a family member are older or have some sort of health issue that could potentially deteriorate, then this kind of policy is a great idea. It cuts out any waiting periods and will ensure that you are entitled and protected with how much the policy is worth. It means that for funeral costs and family support, you will be fully covered. Again, ensure that you are doing the right kind of research on your providers and make sure that you are aware of all of the terms relating to your policy.
