Have you known someone to get DENIED Life insurance?
We sit with clients who are elderly and who have outlived their term policy who want coverage, but now their premiums have more than tripled to be covered at their age or they have several health issues…
In this case, they may need a guaranteed issue policy… But what does that mean exactly???
It means that the policy will be issued without underwriting guidelines and questions. However, if you pass away within the first 2 years of the policy being is
sued the Life Insurance company will only pay out the premiums paid into the policy to the beneficiary. Typically most carriers will only offer up to $25,000.
The main carrier we write for will cover the client their whole life and premiums usually stop at around age 80 depending on when the policy starts.