Guaranteed Issue Term Life Insurance Above 50 Years Old With No Medical Check

Are you being declined for term life insurance coverage for over 50 year olds repeatedly by several of the largest life insurers in US? Try applying for guaranteed issue term life insurance instead, which is designed for people who have problems being accepted into basic term life coverage. The underwriting requirements for guaranteed acceptance term life insurance is simplified for no hassle issue of policies to consumers. For example, there is no medical exam required to start your term life insurance. The price for 100% issue life insurance coverage is the cost of increased policy premiums. This is fairly justified because the insurers must assume a higher risk for accepting any consumer without checking their complete health conditions and medical history.

Another characteristic of guaranteed acceptance term life coverage is that they are only issued with 5 or 20 year term options. This is different from normal term life policies where you can typically choose anything from 1 to 30 years.

If you have often being declined term life insurance due to old age or chronic health problems, you are still able to get a guaranteed issue term life insurance policy over 50 years of age with high chances.

To choose whether to buy a 5 year or 20 year guaranteed issue term life insurance policy for seniors above 50 years old, it depends on your needs for protecting your dependents financially and how much you can afford to spare each month for life insurance expenses. The 5 year guaranteed life coverage will cost more than the 20 year policy, because your premiums are calculated over a shorter period for the insurer. Otherwise, the benefits, clauses and conditions on both type of guaranteed issue term life insurance policies are largely similar.

For example, both allows you to renew your coverage once the current policy is due and about to expire. There is no need to undergo and pass any health exams as long as you renew before the coverage expires. By the age of 80, you can choose to exchange either term policy into a whole life insurance policy or stop your term life coverage.

The monthly or yearly premiums you have to pay will typically remain level throughout the duration of each 5 year or 20 year term, as calculated at the start of each contract. With the increase in age and each time you renew, your guaranteed issue term life insurance rates will be increased due to your increased risk although you are still not required to undergo any medical exams. That is why we said earlier that the 5 year term coverage option will be more costly.

A shortcoming on these guaranteed term life insurance plans with no medical exam or questions asked is that you can only have limited coverage amounts, ranging from $5,000 to $25,000 in increments of $5,000. The reduced coverage amounts is enforced by the insurers to help cap their maximum risk since these are simplified issue life insurance policies with no detailed check on your health conditions.

Note that there are some important policy options you should consider when buying any guaranteed issue term life coverage for over 50 year olds. Firstly, critical or terminal illness coverage is not explicitly included. You need to buy an optional accelerated death benefit that pays out the coverage benefits instantly upon being diagnosed with an terminal illness listed on the policy contract. This option helps to alleviate any financial hardship you may encounter when coping with a serious health problem and expensive medical expenses.

More importantly, you may not have sufficient cash to continue paying your monthly premiums on any insurance policies without accelerated death benefit. These policies must be paid on time until the conditions for the coverage benefits to be paid out are fulfilled. If you let these lapse prematurely, your young dependents will lose all expected financial support intended from the policies you bought.

With accelerated death benefit on your term life insurance plan, the entire contract ends the moment your coverage benefits are accelerated and paid to you. There is no need to continue paying any monthly premiums and all the cash can be used by you accordingly to your needs and wishes.
   
Like all other types of insurance contract, there is the standard 30 day money back guarantee for you to decide whether the guaranteed issue term life insurance policy you just paid for it suitable or not. If you think its the wrong one during this "cooling off" period, you can request for a full refund with no questions asked.