Guaranteed Life Insurance
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Way.com: The Better Way to Shop for Life Insurance
No Medical Exams
100% Online
Get estimates in seconds
4.9/5 Rating on the App Store
Key Takeaways
Guaranteed life insurance is a type of life insurance policy designed to provide coverage regardless of an individual's health status. It is a type of whole-life insurance policy. Unlike traditional life insurance policies, guaranteed life insurance policies do not require a medical examination or any health questions to be answered during the application process.
Also known as guaranteed issue life insurance or guaranteed acceptance life insurance, the coverage amounts and premiums are fixed when the policy is issued. Unlike traditional life insurance policies, this type of policy may have higher premiums, and the coverage amount is often lower.
Guaranteed life insurance is for individuals with difficulty qualifying for traditional life insurance policies due to their health conditions. It may also be a good option for individuals who want to ensure that their family has some financial protection in the event of their passing, regardless of their health status.
This kind of whole life insurance policy allows you to apply if you are 50 to 80. The company will guarantee a policy no matter what your health condition is. Even though the premium rates are higher, there are several advantages to guaranteed life insurance.
| Pros | Cons |
|---|---|
| Guaranteed acceptance of the policy regardless of health. | Higher premium rates |
| No medical examination | Lower coverage amount |
| Cash value accumulation | It doesn't work out if you live in a nursing home with a terminal illness. |
| It provides final expense coverage | You cannot purchase it if you are over 85 years of age. |
| Instant approval | Death benefits are limited to $25,000 |
| Graded death benefit |
You may purchase guaranteed life insurance under the following circumstances.
You can avoid purchasing guaranteed life insurance if you fall under the following situations.
Several insurance companies offer guaranteed life insurance. However, reviewing the policy details and exclusions before purchasing a guaranteed life insurance policy is crucial as comparing quotes and coverage from multiple providers to find the best option for your needs and budget.
| Age | Gender | $5,000 coverage | $15,000 coverage | $25,000 coverage |
|---|---|---|---|---|
| 60 | Female | $26 | $62 | $105 |
| Male | $34 | $88 | $142 | |
| 65 | Female | $40 | $104 | $188 |
| Male | $52 | $141 | $254 | |
| 80 | Female | $101 | $289 | $518 |
| Male | $110 | $314 | $525 |
Guaranteed life insurance can be expensive since it insures high-risk applicants. Here is the average cost of guaranteed life insurance for different coverage amount.
| Insurance Company | Age | Waiting Period (years) | Minimum Coverage | Maximum Coverage |
|---|---|---|---|---|
| AAA | 45-85 | 2 | $5000 | $25000 |
| AIG | 50-85 | 2 | $5000 | $25000 |
| Gerber Life Insurance | 50-80 | 2 | $5000 | $25000 |
| Mutual of Omaha | 45-85 | 2 | $2000 | $25000 |
| New York Life | 50-80 | 2 | $2500 | $15000 |
Comparing companies for their financial strength and comparing policies against each other is an effective way to rule out and find out which policy type suits you the best.
| Guaranteed Life Insurance | Universal Insurance | Whole Life Insurance | Term Life Insurance |
|---|---|---|---|
| Limited death benefits | Death benefits are not guaranteed | Guaranteed death benefits | Death benefits while the policy is in force |
| Cash value is involved | The cash value can build over but depends on the policy. | Guaranteed cash value | No cash value accumulation |
| Premium rates are not flexible | Flexibility in premium rates | Flexibility in dividends | Customizable |
| Expensive premium | Lower premiums | Expensive premiums | Lower premiums |
| No death benefits during the first two or three years of the policy period. | May lapse | Doesn't lapse | Will lapse if you outlive the term length |
| For those who need coverage for final expenses. | An investment option in some variants. | Works as an investment option | Not an investment option |
| Coverage under poor health conditions | Long-term option | Lifetime protection | Covers a set period |
The life insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
No, guaranteed life insurance doesn’t come with a medical exam or health questionnaire requirement. However, this benefit comes at a cost; of being more expensive than the general policies available in the market.
If you do not have a health challenge, then it is better to opt for a regular life insurance policy. In other words, if you are able to undergo a medical exam, then you do not have to consider a GA policy.
Access your digital insurance card through the app. You no longer need to carry your physical insurance card with you.
Receive reminders before your renewal. Way.com will also send new quotes from up to 45 insurance companies with your renewal reminder.
Keep everyone on your policy up to date by sharing your insurance information.
Make changes to your policy right from the app (coming soon) and ask for expert advice.
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