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Getting Guaranteed Acceptance Life Insurance
Getting guaranteed acceptance life insurance is quite commonplace today. We've all seen the commercials stating that if you are a certain age then you can get coverage without even taking a medical exam. These policies are marketed toward the elderly; they can be had with hardly any questions and without medical exams too. But don't let these policies get confused with 'quick issue' policies, which also do not ask for a medical exam but do ask some extenuating questions.
The key to recognizing a true guaranteed acceptance life insurance policy is that they DO NOT ask any medical questions. This is when you know that it is the real deal. These policies are extremely attractive to the elderly because they aren't turned down. The one drawback to these policies is the limited benefit period. This means that should you die within the first two or three years of taking out the policy, it won't pay off. This affords the company a little time to make something off their investment. However, if you should happen to die within the three year period, most of the companies will refund the premiums to your family.
These policies are great if you are having trouble getting accepted anywhere else. They can provide your family with enough benefit to cover your final expenses, like funeral costs, debts, medical bills, and whatever taxes may be due. AARP has guaranteed acceptance policies and these can serve you well in paying off existing mortgages and loan balances. And it can help your beneficiary with some income until they're eligible for social security or pension benefits.
The AARP policies go through the New York Life Insurance Company. They are guaranteed acceptance life insurance policies for ages 50 through 80. If you are the spouse of an eligible policyholder, then you can apply at age 45. Your rates will be based on your age at the time of your policy issue date. But they 'guarantee' that you won't be singled out for rate increases no matter what happens. This means they cannot single you out purposely but should they have to raise the rates on a whole group that you happen to be in, then you would see the rate increase in that situation.
The coverage for these guaranteed acceptance life insurance policies remain level for the life of the policy. You can keep this coverage for life. And another benefit of these policies is that once you reach the age of 95, your premiums are considered paid in full and even though you no longer have to make payments on your insurance, the protection provided keeps on going. This can be a real blessing to many seniors.
Some other important features of the guaranteed acceptance life insurance provided by AARP are that death resulting by suicide will not be paid but the premiums are refunded. And another feature is that after the two year waiting period, members and their spouses are covered by what they call the 'Living Benefit'. This means that should either partner be diagnosed with a terminal illness with an expectancy of life of 12 months (it is longer in some states) or less, then they can immediately access half the benefit amount for use with expenses incurred due to the illness.
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