Guaranteed Issue Whole Life Insurance
Guaranteed Issue Whole Life Insurance With No Health Questions and No Medical Exam
Guaranteed Issue Whole Life Insurance, sometimes referred to as Guaranteed Acceptance Whole Life Insurance, from American General Life Insurance Company is a simple and affordable final expense life insurance policy specifically for seniors. The product does not require a medical exam or health questions in order to qualify. Instead, eligible seniors ages 50-80 can secure a policy to help cover expenses like medical bills, credit card debt or funeral and burial costs that can help protect your loved ones from future financial burdens
Guaranteed Issue Whole Life Insurance Benefits
Guaranteed Acceptance Life Insurance
Permanent insurance protection that lasts a lifetime - You are automatically qualified and we guarantee that we won't turn you down.
No Medical Exam and No Health Questions Required
This guaranteed issue life insurance product requires NO medical exams or health questions that can cause traditional life insurance costs to skyrocket.
Up to $25,000* in Life Insurance Coverage
Get a Guaranteed Issue Life Insurance policy starting with coverages from $5,000 all the way up to $25,000.
Rates start at $21/month for a female and $29/month for a male, age 50 with $5,000 in coverage.
Living Benefits are Included - at NO EXTRA COST
Chronic Illness - This benefit returns all of the premiums paid and is triggered when the insured cannot perform at least 2 of the 6 "activities of daily living" (bathing, continence, dressing, eating, toileting, transferring) or is diagnosed with a severe cognitive impairment like Alzheimer’s or dementia.
Terminal Illness - This benefit provides 50% of the applicable death benefit at the time of acceleration. Terminal Illnesses are illnesses or physical conditions that are certified by a physician to be reasonably expected to result in the insured's death within 24 months from the date of certification.
Guaranteed Level Life Insurance Payments
Premiums for our guaranteed acceptance life insurance policies are level (or fixed premiums) and are guaranteed not to increase during the life of the policy.
Senior Life Insurance for Ages 50-80
Guaranteed Issue Whole Life Insurance is a product specially designed with Seniors in mind. If you are between the ages of 50-80, you are guaranteed to be accepted for a policy and cannot be turned down for health or medical reasons.
Guaranteed Issue Whole Life vs. Whole Life
- Whole Life Insurance specifically for Seniors aged 50-80
- No Medical Exam
- No Health Questions
- Guaranteed Acceptance
- Living Benefits
- No age restrictions
- Fixed payments that remain the same as you age
- Tax-free death benefits
- Accrues Cash Value that can be borrowed against
What is Graded Death Benefit Life Insurance?
With some guaranteed life insurance policies, like Guaranteed Issue Whole Life Insurance from American General Life, what is known as a graded death benefit is provided. Within the first two years of the policy if a natural death occurs, the benefit can range from 110%-120% of the actual premium paid. If an accidental death occurs, the benefit will be the face amount of the policy. And after the two years, the benefit will be the full-face amount of the policy. This graded benefit guaranteed whole life insurance product may be an option for people who want the protection of permanent life insurance coverage, but due to possible health concerns may not qualify for any other permanent life insurance plan. If you have further questions, it is best to speak with an agent.
* The total amount of all American General Life Insurance Company Guaranteed Issue Whole Life Insurance policies on any person cannot exceed $25,000 in the aggregate. Premiums paid may exceed amount of coverage. Must be between the ages of 50 and 80 to apply. Policies issued by AGL in all states except NY and ME, Policy #: 20532, ICC20-20532. AGL is not licensed to do business in New York. In PA this product is offered through online sales only.
** Guarantees are subject to the claims-paying ability of the issuing insurance company.
Important Consumer Disclosures Regarding Accelerated Benefit Riders
An Accelerated Death Benefit Rider (ABR) is not a replacement for Long Term Care Insurance (LTCI). It is a life insurance benefit that gives you the option to accelerate some of the death benefit in the event the insured meets the criteria for a qualifying event described in the policy. The rider does not provide long-term care insurance subject to California insurance law, is not a California Partnership for Long-Term Care program policy. The policy is not a Medicare supplement.
ABRs and LTCI provide different types of benefits. An ABR allows the insured to access a portion of the life insurance policy’s death benefit while living. ABR payments are unrestricted and may be used for any purpose. LTCI provides reimbursement for necessary care received due to the inability to perform activities of daily living or cognitive impairment. LTCI coverage may include reimbursement for the cost of a nursing home, assisted living, home health care, homemaker services, adult day care, hospice services or respite care for the primary caretaker and the benefits may be conditioned on certain requirements or meeting an elimination period or limited by type of service, the number of days or a maximum dollar limit. Some ABRs and all LTCI are conditioned upon the insured not being able to perform two or more of the activities of daily living or being cognitively impaired.
This ABR pays proceeds that are intended to qualify for favorable tax treatment under section 101(g) of the Internal Revenue Code. The federal, state, or local tax consequences resulting from payment of an ABR will depend on the specific facts and circumstances, and consequently advice and guidance should be obtained from a personal tax advisor prior to the receipt of any payments. ABR payments may affect eligibility for, or amounts of, Medicaid or other benefits provided by federal, state, or local government. Death benefits and policy values, such as cash values, premium payments and cost of insurance charges if applicable, will be reduced if an ABR payment is made. ABR payments may be limited by the contract or by outstanding policy loans.