Life insurance is one of the foundational investments that you should consider making for your family. Life insurance protection is one of the best purchases that you will ever make for the future security of your family. When you’re shopping for insurance coverage, there are dozens of different factors that you will need to consider to ensure that you’re getting the best policy available.
If you’re ever been declined for life insurance coverage, you may think that you can’t get insurance protection that your family will need, but that couldn’t be further from the truth. Regardless of your health or pre-existing conditions, there are several quality insurance options that you can choose from. One option is to buy a guaranteed acceptance life insurance plan. As you can guess from the name, these plans accept anyone that applies. The insurance company doesn’t ask any health questions, and there is no medical exam. All you have to do is give your age, name, address, and payment. It’s as simple as that.
Guaranteed acceptance life insurance coverage is one simple way that you can get life insurance, but there are several pros and cons that you should consider before you purchase one of these plans. To ensure that you’re getting the best life insurance policy, there are several questions that you should ask before you buy one of these plans.
How Much Life Insurance Do I Need?
Aside from buying life insurance, the next most important thing that you can do is ensure that you have enough protection for your family. Not having enough protection for your loved ones is ones of the worst mistakes that you could ever make for your loved ones. If something tragic were to happen to you, your family would be left with additional expenses and leftover bills.
One of the main disadvantages of guaranteed life insurance plans is that you’re going to be severely limited on how much insurance that you can buy for your family. Most insurance companies are only going to sell you around $25,000 worth of protection. For most families, this isn’t going to be enough coverage.
Before you purchase any plan, take the time to calculate how much life insurance your family will need. There are several key categories that you will need to account for to ensure that your loved ones have enough life insurance. Two to main things are your debts and your salary. More than likely, you’re going to need more than guaranteed acceptance insurance will offer.
Do I Have Any More Options?
The next question is about your other life insurance options. There is nothing wrong with a guaranteed acceptance plan, but they shouldn’t be your first choice. In fact, they should be your last resort for insurance coverage.
If your application has been rejected in the past, there are still some possibilities that you can get a traditional plan. There is a good chance that you simply applied with the wrong company. Every insurance company is different, and all of them are going to have different medical underwriting, which means they are going to view your application through a different lens. Some companies have more experience working with high-risk clients, while other companies are going to automatically decline your application. It’s vital that you find an insurance company that is going to work well for you.
The best way to find that insurance company is to work with an independent insurance broker, like ourselves. Unlike traditional agents, independent brokers work with dozens and dozens of highly rated companies across the nation. Our agents work with some of the best insurance companies, and we have years of experience working with all types of clients across the country. We know the companies that will give you the best chance of getting approved for an affordable plan.
How Much Do I Want to Spend on Life Insurance?
One of the most important questions that you should ask yourself is about your budget and how much you can comfortably spend on your life insurance. With a guaranteed issue life insurance policy, the plan is going to be more expensive for an insurance dollar. You’re going to spend more for a $25,000 guaranteed issue plan than you would for a small traditional insurance policy.
If you want to get the most affordable life insurance policy, then you need to apply for a traditional policy.
Guarantee Life Insurance Policy
At InsuranceScored.com, it’s our mission to ensure that you’re getting the best life insurance protection available. We know that shopping for life insurance coverage can be difficult and confusing, especially if you’ve been rejected in the past.
Nobody wants to think about his or her death, but you can’t avoid the inevitable, and it’s vital that you plan for the worst. Life insurance will give your family the money that they need to get through the difficult time without having to worry about money as well. Losing someone that you love is never going to be an easy task, but being responsible for a mountain of debt is going to make the situation a thousand times worse.
Because you can’t predict the future, you shouldn’t wait another day to get the coverage that your family needs. If you have any questions about guaranteed acceptance life insurance, please contact one of our agents today. We would love to answer those questions and connect you with the best plan possible.