What Is Guaranteed Life Insurance Cover?
A guaranteed life insurance cover is a proposal in which premium remains uniform throughout the term of the policy. With rising age, the cost of insurance may increase and to that extent, it could be better if you get coverage while you are young. This may enable you to secure premiums that remain the same all along the life of the policy.
Find An Affordable Guaranteed Life Insurance Quote
It is known that Social Security can offer only $255 for burial expenses while in reality the costs could stretch up to $7,000 or even $10,000. Many grieving families may not be able to bear such high costs after loss of a family member.
In such situations, FreeInsuranceQuotation.com’s guaranteed trust life insurance cover could provide you the desired piece of mind as it could enable you to spend on funeral expenses with ease. Besides, the policy may also help you to clear medical bills or left over debts worth up to $15,000.
Term life insurance is the most economical way to do it
Know How A Guaranteed Life Insurance Policy Works
Has Some Limitations: People will find it difficult to get life insurance coverage if they are suffering from ailments like cancer or some other similar medical conditions. The life insurance policy will have some limitations but otherwise it works fine.
Provides Graded Benefits: Consumers, who are new policy holders, could take advantage of certain graded benefits for the first 2 to 3 years. For example, if a person dies within this period, he could be entitled to receive partial refund of premiums paid plus a fraction of death amount.
Premiums Can Be Higher: The guaranteed life insurance rates could be much higher. At times, a buyer may end up paying more than the benefits he is likely to receive for death of a family member.
Death Benefit May Be Low: Although death benefits offered could vary from company to company, the maximum amount of benefit which a policy could offer might not be more than $50,000. This is because even companies face risks when insuring people.
Benefits Offered By Guaranteed Life Insurance Policies
- You could secure coverage worth $25,000 as part of guaranteed death benefit life insurance coverage. But such a benefit could be limited to refund of premiums for first 2 years after your having secured the policy. However, if death results from an accident, your dependent could get “Accident Death Benefit” under the policy.
- In case of accidental death, buyer’s family could receive an additional amount which may be 5 times the amount of life insurance coverage.
- Even if the insurance coverage extends for your entire life, payment of premiums could cease once you reach the age of 95.
- If the policy has been in effect for more than 2 years and thereafter, you suffer from some terminal illness then you may obtain a percentage of death benefit for up to 24 months.
- The amount of premium will not increase as long as the policy is in effect.
- There will be no tax on the death benefit received by your beneficiary.
- If dissatisfied with the policy, you can cancel it within 30 days of receipt. In such a case, all the premium will be refunded.
Protect Family Financially With Guaranteed Life Insurance
- In the event of your death, your family members will get a cash sum which is guaranteed under contents of the guaranteed life insurance policy.
- At the time of buying the guaranteed life insurance coverage, you do have the option to raise your coverage by 5% every year but accordingly the annual premium will also increase.
- Normally, the policy will not have any cash-in-value but if you opt for a policy with a single premium, it may have some cash-in-value. However, its value could be lesser than the total premiums paid.
Guaranteed Issued Life Insurance Policy-Who May Benefit?
What Is Guaranteed Life Insurance Cover?
Your chances of getting benefitted with a guaranteed term life insurance cover could be limited if you are already suffering from cancer, AIDS or heart ailment. However, by securing such a policy, your family could receive money for funeral expenses.
People Who Have Dangerous Hobbies:
Getting guaranteed issue life insurance policies can be a great option for those who cherish dangerous hobbies like such as skydiving or mountain climbing which are basically highly risky propositions.
All Elderly People Who Are Getting Older
Elderly people may find a term life insurance guaranteed policy beneficial as it will accord them financial protection during their old age. Nevertheless, the premiums charged could be significantly high.