What is graded benefit life insurance and how does it work?

Graded death benefit life insurance is a type of no exam life insurance that provides a limited amount of death benefit over the first 2-3 years you are insured by the policy.

This type of life insurance may be most common with juvenile life insurance plans and life insurance policies for seniors.

Basically, if the insured person dies within the first 2 years of being insured by the policy, the amount of the death benefit paid to the be...
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