Some life insurance advertisements claim you cannot be turned down.
What's the catch?
Well, these are called guaranteed issue life insurance policies.
They guarantee your approval for coverage if you meet the age requirements, which may be ages 45 to 85.
And, the amount of life insurance may be limited to $25,000 or less.
The prices are higher than standard life insurance because they insure some who may not otherwise be able to get insured for life insurance.
The catch is that there is a limited death benefit if you die during the first 2 or 3 years you are insured - this is called a "graded benefit period". However, if you pass away after the limited benefit period, your beneficiary receives the full death benefit.
Here's how to learn more about
guaranteed issue life insurance plans.
