Guaranteed
issue in a life insurance policy means that you will not be turned down for coverage any reason,
regardless of any health condition.
Most life insurance policies go
through full underwriting, which is where the life insurance company decides the degree
of risk involved with insuring your life. For example, are you healthy and expected to
live a long life or do you have health concerns that could potentially shorten
your life expectancy?
With a guaranteed issue life insurance policy, typically there is
what they call a "graded death benefit" period in that the life insurance policy will not pay
the full face amount death benefit for a period of time, typically 2 years but sometimes 3
years.
