A guaranteed whole life insurance policy is life insurance that is guaranteed issue, and provides guaranteed lifetime protection.
A guaranteed issue life insurance policy offers a small amount of life insurance, usually up to $20,000 with limited requirements. So, there's usually no health exam required and there may be no health questions asked, depending on the life insurance company and plan.
And, if you meet the age requirements, you are guaranteed to be approved for coverage.
For instance, MetLife offers a guaranteed issue whole life policy and if you are ages 45 to 75 you cannot be turned down for coverage.
However, these guaranteed issue life insurance plans usually have graded death benefits the first 2-3 years. For instance, you may have limited coverage the first two ears you are insured, and then you have 100% full coverage after two years.
That's how they can accept anyone within the age requirements, regardless of health.
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