If you are no spring chicken and have some health issues, you may wish to find out about getting guaranteed life insurance. This type of life insurance policy is a great option for those who have not arranged insurance yet but are in an older age group.
Insurance companies offer a guaranteed life insurance policy to any age group, which makes it the best option if you have turned 60 and have not yet arranged any life insurance! It is a favorite of those who may have an existing medical condition and have been refused cover for other policies. This is because a guaranteed life insurance policy is a guarantee; your beneficiary will definitely receive the death benefit once you have passed away.
A guaranteed life insurance policy is popular because there is no requirement for you to have a physical examination. The insurer will also ask few or no questions about the status of your health when you apply for this type of policy.
One thing to consider with this kind of policy is that the insurer may have a specific waiting period tied in to the plan. This means that if you pass away during that allotted time, then the benefit will not be paid to the beneficiary. If the time expires and then you pass away, the beneficiary will receive the complete benefit. Having said this, many insurers will refund the premiums you have paid during the waiting time, to the beneficiary.
The premiums you pay for this type of policy may be slightly higher than that of a whole or term policy. The difference is that premiums will be returned should you pass away during the stipulated waiting period, so there is some cash returned to the beneficiary.
It may be worthwhile checking if your employer has what is known as key man life insurance. This kind of insurance is designed to cover key employees in the business. Key man life insurance could mean that any of your dependents may receive financial help from this policy. The beneficiary of any key man life insurance policy is always the owner or director of the business. You could have this option to secure financial help for loved ones as well as a guaranteed plan.
Whichever option you choose, it is important to have insurance in place in time for you passing. You want to make sure that you do not leave debts and invoices behind or inadequate finances for your loved ones.
More advice and information about all types of insurance and particularly guaranteed life insurance can be found online. You will find that insurance companies and financial advisors are very knowledgeable about these products and can assist you with the easy and speedy applications process.