As access and exposure to information increase, we’re better equipped to make more mindful choices. We sign up for online meal plans to help us eat better. We strap on our Fitbits to motivate us to exercise more. We download apps to remind us when we’re blowing through our monthly budgets. But one thing we REALLY have trouble doing is prioritizing life insurance.
Many Americans who pay for insurance to protect their cell phones don’t see the importance of spending a similar amount on life insurance, which could of course protect their entire family. Sometimes this is due to a lack of understanding or a misconception that insurance costs far more than it actually does, but the biggest problem for most of us is that we just put other things first. For some people, though, life insurance truly is a little more complicated, and that’s what we’re here to talk about.
What You See
Most advertisements for life insurance (ours included) show the best case scenario.
Are you a healthy non-smoker who doesn’t have to scroll too far to find your birth year on a dropdown menu?
Great! Fill out some forms, schedule a quick in-home exam at which the biggest challenge will be remembering the minute details of your medical history from the past decade and hoping the nurse doesn’t notice the bag of Doritos on your kitchen counter. And chances are, you’ll end up with life insurance rates lower than your latte allowance.
We See You
We focus on the best case because this is what we want for everyone, of course…the opportunity to purchase a simple, affordable life insurance policy while you’re young enough and healthy enough to enjoy lower premiums.
But how about when your medical record is a little dinged up? What happens if there are a few vices you haven’t kicked? What if you’ve reached that age where all your birthday cards contain bad jokes about getting old, and you’ve never gotten around to buying life insurance?
We know that a smiling stock photo with a low rate underneath it simply doesn’t apply to everyone, and that’s OK. We want you to know that there are still options.
More Strings, Fewer Questions
Guaranteed life insurance is just what it sounds like…life insurance with no exam and no (or few) qualifications. The only requirement is that you pay your premiums. Those premiums will be higher, yes, and the benefits may be limited, but if your health status has kept you from getting approved for other types of policies, life insurance with guaranteed acceptance can give you one more chance to help protect your family.
As with most other types of life insurance, permanent policies (guaranteed whole life insurance) and temporary policies (guaranteed term life insurance) exist. One major difference to note is that in order to offset risk, many guaranteed policies do not provide a payout if death occurs within the first two years of the policy’s activation. However, premiums are typically refunded to the beneficiary in that case (sometimes with interest), so at the very least, the money that funded the policy will not be lost.
A guaranteed life insurance policy really is a last resort, so make sure you’ve exhausted all other possibilities before you go that route. Health issues that are a deal breaker for some insurance companies might not be for all of them. When you think you’ve reached the end of the road, though, know that there’s one last stop you can make before you give up on securing financial protection for the people you love.
Ready to see some guaranteed life insurance quotes? Take a deep breath and give our experts at OUR LIFE COVERED℠ a call at 888-828-9760, or use our online quote tool to get started.