What is guaranteed acceptance life insurance?

Answer 1

Guaranteed acceptance life insurance is as its name implies, its available to anyone generally up to 80 or in some cases 85 years old.

There are no health questions asked. Unlike other coverage, death from an accident is covered in the first 2 years of the policy. Thereafter, death from any reason will result in payment to the beneficiary. If the insured passes away during the first 2 years, all premiums and some interest will be paid to the beneficiary.

There is also coverage called graded benefit life which will pay a percentage of the death benefit during the first 2 years as well.

This type of coverage is always subject to changes with new carriers coming into the market so it's a good idea to check with an independent life insurance agent before making a commitment.

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