Guaranteed Issue Life Insurance Is an Unbelievable Policy for Aged People
Article by Shawn Manaher
Elderly people between age 50 and 85 are finding a special line of indemnity fashioned to protect them. In fact, the policy seems too good to be true and yet the fact is that day in and out insurance providers are churning out these insurances. The policy in question is Guaranteed Issue Life Insurance. Whats exemplary about this line of insurance is that it does not require the elderly people to sit for any medical screening.
Now, if it had been the case with people in their 20s and 30s, one could still understand the stance of the insurance providers but dishing out insurance to plus 50 people without finding out anything about their health seems like a risk not quite worth taking at first glance. Insurance companies are profit-making organizations and they believe that the number of claimants in question would always be below the non-claimants thus allowing them to subsidize the cost of claims.
How does this line of thinking fit into a Guaranteed Issue Life Insurance? It is quite fair to believe that people lying at the middle roads or the fag-end of their lives are highly vulnerable to develop medical complications. Overall, one would assume that the insurance providers might have to pay out every second person blessed with the policy within a short duration of time. This would make it difficult for the insurance companies to consider requests from people that are older in age.
How do providers look to hold against the fallout? Well! As a first, they issue disclaimers about settling any claims which may be made within one year of buying this policy. This can keep those people at bay who have prefigured a medical problem and are looking to take advantage from the policy in immediate future. The term is not essentially fixed at one year and may vary for different providers. Therefore, people should be aware about these facts.
Secondly, these policies have higher premiums and quite deservingly so. Such premiums allow the providers to nullify the higher number of claims. You can learn about all the major aspects of this insurance from over the internet. Over the virtual domain, you can also find out about the coverage expanse, premiums, deductibles, voluntary deductibles, no-claims bonuses and a lot else about various polices like Child Whole Life Insurance, Contractor Liability Insurance among others. Therefore it is beneficial for you to conduct a research before trying to purchase the insurance.
About the Author
The author has spent a lot of time learning about guaranteed issue life insurance and other related topics. Read more about child whole life insurance at their website.