What is a Guaranteed Acceptance Life Insurance in Florida?

December 6 2008 by visitor in Tallahassee life insurance |Comments Off

Reader’s Question:

I’ve been battling a life long illness and my friend suggested that I get a “Guaranteed Acceptance Policy” if I want to get life insurance here in Tallahassee, Florida. What is a “Guaranteed Acceptance Policy”.

Hogan

Tallahassee, FL

A Guaranteed Acceptance Policy is just what it sounds, it is a life insurance policy that guarantees you coverage regardless of your age, medical conditions or health background. This kind of policy is also available without having to go through the hassle of undergoing a physical or medical examination or having to answer any extensive questionnaires regarding your habits and lifestyle. The only real requirements would be your pertinent information as well as information regarding your beneficiaries. This is also the type of life insurance that gets approved more quickly.

This kind of policy is beneficial to those who have found it hard to get approved for quality life insurance coverage. It could be due to conditions similar to what you have there in Tallahassee, Florida or due to the nature of their jobs or activities they participate in. One of the cons with this kind of policy would be higher life insurance premiums, especially under the first several years under the policy. Since these companies are assuming a fair amount of risk providing life insurance to an individual that has virtually no form of information to base how long they will live, it would be natural for them to include clauses, such as no benefits if the insured dies within the first couple of years, to minimize their expenses. It would be to your advantage to understand the conditions of the policy very carefully before agreeing to get this kind of life insurance.

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