Guaranteed Acceptance Life Insurance
Most life insurance policies (either whole or term) require you to provide a wealth of information about yourself. This ranges from your health, your family's medical history, your job, the kind of activities you enjoy, etc. Insurance companies want to know how risky you are. After all, if your health fails you, they are the ones on the hook. Furthermore, they usually want you to take a physical exam, so that you can somewhat prove that you're as healthy has you say you are.
Guaranteed acceptance life insurance does not have this requirement. The insurance company asks no questions about your health and does not require you to take a physical exam. This type of life insurance provides protection for high risk individuals who are unable to obtain life insurance any other way, due to their high risk.
What's the Downside?Guaranteed acceptance life insurance sounds great, right? Well, there are some negative aspects related to this type of insurance. Because you're receiving life insurance without regard to the level of risk you represent to the life insurance company, there are limitations to the benefits you can receive (compared to traditional life insurance policies).
For example, most of these life insurance companies will limit the amount of life insurance that you can buy - often offering no more than $20,000 (compared to the $1,000,000+ that traditional life insurance companies offer). One plausible way around this limitation is to purchase multiple policies, each from a different company that offers guaranteed acceptance life insurance. This way, you can secure a higher death benefit. If you can plan this properly, you might wind up with an aggregate life insurance plan that is similar to a traditional plan (that isn't related to guaranteed acceptance life insurance).
Where Can I Find Quotes for This Type of Life Insurance?There are a lot of places online that will give you free life insurance quotes. The best thing to do would be to explore various companies, read reviews, and make the decision with your spouse and/or family. There are a lot of scams out there, so it's important to think critically and keep your eye open for anything that appears to good to be true.