Over the past 26 years I’ve had a lot of people, mostly seniors, that have inquired about small insurance policies to pay for final expenses.
Many wanted $10,000 to $20,000 policies, and most of the best companies at these low amounts make it relatively easy to qualify for coverage.
Some of these seniors still couldn’t qualify for the better final expense rates from companies like Starmount Life, Cincinnati Life, United of Omaha, Americo, United Home Life, Assurity Life and others due to having more serious health issues.
I’ve looked at the best guaranteed acceptance life insurance policies/rates that require no health questions to be answered and no medical exam for men and women at various ages and amounts of life insurance.
Cheapest Guaranteed Acceptance Life Insurance
I’ve looked at the AARP rates from New York Life, rates from AAA, Mutual of Omaha, United Life, Gerber Life, AIG, Great Western, Colonial Penn and more…
As of right now, AAA and Mutual of Omaha almost always have the absolute best price for guaranteed issue or guaranteed acceptance whole life insurance!
I have not seen one case for which AAA or Omaha have been beat in price by ANY other companies when it comes to guaranteed acceptance whole life insurance.
Even though I am licensed with and do business with Mutual of Omaha, unfortunately for me and other independent agents and brokers that do offer guaranteed acceptance life insurance, we cannot sell this product from Mutual of Omaha as it is sold directly to the public by Mutual of Omaha.
How Good is AAA & Mutual of Omaha Guaranteed Issue Life Insurance?
Check out the Guaranteed Issue whole life rates below.
These are the top 7 monthly rates for $20,000 for Males and Females age 65:
Male 65 Female 65
$129- AAA $99- AAA
$131- Mutual of Omaha $101- Mutual of Omaha
$161- United Life $116- United Life
$169- Gerber Life $124- Standard Life & Accident
$170- Reserve National $124- Gerber Life
$181- Great Western $135- AIG
$185- AIG $158- Great Western
IMPORTANT: All rates/products above are NOT approved in every State
All Guaranteed Acceptance has Waiting Period
This is the BIG negative of Guaranteed Issue life insurance…
All guaranteed acceptance life insurance has either a 2 or 3 year waiting period before full insurance amount would be paid to your beneficiary if death were to occur by ANY disease or illness.
The full life insurance amount would be paid from day one after policy is placed in force for death due to accidental means.
The waiting period is only for death caused by any disease or illness.
Are ALL Guaranteed Issue Products the Same?
They are NOT the same…
For example, AAA would pay your beneficiary back 130% of all of the premiums paid up until your death caused by disease/illness in first 24 policy months.
Mutual of Omaha would pay your beneficiary back all of the premiums paid up until your death caused by disease/illness in first 24 policy months, plus 10% interest.
United Life would pay your beneficiary back all of the premiums paid up until your death caused by disease/illness in first 12 policy months, plus 4.5% interest, but would pay 50% of the ultimate death benefit amount for death caused by any disease illness from policy month 13 to 24. This product is “almost” guaranteed issue as 3 health related questions do need to be answered.
Great Western Life may pay 100% of the ultimate death benefit right away, plus 25%, if you can answer 3 health related questions as NO.
So Which Guaranteed Issue Policy Should You Buy
If you want the lowest price, than AAA and/or Mutual of Omaha cannot usually be beat.
But if you like the idea of getting more money back starting in policy year 2 for death by disease/illness, than United Life does pay 50% of the death benefit amount starting in month 13.
You could also “stack” policies or buy as many Guaranteed Issue policies as you want…although this could get expensive.
Bottom Line On Buying Guaranteed Acceptance Insurance
Most companies only offer guaranteed acceptance to people ages 45 to 85.
One company will offer it from ages 18 to 90, but not in every State.
Don’t buy it if you can qualify for coverage with a full and immediate death benefit for death by ANY cause.
But if you cannot qualify for any traditional coverage with an immediate and full death benefit, now you know exactly which companies to focus on to get the best offer.
My purpose for doing this post is to help save you time from having to research different rates and products for this type of coverage, as I have already done the research.
Don’t Assume You Can’t Qualify for “Regular” Life Insurance
Just because you have diabetes, heart disease or past cancer, or even if you’ve already been declined for a life insurance policy, this does not mean that guaranteed acceptance is the only type of life insurance available to you.
I’ve been able to help thousands of people with serious health issues to get life insurance at the best rate and for the best product that fit their needs, and I’d need to verify if any of the 121+ different insurance companies I can offer may offer you “regular” coverage.
Only after you’ve exhausted every option to get “regular” life insurance should you consider guaranteed acceptance life insurance.
Call me at 1-800-380-3533 or email me at [email protected] if I can help you. If you call, just ask for G3 so you get the right Gordon.
Since 1992, Gordon E. Conwell, III (G3) has helped thousands of ”higher risk” individuals get the best life insurance rate/value. Being a high risk himself, he knows the struggles you’ll face trying to get affordable life insurance. His unique shopping process and underwriting knowledge will result in the best offers, every time!