Todd Horton
Finding guaranteed life insurance in COVID-19 world is quickly becoming a growing concern amongst seniors with health issues that include: ALS, cancer, congestive heart dailure, COPD
dementia, dialysis, heart attack, HIV or AIDS and a history of strokes. As Coronavirus fears create panic around the globe many professionals believe some insurers may prohibit coverage for new applicants purchasing guaranteed issue life insurance that die from COVID-19. Here is our list of the top 3 life insurers providing guaranteed coverage for anyone with health impairments.
Gerber has carried a strong rating of “A” or Excellent with A.M. Best Rating since December, 2019. This is the 3rd best rating available and far superior to many carriers that also feature guaranteed issue products. Depending on what conditions you have, it's important to consider using only "A" rated life insurers with the Coronavirus pandemic.
The Gerber Guaranteed Life Plan is a guaranteed issue life insurance policy. Not only will you not have to complete a medical background check or answer any questions about your medical history you will qualify for this policy so long as you meet their age requirements (Ages 50-80) and have the mental capicity to enter into a legally binding contract with the life insurance company.
As is the case with most guarantted issue life insurance companies, if you die within the first two years of the policy's effective date from a natural death, they will will reimburse your premiums paid plus an additional 10%. If the result of death is deemed an accident such as a motorvehicle crash, the policy will pay the full face amount of the death benefit. After 2 years of being insured with Gerber the policy will pay the full face amount of the death benefit no matter what the cause of death is including suicide.
Great Western has carried a strong rating of “A-” or Excellent with A.M. Best Rating since April, 2019. This is the 4rd best rating available and far superior to many carriers that also feature guaranteed issue products. Depending on what conditions you have, it's important to consider using only "A" rated life insurers with the Coronavirus pandemic.
Guaranteed issue life insurance, while more expensive that standard issue life insurance policies is going to cost more money. Since rates are often subject to change, it's imperative to dig into the specific rates for your condition. Obtaining a quote from the leading providers of funreal insurance with guaranteed issue policies is a must for anyone that wants to save a few bucks. Great Western aims to provide superior customer service to their policy holders and anyone ages 40-85 may apply for life insurance that is guaranteed through their company.
Similar to Gerber, Great Western shares many of the same policy limitations. 2 year waiting periods are mandatory before the full death benefit is paid. If you die before the 2 years is up they will reimburse your premiums plus 10% interest. Any death after 2 years is covered with 100% payout of the death benefits equal to the policy amount.
AIG has moved down the ladder with a "BBB" ratingh through A.M. Best Rating since June, 2019. This isn't as high as Gerber or Great Western and their stock price appears to be in a rather rapid decline at the moment.
Similar to both Gerber and Great Western, AIG also has the same policy conditions with 2 year graded benefits. While applying for and through AIG is easier and faster and many life insurance agents prefer to do business with them, the team at Prime Mutual cannot in good conscience recommend them as our preferred provider at this time.
Buying life insurance with guaranteed issue coverage should not be confusing in this marketplace. With issue ages 50-75 you could qualify for lower premiums but with a recent A.M. best downgrade you may want to consider another life insurance company with higher ratings. Make sure you are well informed about what could happen if your life insurance company goes bankrupt.
