Guaranteed issue life insurance lives up to its name – it is guaranteed to be issued. There is no underwriting at all, meaning no medical exam or even a medical questionnaire. With traditional insurance a full medical is carried out. With simplified insurance, there is no medical, but there are health questions to answer. Guaranteed issue doesn’t rely on knowing about your health. The downside is, because the insurer assumes all the risk, they assume the applicant is in poor health. The convenience of this policy drives a higher premium and lower coverage cap. The applicant must also not pass away from illness during the first two years of the policy. If they do, the claim doesn’t pay out, but the premiums are returned to the family. Almost anyone can qualify, although in some instances and circumstances, an applicant may be declined. That being said, it is the easiest and fastest policy to obtain.
Below is a snapshot of the guaranteed life insurance product from UV Insurance.
| Type of application | Electronic Only | Comment |
| Number of questions | 2 eligibility questions | |
| Coverage | $5,000 – $25,000 | |
| Insurance type | Permanent life | Permanent life insurance is described below |
| Speed of decision | Immediate decision and issue within 24 hours | You will be either accepted or declined |
| Underwriting | No underwriting | |
| Ages covered | Adaptable: 18-75 years Integral: 18-65 years | |
| Additional Conditions | Deferred 24 months – premium refund. | If a policyholder passes away during the first 24 months, no claims will be paid but all premiums will be refunded |
Permanent life insurance does not expire. Once it is in force, it covers you for a lifetime. This is different from term insurance which expires (Term 100 excluded) and costs more to renew after each term.
The guaranteed life insurance “instant” product from UL Insurance comes with two additional coverages:
Choose guaranteed issue life insurance when:
The differences between simplified and guaranteed life insurance are:
