UV Insurance: Guaranteed Life Insurance

    What is Guaranteed Issue Life Insurance

    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.

    UV Insurance Guaranteed Life Insurance: Snapshot

    Below is a snapshot of the guaranteed life insurance product from UV Insurance.

    Type of applicationElectronic OnlyComment
    Number of questions2 eligibility questions
    Coverage$5,000 – $25,000
    Insurance typePermanent lifePermanent life insurance is described below
    Speed of decisionImmediate decision and issue within 24 hoursYou will be either accepted or declined
    UnderwritingNo underwriting
    Ages coveredAdaptable: 18-75 years
    Integral: 18-65 years
    Additional ConditionsDeferred 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.

    UV Insurance Guaranteed Life Insurance: Additional Coverages

    The guaranteed life insurance “instant” product from UL Insurance comes with two additional coverages:

    • Accidental Death and Dismemberment (AD&D)
    • Pre-approved Critical Illness Insurance

    When to Choose Guaranteed Life Insurance

    Choose guaranteed issue life insurance when:

    • You have a serious health condition that would get you rated or declined for other types of insurance
    • You need insurance issued in a matter of hours, not days or weeks
    • You do not like doctor appointments (although if in good health, simplified would be cheaper)
    • You are uninsured and experiencing a shorter lifespan with an undetermined date of death
    • Your family needs money for final expenses after you pass and you do not have savings in place, but you also don’t qualify for traditional insurance

    Simplified vs Guaranteed Life Insurance

    The differences between simplified and guaranteed life insurance are:

    • Simplified
      • No medical exam but health questions
      • Higher coverage caps than guaranteed
      • Typically, no deferral in payment
    • Guaranteed Issue
      • More expensive than simplified
      • No health questions
      • Lower coverage cap
      • Deferred payment (two years)

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