Guaranteed Life Insurance

What Is Guaranteed Life Insurance Cover?

A guaranteed life insurance cover is a proposal in which premium remains uniform throughout the term of the policy. With rising age, the cost of insurance may increase and to that extent, it could be better if you get coverage while you are young. This may enable you to secure premiums that remain the same all along the life of the policy.

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It is known that Social Security can offer only $255 for burial expenses while in reality the costs could stretch up to $7,000 or even $10,000. Many grieving families may not be able to bear such high costs after loss of a family member.

In such situations, FreeInsuranceQuotation.com’s guaranteed trust life insurance cover could provide you the desired piece of mind as it could enable you to spend on funeral expenses with ease. Besides, the policy may also help you to clear medical bills or left over debts worth up to $15,000.

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Your chances of getting benefitted with a guaranteed term life insurance cover could be limited if you are already suffering from cancer, AIDS or heart ailment. However, by securing such a policy, your family could receive money for funeral expenses.

Getting guaranteed issue life insurance policies can be a great option for those who cherish dangerous hobbies like such as skydiving or mountain climbing which are basically highly risky propositions.

Elderly people may find a term life insurance guaranteed policy beneficial as it will accord them financial protection during their old age. Nevertheless, the premiums charged could be significantly high.

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Know How A Guaranteed Life Insurance Policy Works

  • Has Some Limitations: People will find it difficult to get life insurance coverage if they are suffering from ailments like cancer or some other similar medical conditions. The life insurance policy will have some limitations but otherwise it works fine.
  • Provides Graded Benefits: Consumers, who are new policy holders, could take advantage of certain graded benefits for the first 2 to 3 years. For example, if a person dies within this period, he could be entitled to receive partial refund of premiums paid plus a fraction of death amount.
  • Premiums Can Be Higher: The guaranteed life insurance rates could be much higher. At times, a buyer may end up paying more than the benefits he is likely to receive for death of a family member.
  • Death Benefit May Be Low: Although death benefits offered could vary from company to company, the maximum amount of benefit which a policy could offer might not be more than $50,000. This is because even companies face risks when insuring people.

Protect Family Financially With Guaranteed Life Insurance

  • In the event of your death, your family members will get a cash sum which is guaranteed under contents of the guaranteed life insurance policy.
  • At the time of buying the guaranteed life insurance coverage, you do have the option to raise your coverage by 5% every year but accordingly the annual premium will also increase.
  • Normally, the policy will not have any cash-in-value but if you opt for a policy with a single premium, it may have some cash-in-value. However, its value could be lesser than the total premiums paid.
Life Insurance

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