Sign inGet life insurance ## Table of contents Table of contents [1.\\ \\ When is guaranteed issue life insurance right for you?](https://www.policygenius.com/life-insurance/guaranteed-life-insurance/#when-is-guaranteed-issue-life-insurance-right-for-you) [2.\\ \\ How does guaranteed issue life insurance work?](https://www.policygenius.com/life-insurance/guaranteed-life-insurance/#how-does-guaranteed-issue-life-insurance-work) [3.\\ \\ Pros and cons of guaranteed issue life insurance](https://www.policygenius.com/life-insurance/guaranteed-life-insurance/#pros-and-cons-of-guaranteed-issue-life-insurance) [4.\\ \\ How much does guaranteed issue life insurance cost?](https://www.policygenius.com/life-insurance/guaranteed-life-insurance/#how-much-does-guaranteed-issue-life-insurance-cost) [5.\\ \\ How to buy guaranteed issue life insurance insurance](https://www.policygenius.com/life-insurance/guaranteed-life-insurance/#how-to-buy-guaranteed-issue-life-insurance-insurance) [6.\\ \\ Is guaranteed issue life insurance worth it?](https://www.policygenius.com/life-insurance/guaranteed-life-insurance/#is-guaranteed-issue-life-insurance-worth-it) [Back to top](https://www.policygenius.com/life-insurance/guaranteed-life-insurance/#top) Guaranteed issue [life insurance](https://www.policygenius.com/life-insurance/) is a type of permanent coverage that doesn’t expire and is best for people between age 45 and 80 who can’t qualify for a standard life insurance policy due to a serious medical condition or terminal illness. Unlike [term life](https://www.policygenius.com/life-insurance/term-life-insurance/) or [whole life insurance](https://www.policygenius.com/life-insurance/whole-life-insurance/), the application for guaranteed issue life insurance doesn’t involve health questions or a [medical exam](https://www.policygenius.com/life-insurance/life-insurance-medical-exam/). Guaranteed life insurance belongs to a category of policies called [final expense insurance](https://www.policygenius.com/life-insurance/final-expense-insurance/), which offer smaller payouts intended to cover end-of-life costs (like funeral expenses). Key takeaways - Guaranteed issue life insurance is a good life insurance option if you’re unable to qualify for other types of insurance. - Application acceptance is guaranteed for most people, as long as the person applying is of sound mind. - You may be denied if you don’t meet the age, state of residency, or citizenship status requirements. - While payouts are low, guaranteed issue policies are the easiest way to get insurance to cover end-of-life expenses. How much does life insurance cost? Age Gender SelectFM ZIP code Policy length How long your coverage lasts. Rule of thumb: Your term should last at least until you retire, and should also cover your longest financial obligation (like a child's college costs). 10 yrs15 yrs20 yrs25 yrs30 yrs35 yrs40 yrs Coverage amount The amount your loved ones would receive if anything should happen to you before your policy expires. Rule of thumb: Most financial planners recommend an amount 10-15x your current income. $ 500K Monthly estimates for Life insurance rates are influenced by a number of factors, but your health has the biggest impact on the final cost. Best health $ -- Good health $ -- Average health $ -- Now compare quotes Powered by ## When is guaranteed issue life insurance right for you? Guaranteed issue life insurance — also called guaranteed issue whole life — is a good option for people with health conditions that may prohibit them from getting other types of life insurance. Some examples of these health conditions include: - Alzheimer’s or dementia - [Cancer](https://www.policygenius.com/life-insurance/cancer/) other than basal cell or squamous cell skin cancer - [Kidney disease](https://www.policygenius.com/life-insurance/kidney-disease/) requiring a transplant or dialysis - AIDS or [HIV](https://www.policygenius.com/life-insurance/can-you-get-life-insurance-if-you-are-hiv-positive/) - Any [terminal illness](https://www.policygenius.com/life-insurance/buying-life-insurance-when-terminally-ill/) where a doctor has given you a life expectancy of two years or less. Guaranteed issue policies are more expensive than other types of life insurance, so it’s best to speak with an independent broker to confirm this is the best option for you before purchasing. Though you won’t complete a full health interview, the agent you’re working with will ask you some qualifying questions about your health status in order to confirm if this type of policy is a fit for you. ## How does guaranteed issue life insurance work? Guaranteed issue life insurance works differently from other types of life insurance. - Application: Only a basic application is required — no medical exam, health questions, or [waiting period](https://www.policygenius.com/life-insurance/insurance-waiting-period/). which means your policy will become active right away. - Approval: Nearly all applicants are approved. - Cash value: Guaranteed issue life insurance technically comes with a cash valueCash valueThe cash value is the portion of a permanent life insurance policy that grows tax-deferred over the life of the policy, but it typically has less time to accumulate than with other whole life policies. - Coverage limits: The maximum amount payable to your beneficiaryBeneficiaryThe person or organization designated to receive the death benefit when you die is usually $25,000. Some guaranteed issue life insurance policies also have stipulations around when the full death benefitDeath benefitThe amount of money the life insurance company will pay your beneficiaries when you die of your policy is active. - If you die of natural causes within the first two years of your coverage, your beneficiaries will be refunded 110% of your total premiumsPremiumsYour premium is the amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually. paid, rather than the full death benefit. - If you die due to accidental causes within the first two years or beyond, your beneficiaries can claim the full death benefit. - If you die due to suicide, your [beneficiaries](https://www.policygenius.com/life-insurance/what-is-a-life-insurance-beneficiary/) will be refunded 100% of your total premiums, rather than the full death benefit. Some policies have this clause in place for the first two years your policy is active, and others have it for the lifetime of the policy. It depends on the insurance company. If you’re in the process of purchasing a policy and you’re not sure if you have a [graded death benefit](https://www.policygenius.com/life-insurance/graded-death-benefit/), the agent you’re working with will be able to help. You’ll also find this information in your policy documents. Ready to shop for life insurance? Start calculator ## Pros and cons of guaranteed issue life insurance Guaranteed life insurance is ideal if you don’t qualify for a traditional life insurance policy. With few exceptions, you’re guaranteed acceptance and some financial support for your loved ones if you die. However, ifyou can qualify, [other types of life insurance](https://www.policygenius.com/life-insurance/types-of-life-insurance/) can offer more coverage at a cheaper price than guaranteed issue life insurance. ### Pros of guaranteed issue whole life insurance - Fast, near-guaranteed approval - Provides financial support to your beneficiaries - [No medical exam](https://www.policygenius.com/life-insurance/no-medical-exam-life-insurance/) required ### Cons of guaranteed issue whole life insurance - Can be denied if you don’t meet product requirements, such as age, state of residency, or citizenship status - Much more expensive than traditional life insurance - Payouts are lower than traditional policies - Graded death benefits if you die in the first two years of your policy ## How much does guaranteed issue life insurance cost? A 50-year-old female can pay about $75 per month for a guaranteed issue life insurance policy with a $25,000 death benefit payout. A 50-year-old male can pay $98 per month for the same coverage. Unlike other types of life insurance, where the price of your policy will change depending on variables like age, hobbies, and medical conditions, guaranteed issue life insurance policies offer fixed prices based on your age when you apply. Take a look at the sample rates below for monthly premiums for guaranteed issue life insurance policies with $5,000, $15,000, and $25,000 payouts. | Age | Gender | $5,000 coverage amount | $15,000 coverage amount | $25,000 coverage amount | | --- | --- | --- | --- | --- | | 50 | Female | $15.69 | $45.08 | $74.47 | | | Male | $20.59 | $59.78 | $98.96 | | 60 | Female | $21.84 | $63.52 | $105.21 | | | Male | $28.94 | $84.82 | $140.69 | | 70 | Female | $32.44 | $95.31 | $158.19 | | | Male | $43.83 | $129.50 | $215.16 | | 80 | Female | $63.92 | $189.77 | $315.62 | | | Male | $79.02 | $235.06 | $391.09 | Expand table Methodology: Sample monthly rates are calculated for males and females obtaining a $5,000, $15,000, or $25,000 guaranteed issue whole life insurance policy. Life insurance rates are based on policies offered by Policygenius from Mutual of Omaha. Rates may vary by insurer, policy type, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 04/01/2024. Because guaranteed issue life insurance covers [people with certain health considerations](https://www.policygenius.com/life-insurance/pre-existing-conditions/) or other insurance risks, it’s the most expensive type of final expense insurance — between $105 and $140 per month for a 60-year-old applying for $25,000 of coverage. In comparison, a 10-year [term life insurance](https://www.policygenius.com/life-insurance/term-life-insurance/) policy with 10 times that coverage — a $250,000 death benefit payout — could cost between $62 and $82 per month for a 60-year-old who doesn’t smoke and is generally in good health. ## How to buy guaranteed issue life insurance insurance Buying guaranteed issue insurance usually requires a phone call and an application. - After submitting your application, an agent may contact you to confirm you have no disqualifying conditions and that you’re buying the right amount of coverage. - Once your application is submitted, you’ll receive a decision quickly, since there isn’t a medical exam or other reports for the insurer to consider. - Once you sign and return your policy, and pay your first premium, your policy goes into effect. A Policygenius agent can help you with the process, which usually takes one to three days. [→ Learn more about how to buy life insurance](https://www.policygenius.com/life-insurance/how-to-buy-life-insurance/) ### Which companies sell guaranteed issue life insurance? Guaranteed issue life insurance is one of the many products offered by well-known and trusted insurance companies. Both [Corebridge Financial (formerly AIG Life & Retirement)](https://www.policygenius.com/life-insurance/reviews/corebridge-financial/) and [Mutual of Omaha](https://www.policygenius.com/life-insurance/reviews/mutual-of-omaha/) offer guaranteed issue policies through the Policygenius marketplace. [→ Check out our top-rated life insurance companies](https://www.policygenius.com/life-insurance/best-life-insurance-companies/) Ready to shop for life insurance? Start calculator ## Is guaranteed issue life insurance worth it? Guaranteed life insurance is worth it if you’re ineligible for other types of life insurance due to your age or a health condition, and you’d like to have a small amount of coverage in place to help your family cover expenses when you die. In most cases, if you can qualify for another type of final expense policy or a term life insurance policy, it’ll be more cost-efficient to pursue that option. Working with a licensed and independent broker can help you determine which life insurance policy is best for you and your circumstances. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice. Authors \\ \\ [Tory Crowley](https://www.policygenius.com/author/tory-crowley/) Associate Editor & Licensed Life Insurance Agent Tory Crowley is an associate life insurance and annuities editor and a licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations. \\ \\ [Katherine Murbach](https://www.policygenius.com/author/katherine-murbach/) Editor & Licensed Life Insurance Agent Katherine Murbach is a licensed life insurance agent and a former life insurance and annuities editor and sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate. Editor \\ \\ [Antonio Ruiz-Camacho](https://www.policygenius.com/author/antonio-ruiz-camacho/) Associate Content Director Antonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET. Expert reviewer \\ \\ [Maria Filindras](https://www.policygenius.com/author/maria-filindras/) Financial Advisor Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius. Questions about this page? Email us at [editorial@policygenius.com](mailto:editorial@policygenius.com). ## Finished scrolling? Startsaving. Find the insurance you need and save by shopping from the most trusted insurers. [Get Free Quotes