There are many different types of life insurance. Here’s a brief overview:
Guaranteed Issue or Guaranteed Acceptance life insurance
Best suited for applicants who have been declined for life insurance, have serious health conditions and would most likely not be able to obtain any other type of life insurance coverage, there is no medical required. For Guaranteed Issue/Acceptance life insurance, this usually means that when someone applies, they are asked very few or no questions, and their coverage amount is typically low, with premiums on the higher end.
Our Guaranteed Acceptance life insurance, means exactly that – no matter your health, if you’re between 18 to 80 years you can apply for coverage (Non-residents require a valid work permit).
No Medical and Simplified Issue
In most cases No Medical and Simplified Issue life insurance means no medical exams with a series of health questions when applying. This is ideal for those who may have some health issues, or do not want to spend time getting medical tests, or are into extreme sports or have a high risk occupation or, are simply looking for a life insurance plan that can be provided quickly.
On the other end of the spectrum there is Traditional life insurance. Of these three mentioned here, Traditional typically has the lowest rates. This comes with requiring a complete medical including needles and fluid samples and more tests if required. It is fully underwritten, which means it can take anywhere from one to three months for a policy to be issued. It would be most suitable for those in excellent health who don’t mind having medicals done and waiting to be approved.