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Guaranteed acceptance life insurance is sometimes also known as GI life insurance or guaranteed issue. It is a type of whole life insurance that has a limited death benefit. Insured issue plans are similar to whole life insurance plans. These plans accumulate long-term cash value and provide coverage considering premiums are paid by you regularly. There is no requirement for health questions or medical tests when you apply for life insurance. On the other hand, death benefits are usually limited to less than $25,000 in most cases. Quotes will be substantially more expensive because the insurer lacks information about your health and must presume you are at high-risk. Quotations are solely based on demographics like your age, location, and gender. Because of the simplicity of the application, you can typically acquire immediate coverage. However, in other cases, you can buy the best-guaranteed life insurance policy online.

Why guaranteed life insurance?

Getting guaranteed life insurance is affordable and convenient. However, we only recommend it if you are unable to be eligible for other life insurance types. Before looking over the advantages of the policy, let us consider some of the disadvantages first. A guaranteed life insurance plan has a waiting period of around 2 or 3 years at the outset. Your beneficiaries won’t get the full death benefit if you expire within this time due to natural death, such as a sickness or heart attack. Typically, they will get the money from the premiums you paid along with interest. This can be varied as per the insurer. Because the insurer cannot acquire or validate any health-related information, guaranteed life insurance is also costly for the coverage amount. If your only wish to cover final expenditures, guaranteed life insurance should provide a sufficient death benefit. For instance, funerals cost an average of $10,000. On the other hand, assured acceptance life insurance will not give enough coverage for the education expenses of your college-going child or to pay off your mortgage.

We advise you to look into simplified issue life insurance. Simplified issue life insurance does not require a medical test and accepts a wider variety of health issues than fully underwritten life insurance. Premiums will be comparatively lower than guaranteed issue life insurance because you will need to answer limited and lesser health-related questions. You can also get universal life insurance plans and a simplified issue term life insurance policy, so you are not limited to whole life insurance. However, because some medical issues restrict you from applying for simplified life insurance or fully underwritten life insurance, guaranteed life insurance may be the best option. If you are looking for life insurance, guaranteed issue life insurance is a good option. The best-guaranteed life insurance can be considered by you if:

You are a dialysis patient.
You have some cognitive issues.
You have to use a wheelchair.
If you were diagnosed with kidney illness, HIV, or cancer within the last two years.

Guaranteed issue life insurance companies’ comparison

Finding the best-guaranteed life insurance for your requirements can be difficult, so we evaluated the top nine providers based on prices and coverage.

Best guaranteed life insurance companies

Based on competitive premiums, AIG is our preferred insurer for guaranteed life insurance. Another feature is that its policyholders can accelerate death-related benefits if they get unwell. However, all five firms listed below have fair pricing and a wide choice of insurance options for their insured issue life insurance plans.

	AAA	AIG	Gerber Life Insurance	Mutual of Omaha	New York Life
Age availability	45-85	50-85	50-80	45-85	50-80
Payout during the waiting period	Premiums paid + 30% interest	Premiums paid + 10% interest	Premiums paid + 10% interest	Premiums paid + 20% interest	Premiums paid + 10% interest
Waiting period	2 years	2 years	2 years	2 years	2 years
Minimum coverage	$5,000	$5,000	$5,000	$2,000	$2,500
Maximum coverage	$25,000	$25,000	$25,000	$25,000	$15,000

It is certain that New York Life has maximum coverage is $15,000 which is less when compared to other companies. Noticeably AAA charges 30% extra interest which is quite more.

Guaranteed life insurance companies to avoid

These firms are not necessarily awful, but we would start looking for guaranteed life insurance somewhere else. This is due to the fact that the insurance providers listed below charged higher premiums, waiting periods are long and offer a limited choice of death benefits.

	Americo	Columbian Financial	Colonial Penn	MassMutual
Age availability	50-75	25-80	50-85	50-75
Waiting period	3 years	3 years	2 years	2 years
Payout during the waiting period	Premiums paid plus 5% interest (year 1); premiums paid plus 10% interest (year 2); 75% of death benefit (year 3)	Premiums paid + 6% interest	Premiums paid + 7% interest annually	Premiums paid + 10% interest
Minimum coverage	$2,000	$2,500 ($5,000 if below 45)	Approx. $400, varies by age	$2,000
Maximum coverage	$10,000	$25,000 ($10,000 if below 45)	Approx. $17,000, varies by age	$25,000

It can be seen, from the above-discussed analysis, that Columbian Financial considers age below 50 years which is quite an option for adults. The maximum coverage of Columbian Financial and MassMutual is $25,000, which is more when compared to Americo with $10,000 and Colonial Penn with $17,000.