It’s common knowledge that getting life insurance tends to be easier when you’re young and healthy. But what options do you have if you’ve experienced health issues in the past and are now in your 50s, 60s, or beyond?
If you’re an older adult concerned your health might disqualify you from getting life insurance, there are options available. Guaranteed issue life insurance is a policy that has no medical exam requirements and may be accessible to people who have fewer alternatives.
What is guaranteed issue life insurance?
Guaranteed issue life insurance is a policy that doesn’t involve medical underwriting or other health requirements, like a health history questionnaire. The coverage amounts for guaranteed issue tend to be relatively low, maxing out at around $25,000. However, these lower coverage amounts tend to make policies more affordable, especially for people looking to use the coverage solely to cover end-of-life expenses.
Explore guaranteed issue life insurance by age
Depending on your age, you may have different reasons for needing guaranteed issue coverage.
Guaranteed issue life insurance under 40
Many life insurance companies, including Fidelity Life, don’t provide a guaranteed issue life insurance policy for those under 40. However, if you’re under 40 and can’t qualify for term or permanent coverage because of health reasons, accidental death benefit (ADB) could be a viable alternative to consider.
ADB provides a death benefit payout between $50,000 and $300,000 to loved ones if you die due to a covered accident. To qualify, you only need to be between 20 and 59 and be able to afford premiums. You can get ADB coverage quickly without the hassle of having to take a medical exam or go through a waiting period.
Guaranteed issue life insurance in your 40s
It’s rare to find a guaranteed issue life insurance policy in your 40s. As with those under 40, an ADB policy may be worth considering if you don’t qualify for other types of life insurance for medical or occupational reasons.
For example, if you work a high-risk job like a firefighter or construction worker, you may not be able to secure term life coverage. However, ADB is available to you based on age, regardless of health or occupation.
Guaranteed issue life insurance in your 50s
Once you reach the age of 50, guaranteed life insurance policies tend to be easier to find. Although, if you’re in good health in your 50s, you may be eligible for other types of life insurance that can extend more coverage at a potentially lower rate. If you’re comfortable taking a medical exam, you may want to consider RAPIDecision® Life or RAPIDecision® Senior Life Term.
If health issues preclude you from qualifying for term life insurance, you’ll qualify for RAPIDecision® Guaranteed Issue in your 50s. With coverage amounts up to $25,000, you can secure sufficient funds to cover a funeral, pay off minor medical debts, or even leave loved ones with a small legacy.
Guaranteed issue life insurance in your 60s
Once you retire, you may be living off a fixed income that’s enough to cover your monthly expenses but not enough to save toward the cost of a funeral. A guaranteed issue life insurance policy can help cover the cost of your final send-off. Since you can get coverage amounts up to $25,000, you may be able to cover final expenses and leave your children or grandchildren with a small inheritance.
Guaranteed issue life insurance in your 70s
In your 70s, you’re likely focusing on spending meaningful time with loved ones and making memories. But experiences can be costly, so if you plan to use much of your retirement nest egg for fun, a guaranteed issue life insurance policy can help cover end-of-life expenses. Purchasing RAPIDecision® Guaranteed Issue in your 70s means you’ll have coverage until the end of your life as long as premiums are paid.
Guaranteed issue life insurance in your 80s
Once you reach a certain age, life insurance can feel out of touch. But there are still options for life insurance for seniors over 80. Fidelity Life’s guaranteed issue life insurance is available up to age 85. So even if you wait until later in life to get coverage, you may still be able to find a policy that meets your needs.
At what age does guaranteed issue life insurance make sense?
A guaranteed issue life policy from Fidelity Life can give important financial protection with no medical exam or health qualifications for people between 50 and 85.
If you’re between 50 and 85 and want to apply for more coverage than guaranteed issue offers, Fidelity Life’s RAPIDecision® Whole Life Insurance for Seniors is worth considering. With coverage amounts up to $150,000 and no medical exam, seniors can get more extensive coverage to help loved ones pay for more expenses.
Explore options for life insurance over 50
Once you reach the age of 50, guaranteed issue life insurance is one type of life insurance to consider. Especially if you’ve experienced health issues or are uncomfortable submitting to a medical exam, you may find comfort in the simple application and approval process of guaranteed issue. A licensed insurance agent can help you review available policies and choose the one that most closely fits your unique needs and budget at any age. Contact Fidelity Life today to learn more or get a quote online.
