The advisor has come up with a Guaranteed issue life insurance offer. I'm not sure of it's advantages and disadvantages.
Total Comments: 13
Posted: Sat May 08, 2010 09:53 am Post Subject:
This is usually the case in individually purchased guaranteed issued policies. It's not to protect fraud. There is nothing fraudulent about the fact that one is unhealthy. The clauses help the consumer because without the clause, the consumer couldn't buy life insurance. Ex. Jeorge is HIV+. He wants life insurance. Nobody will insure him. He can buy a guaranteed issue policy, but the benefits will be limited for the first couple of years.
Posted: Wed May 12, 2010 08:12 am Post Subject:
And the full face amount will not exceed $50,000. Likely 50% or more reduction from that in the first year. Full benefit beginning in policy year 3.
Posted: Fri May 14, 2010 08:40 pm Post Subject:
Unless you are in poor health, you may not get the maximum leverage from your dollars with a guaranteed issue plan. It really depends on what you are trying to do, but I would ask to see other plans as well.
Posted: Sat May 08, 2010 09:53 am Post Subject:
This is usually the case in individually purchased guaranteed issued policies. It's not to protect fraud. There is nothing fraudulent about the fact that one is unhealthy. The clauses help the consumer because without the clause, the consumer couldn't buy life insurance. Ex. Jeorge is HIV+. He wants life insurance. Nobody will insure him. He can buy a guaranteed issue policy, but the benefits will be limited for the first couple of years.
Posted: Wed May 12, 2010 08:12 am Post Subject:
And the full face amount will not exceed $50,000. Likely 50% or more reduction from that in the first year. Full benefit beginning in policy year 3.
Posted: Fri May 14, 2010 08:40 pm Post Subject:
Unless you are in poor health, you may not get the maximum leverage from your dollars with a guaranteed issue plan. It really depends on what you are trying to do, but I would ask to see other plans as well.
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