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Insurance policy type. Meaning. Universal life. This type of policy offers life-long coverage, as long as you pay your premium, but gives you the freedom to adjust the premium and coverage amounts ...
Guaranteed issue, group life and simplified issue policies are typically more accessible. Some traditional life insurance may be available for cancer survivors with affordable premiums.
Guaranteed issue life insurance: Also known as guaranteed life insurance or guaranteed acceptance life insurance, this policy doesn’t require health screenings or medical exams for approval.
Guaranteed issue is a term used in health insurance to describe a situation where a policy is offered to any eligible applicant without regard to health status. Often this is the result of guaranteed issue statutes regarding how health insurance may be sold, or to provide a means for people with pre-existing conditions the ability to obtain health insurance of some kind.
Guaranteed acceptance life insurance, also known as guaranteed issue or final expense insurance, does not require a medical exam or health questionnaire. This type of policy is designed for older ...
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Many fixed annuities, however, do not have a fixed rate of return over the life of the contract, offering instead a guaranteed minimum rate and a first year introductory rate. The rate after the first year is often an amount that may be set at the insurance company's discretion subject, however, to the minimum amount (typically 3%).
Final expense insurance and guaranteed issue life insurance are essentially the same product, just marketed differently. Final expense insurance is typically marketed to cover end-of-life costs ...
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