We see a lot of ads now for guaranteed life insurance for seniors and simplified issue whole life insurance policies. These are usually marketed to senior citizens or people without perfect health, and sometimes they are sold as burial insurance policies.
The difference between these policies is this. Simplified issue life insurance requires some health questions to be answered to qualify, but most people who are not terminally ill or in a nursing home will get a policy. The death benefit is immediate as soon as the policy is issued. On the other hand, guaranteed issue life insurance does not require health questions, but uses a waiting period to qualify people.
Before you buy life insurance, be sure and compare guaranteed or simplified life insurance so you get the right plan for you or your loved one.
Friday, February 01, 2008
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