Buying life insurance is an important part of any financial plan. It will provide the funds a person needs for a funeral, and it will pay the bills while final preparations are being made for the recently deceased.
For many people life insurance is hard to get. They either have some pre-existing condition that the insurance company does not like, or they have certain lifestyles that the insurance company deems as too dangerous and they do not want to insure them. For these people, there is a product called guaranteed issue life insurance.
This insurance is described just as it sounds. The insurance company is guaranteeing issue if something as simple as a medical history questionnaire and medical records are submitted. While it sounds like a great plan, the insured needs to keep in mind a couple of aspects.
First, the insurance company might charge a pretty hefty premium for the insurance. Since the insured is more of a risk, the company needs to offset that risk by charging more. The insurance will be issued, but it might be at a rate that the insured does not want to pay.
The other important thing to keep in mind is that the insurance might have a limited term to it. While the company is willing to take on the risk of the person dying, they might set the parameters and only allow the insurance to be in force for a little while.
For anyone looking for life insurance or cheap high risk auto insurance, the best thing to do is to get online and start getting quotes. This will help the person find the best deals out there, and find which insurance company they want to go with. In doing so they will get the protection they need a the most affordable price possible.
