Designed for older adults and those with health conditions.
- Typical coverage: 2,500to25,000
- Health requirements: Often simplified underwriting; some policies are guaranteed issue with no health questions
- Waiting periods: Guaranteed issue policies usually have graded benefits for the first 1–2 years
- Pros:
- Can be used at any funeral home
- May build cash value
- Helpful if health limits other insurance options
- Cons:
- Premiums can be high relative to the death benefit
- If you live a long time, you may pay more in premiums than the benefit
- Graded benefits may not fully pay if death occurs early
Typical example (varies by carrier, state, and health): A 10,000policyfora65−year−oldmayrangeroughlyfrom42 to 87permonthifmedicallyunderwritten;guaranteedissueoptionsmaycost75 to $87 per month. Rates vary. We’ll provide exact quotes.
Best for: Those who want flexible coverage and portability, especially with health concerns.