Guaranteed Life Insurance Nevada NV

Reader’s Question:

Guaranteed life insurance may be the right plan for me because there wouldn’t be any medical exams. But before I apply for guaranteed life insurance here in Nevada, I need to know, what are the limitations to this type of plan?

Callum

Henderson, NV

If you are battling a serious health problem, and especially if you are over 50 years old, guaranteed life insurance might be the most excellent choice to be able to get the coverage you want. But there are some restrictions to guaranteed life insurance policy. Some guaranteed life insurance policies would only cover the death payment on a graduated scale in case the policyholder passes away in the first few years of the coverage. Because of this, the recipient/s may get only a small portion of the face value of the policy in case you pass away in the second year, and so on.

There could be an inception of a number of years the policy holder needs to be alive after the policy has taken effect before the recipient/s would get the whole death payment. Also, some policies have a waiting phase that if the policyholder dies within a specified number of years, the recipient/s may get nothing or will only get back the premiums that the policyholder paid.

You would also have to check with Nevada’s insurance board if they allow guaranteed life insurance policy because this type of plan is not available on all of the states. Guaranteed life insurance would likely have higher price than the payout, depending on the day you die.

Tags: guaranteed life insurance, life insurance, life insurance policies, no exam life insurance