Don’t allow yourself to be misled.
There are a lot of dishonest websites that make you think guaranteed acceptance life insurance with no waiting period is possible.
It’s a lie.
In this article, you will learn the truth.
Is There Guaranteed Acceptance Life Insurance With No Waiting Period?
There is no such thing as guaranteed issue life insurance with no waiting period. It flat out does not exist anywhere in the USA. Any life insurance plan with no health questions will always have a two-three year waiting period. There are no exceptions.
Sadly, there are websites and insurance agents who will proclaim the opposite. They make it seem as if they can offer you a guaranteed acceptance plan without a waiting period.
Know that they are lying to you because they are so greedy, dishonest, and immoral that they say anything to get money.
How Do Guaranteed Acceptance Life Policies Work?
A guaranteed acceptance (AKA “guaranteed issue”) life insurance policy has no health or lifestyle questions to qualify. Simply put, your approval is guaranteed.
Here is the fine print some websites and agents will elude to about these policies.
Because the issuing insurance company knows nothing about the insured’s health, they impose a 2-3 waiting period. So if you die during the waiting period, the insurance company will only refund the payments you have made plus a small amount of interest (on the premiums paid).
Why is there a waiting period?
Without the waiting period provision, people on their deathbed would buy coverage and collect a check for tens of thousands of dollars after making only a few monthly payments.
How To Get Life Insurance With No Waiting Period
To get a life insurance policy with no waiting period, you must apply with a company where you answer health questions and are subsequently approved.
You don’t have to take a medical exam, but you will have to answer some questions about your health history.
It’s helpful to remember that most people, despite past health issues, can qualify for a no waiting period policy. If you’ve had any past health issues, your best chance to get a no waiting period plan is to work with an independent broker.
Independent brokers like Choice Mutual represent multiple insurance companies on your behalf. They have the freedom to compare various insurance carriers side by side to determine if any of them will approve you for a no waiting period plan.
If you’ve had difficulty securing coverage without a waiting period, call us at 1-800-644-2926. We’ve helped thousands of clients get immediate coverage when they thought it was impossible.
What About Final Expense/Burial Insurance?
Many people contact us asking about final expense life insurance. Many folks believe that all senior burial insurance plans have no health questions and no waiting period.
Unfortunately, that is not true, so let’s set the record straight.
Final expense insurance is a small whole life policy with very lenient underwriting. There are two basic underwriting options.
- Has health questions: Your eligibility depends on your health history. These plans, if approved, can have immediate no waiting period coverage.
- No health questions: Your approval is guaranteed, but there is a waiting period. Death during the waiting period will result in a refund of premiums plus interest.
In short, all forms of life insurance without health questions have a waiting period.
Why Do Some Websites Lie About This?
Unbelievably, many websites proclaim that you can get guaranteed acceptance life insurance with no waiting period.
Full stop, they are 100% lying.
But why would they lie about this?
It’s simple. They want money, and they’ll say and do anything to get it.
Most insurance websites (not Choice Mutual) make money by displaying ads on their website. When you click on an ad, they get paid a fee.
So they don’t care what they have to display on their website to get you to click on an advertisement. They just want you to click on the ads so that they can collect their fee.
Be Aware Of The “Phrasing” Scam
The phrase “effective date” for insurance means something very particular.
Sadly, this term is often misused to trick clients deliberately.
To be clear, an “effective date” for an insurance contract is merely the date the coverage goes into effect. It is determined based on when you make your first premium payment.
Here’s the most important thing to understand about the effective date.
The effective date of an insurance policy is merely the date that governs when the terms and conditions of your policy start.
So if you have a policy with a waiting period, the effective date is when the insurance company starts the two-year countdown.
If you have a plan without a waiting period, the effective date is when your coverage actually protects you.
Here’s an example to illustrate how this works.
Let’s say you bought a policy with a two-year waiting period, and your first payment is scheduled for 06/03/2022.
Your policy’s effective date would be 06/03/2022.
From 06/03/2022 to 06/03/2024, the insurance company would only refund your premiums plus interest.
A death that occurs on or after 06/04/2024 would result in a total death benefit payout.
See how saying the policy was effective on 06/03/2022 didn’t waive the waiting period?
Don’t let a scam agent mislead you in this way.
What Does “No Exam” Mean?
A no-exam (aka “no medical exam”) life insurance policy is not the same as a no health questions life insurance policy.
Those are two very different types of plans.
Any life insurance policy that only says “no exam”, still means you have to answer health questions.
It just means that you don’t meet with a nurse to give blood and urine as part of the application.
All too often people see the words “no exam” and think it means no health questions. That is not the case.
Common Health Issues Where You Cannot Avoid A Waiting Period
Truthfully, most health issues are still eligible for no waiting period coverage.
However, some health issues are such a high risk that a waiting period is inevitable.
Below are the most common situations where you cannot qualify for an immediate coverage life insurance policy.
There are situations outside of these where you may have a waiting period. These are just the most common circumstances.
- End-stage renal failure
- Dialysis in the last 12 months
- In a nursing home (for any reason)
- Dementia or Alzheimer’s
- Ever(even once) been prescribed medication for memory issues
- Hospice care
- Wheelchair confinement
- Had an organ or bone marrow transplant
- Heart attack or full-blown stroke in the last 12 months
- Terminal illness
- Insulin shock in the previous 24 months
- Diabetic coma in the previous 24 months
- Cancer or treatment for cancer in the previous 24 months
If you don’t have any of those conditions, getting a life insurance policy without a waiting period is likely possible.
Be sure to talk to an independent agent that represents multiple companies so that they can explore your options.