Guaranteed issue life insurance — sometimes called guaranteed acceptance insurance — is exactly what the name implies: approval is guaranteed for anyone who meets the age requirements, regardless of health history.
This makes it the right option for seniors with serious health conditions who have been declined by other plan types, or who simply do not want to answer any health questions.
The trade-offs versus other plan types are a higher monthly premium and a 2-year graded death benefit period. Understanding both of these clearly is important before applying.
Plan Types Available
Level Benefit
Full death benefit coverage from day one. Best for applicants in reasonably good health. Requires a short health questionnaire — no medical exam.
Graded Benefit
For applicants with some health concerns who may not qualify for a level plan. Full death benefit becomes payable after a 2-year waiting period.
Guaranteed Issue
No health questions whatsoever. Available to almost anyone ages 50–80. Best option for those with serious health conditions who may not qualify elsewhere.
How the 2-Year Waiting Period Works
All guaranteed issue policies include a graded death benefit period — typically 2 years from the policy issue date. During this period, if the insured passes away from natural causes, the carrier does not pay the full death benefit. Instead, they return all premiums paid to date plus a specified rate of interest (typically 10%) to the beneficiary.
If the insured passes away due to an accident during the waiting period, most guaranteed issue policies pay the full death benefit immediately.
After the 2-year waiting period, the full death benefit is payable for any cause of death. At that point, the policy functions identically to a level benefit plan.
Who Should Consider Guaranteed Issue
Guaranteed issue is appropriate for seniors who have been declined for simplified issue (level benefit) plans due to health conditions, seniors with serious conditions such as terminal illness, recent organ transplant, or currently residing in a skilled nursing facility for health reasons, or seniors who simply want the certainty of approval without answering health questions.
For everyone else — those in average or better health — a simplified issue plan will provide lower premiums and immediate full coverage from day one.
Monthly Cost Ranges — $10,000 Policy
The table below shows typical monthly premium ranges by age and gender. Actual rates depend on your health history, coverage amount, and carrier.
| Age | Female / Month | Male / Month | Plan Type |
|---|---|---|---|
| Age 50 | $18 – $28 | $22 – $35 | Level Benefit |
| Age 55 | $22 – $34 | $27 – $42 | Level Benefit |
| Age 60 | $28 – $44 | $35 – $55 | Level Benefit |
| Age 65 | $35 – $56 | $46 – $70 | Level / Graded |
| Age 70 | $44 – $70 | $55 – $90 | Level / Graded |
| Age 75 | $65 – $105 | $85 – $135 | Graded / Guaranteed |
| Age 80 | $90 – $140 | $120 – $185 | Graded / Guaranteed |
Estimates for a $10,000 policy. See the full cost breakdown →
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Frequently Asked Questions
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