Guaranteed Acceptance Life Insurance Options: The 5 Best Companies

Last Updated: July 2020

Guaranteed acceptance life insurance policies are for those who can’t qualify for traditional life insurance or graded death benefit life insurance. At Rootfin, we’ve helped hundreds of people find affordable guaranteed acceptance policies.

Typically, guaranteed acceptance life insurance is purchased by individuals who have serious medical conditions or terminal illnesses. Below we will explain how guaranteed acceptance life insurance works, and show you the 5 best companies offering guaranteed acceptance policies today based on our experience.

• What is Guaranteed Acceptance Life Insurance?
• Should You Buy Guaranteed Acceptance Life Insurance?
• Qualifying for Guaranteed Acceptance Life Insurance
• The Best Guaranteed Acceptance Life Insurance Companies

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What is Guaranteed Acceptance Life Insurance?

Guaranteed acceptance life insurance is a type of life insurance policy, where the insurance carrier will not decline anyone from coverage. You are, essentially, guaranteed to qualify.

You’ll also hear this type of life insurance referred to as guaranteed issue life insurance.

Features of Guaranteed Acceptance Policies

Here are several common features you should know about guaranteed acceptance life insurance.

• Everyone qualifies if you’re a US citizen and within the life insurance company’s age guidelines.
• There are no medical exams required and no health questions.
• They are more expensive than other forms of life insurance.
• They have a 2 or 3-year waiting period until you receive the full death benefit.
• Premiums are level & do not increase.
• The policy does not expire.

Guaranteed acceptance life insurance should only be purchased if you cannot qualify for other types of life insurance. Consider life insurance with no medical exam if you need life insurance quickly.

Pros and Cons of Guaranteed Acceptance Life Insurance

Pros of guaranteed life insurance policies include:

• You are guaranteed to qualify.
• No health questions or medical exams are required.
• The application process is easy.

Cons of this type of life insurance include:

• These policies are more expensive than others.
• There is a 2 to 3-year waiting period.
• The coverage amounts are usually limited to $25,000.

About the 2-year waiting period for guaranteed life insurance

The waiting period for most life insurance companies is 2 years for guaranteed acceptance life insurance. Some companies require 3 years.

During this time, the benefit is paid out in full in the event of an accident. If non-accidental death occurs within the first 2 years, the life insurance company will return your premiums with interest, typically 10%.

Before you choose to pursue this type of life insurance policy, ask yourself these 2 questions.

1. Are you sure you can’t qualify for traditional coverage?

Before purchasing guaranteed acceptance life insurance, you should be sure that you cannot qualify for other types of life insurance.

Just because you were declined by one company, doesn’t mean you can’t qualify with another company.

Life insurance for diabetes, COPD, obesity, and heart issues can qualify for traditional, much more affordable coverage. Don’t default to guaranteed issue life insurance unless you have to.

2. Are you sure you can’t qualify for a no medical exam graded death benefit plan?

These policies have the same characteristics as guaranteed acceptance life insurance policies, but they ask a few health questions and are much less expensive.

A high-risk life insurance agency will go through these two options before even considering a guaranteed acceptance life insurance policy. Both of the options above will be cheaper. Complete the form on this page to speak with or email a specialist.

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Should You Buy Guaranteed Acceptance Life Insurance?

The answer is, it depends.

You should buy guaranteed acceptance life insurance if you’ve spoken to an independent agent that specializes in final expense life insurance and they found you can’t qualify for any of their traditional or graded death benefit policies.

Here are some situations when you may only qualify for guaranteed acceptance life insurance.

• If you have cancer or HIV.
  Note: People with certain types of cancer can be accepted for cheaper types of life insurance.
• If you are on dialysis or have had 2 or more heart attacks.
• It is your only option or the cheapest option due to your health or chronic illness.
• Elderly seniors who cannot qualify for other life insurance policies.

The biggest mistake many people make is think they can’t qualify for traditional, more affordable life insurance because of a health issue they have. Keep in mind that you can still get affordable high-risk life insurance without a waiting period even if you have health problems.

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Qualifying for Guaranteed Acceptance Life Insurance

There aren’t many requirements when it comes to qualifying for this type of insurance policy.

• State Availability. You will find that not every insurance company you come across is going to be insured in every state. So, when finding your policy, you need to make sure that it is definitely available in your current state.
• Age Limitations. Every company will also have their own age requirements and restrictions for their policies. Most guaranteed acceptance life insurance policies are not offered to those under the age of 50. They may also stop taking applicants that are over the age of 80.
• Entering into Legal Contracts. Finally, you need to have the mental capacity to enter into a legal contract. If you can’t legally consent to the policy, then they will not offer it to you. This is common with Alzheimer’s patients.

Each insurance company is going to have its own life insurance underwriting process. That is why it’s always best to compare multiple life insurance carriers.

One company may decline you for final expense coverage and offer you a guaranteed acceptance policy. However, you may qualify for a final expense policy with a different company.

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The Best Guaranteed Acceptance Life Insurance Companies

We work with high-risk life insurance clients every day. For most people, we can find a policy cheaper than guaranteed acceptance life insurance. Usually, they qualify for a graded death benefit policy.

But for those who can’t qualify for traditional coverage or a graded policy, a guaranteed acceptance life insurance policy is what we recommend.

You’ve probably seen the Colonial Penn, MassMutual, or AARP guaranteed acceptance life insurance options on TV – these are much higher priced than what you can get on the open market.

We’ve done hours of research, and after helping hundreds of families personally secure guaranteed acceptance life insurance, we have found 5 policies that are the best. We can help you secure policies with the top 3 companies on this list.

1. AIG Guaranteed Issue Whole Life Insurance

AIG’s guaranteed issue policy often has the lowest rates when we compare with other carriers. Here are the details of their guaranteed life insurance.

• $5,000 to $25,000 in coverage available
• Available for ages 50 to 75
• Unavailable in NY
• 2-year waiting period (110% of premiums returned during)
• Critical Illness & Terminal Illness Riders

Contact us to compare AIG guaranteed issue life insurance with other top companies.

2. Gerber Guaranteed Acceptance Life Insurance

Gerber guaranteed life insurance is one of the best on the market for its rates and availability. Here are the details of their guaranteed acceptance policy.

• $5,000 to $25,000 in coverage available
• Available for ages 50 to 80
• Unavailable in MT
• 2-year waiting period (110% of premiums returned during)

Gerber often has the lowest rates on guaranteed life insurance when we compare to other carriers. They are also a very stable company with an “A” rating from A.M. Best.

3. Great Western

Great Western also has a very cheap guaranteed issue life insurance policy. Here are the key features of their product.

• $5,000 to $40,000 in coverage available
• Available for ages 40 to 85
• Unavailable in NY
• 2-year waiting period (110% of premiums returned during)
• Spousal, Dependent Child, & Grandchild Rider available

Great Western’s guaranteed policy is unique because they offer a higher coverage amount than most carriers at $40,000. They also have great benefits at a great price for this type of policy.

Contact us for a quote on Greate Western guaranteed life insurance.

4. AAA Guaranteed Issue Whole Life Insurance

AAA life insurance also has a competitive guaranteed issue plan. Here are the details.

• $5,000 to $25,000 in coverage available
• Available for ages 45 to 85
• Unavailable in NY
• 2-year waiting period (130% of premiums returned during)

You must apply through AAA. Their phone number is 1-888-422-7020.  Here’s a link to them with more information: AAA Guaranteed Issue Whole Life Insurance

Always get multiple quotes. We can get you quotes from the top 3 companies to compare against AAA.

5. Mutual of Omaha

Mutual of Omaha life insurance is the last company on our list. They offer a low-priced guaranteed acceptance policy.

• $2,000 to $25,000 in coverage available
• Available for ages 45 to 85
• Available in all states
• 2-year waiting period (120% of premiums returned during)

You must apply directly through Mutual of Omaha for this policy. Their phone number is 1-800-556-9228. Here’s a link to them with more information: Mutual of Omaha Whole Life Guaranteed.

Contact us to compare the best guaranteed acceptance life insurance companies.