If you are looking to pre-pay your funeral or simply want to leave something behind for your loved-ones, Guaranteed Life Insurance is an easy way to do so.
There are typically very few, if any, medical questions and no medical exam is required, hence the “Guarantee”. If you apply, you will get the insurance.
In some severe medical cases, there might be a 2 year deferral period, meaning, that if you die within two years of buying the insurance, the company will simply refund the premiums you’ve paid, with interest, to your estate or beneficiary. But even in the most dire medical situations, it could be worth getting the insurance, even with the deferral. Worst case scenery, you pass away within 2 years and you’ve lost no money because they premiums are repaid to your estate with interest. Base case scenario, you outlive the 2 year deferral and the insurance is fully in place. This deferral period does not apply to all policies.
Guaranteed Insurance is usually not for large amounts. Most companies have a $25,000 or $50,000 maximum in place. If you need more than that, you can always apply to multiple companies, but this insurance is typically used to cover last expenses or to leave a little something behind.