Guaranteed acceptance life insurance: is it right for your mid-year review?
If you haven’t reviewed your life insurance coverage recently, midyear can be a good time to do so. It’s important to determine if your current coverage still meets your needs. Many retired individuals find guaranteed acceptance life insurance to be helpful.
Life insurance can still make a significant difference, whether you want leave money for loved ones, settle debts, or help cover funeral costs. And it doesn't have to be complicated.
Why life insurance still matters in retirement
Life insurance can be beneficial even in retirement. The benefit can help pay for things like funeral expenses, medical bills and credit card balances, living costs for a spouse or partner, or a financial gift for your children or grandchildren when you are gone.
What is guaranteed acceptance life insurance?
Individuals who have health conditions or have been turned down previously find this type of coverage especially helpful. It does not require a medical exam or health questions. However, it’s important to know that during the first two years, the full death benefit may not be paid if death results from natural causes.
Key benefits
- No health questions asked
- Guaranteed approval, regardless of your health
- Premiums remain the same over time
- A range of coverage amounts
To make things easier for their family, many people use this type of coverage to help pay for end-of-life costs.
Life insurance that won’t increase with age
While life insurance premiums generally become more expensive as you get older, guaranteed acceptance life insurance offers rates that do not increase with age. The premiums are based on your age when you enroll and will not increase for any reason, even if your health changes.
Choosing life insurance coverage for you
Selecting life insurance coverage involves finding one that matches your personal needs. Here are a few things to consider:
- Purpose: Life insurance can help with costs for your family, support a cause, or do something else that is important to you.
- Budget: Choose coverage with monthly payments you can sustain long-term.
- Company strength: Look for insurers with strong financial ratings from agencies like A.M. Best or Fitch.
- Policy details: Look at the rules. Make sure you understand what’s not covered, how the benefit will be paid out to your beneficiaries, and if there are any waiting times.
Mid-year is the right time to review your coverage
The middle of the year is a great opportunity to review your coverage. Guaranteed acceptance life insurance can be a simple, practical choice if you’re looking for basic coverage without the stress of a medical exam or questions. Take a moment now to evaluate your needs and explore coverage. You can feel more confident, knowing that your loved ones can have support. With a range of options for people over 50, it’s possible to find coverage that works for you.
Guaranteed acceptance life insurance can be a caring way to help your family feel cared for when they need it most.
This article is provided by New York Life Insurance Company for informational purposes only. This article is not intended to provide tax, legal, financial or accounting advice. Please consult your own professional for advice specific to your circumstances.
