Obtaining health insurance or life insurance may be difficult for people with pre-existing conditions like cancer or diabetes, and for those who underwent heart surgery, suffered a stroke, or are battling depression, as most insurance companies will decline them. This is where guaranteed health insurance comes in.
Guaranteed health insurance is a policy guaranteed to anyone, regardless of their age or physical condition. This kind of insurance is especially ideal for those with illnesses who find it hard to get other insurance policies and expect to live for at least two years. For those who have cancer, insurance is also used to provide cover for burial expenses, payment for debts left in the estate, and payment for medical bills.
1) Guaranteed health insurance does not require a physical examination for applicants, nor a medical history. Basic questions will be asked, such as name, age, and address. Benefits House says that as long as you are able to answer "yes" or "no" to a few simple questions, you will qualify for this kind of life insurance.
2) If the insured person dies within a specified amount of time, beneficiaries may receive a portion, or none of the death benefits. Policies under guaranteed issue life insurance pay full benefits usually after two years. Beneficiaries will get a portion, or none, of the benefit if the insured person dies of a certain illness in the year after they buy this kind of insurance. If the cancer patient dies before the end of the period required by the insurance, the beneficiary receives a return of paid premiums plus interest. If the death occurs after the period required, the full death benefit amount is paid to the beneficiary upon the death of the insured person, according to Benefits House policy.
3) Plans may offer coverage even if a person is on kidney dialysis, has AIDS or is HIV positive, or suffers from any other pre-existing medical condition, particularly cancer patients.
4) Guaranteed health insurance is a permanent cancer insurance. The premiums and the death benefit don't change, and the insurance is effective as long as the premiums are paid.
5) Persons insured under guaranteed health insurance can use the cash value in its policy for emergency expenses while living. The money can be withdrawn and therefore end the policy or the insured person can accept a lower death benefit. According to CompuQuotes, you can borrow against the cash value and keep your benefits the same after you pay the loan.
6) The policy proceeds under guaranteed health insurance are usually free of estate tax and policies usually avoid probate once a beneficiary is named.
Guaranteed health insurance programs can be expensive and the waiting period can take a long time to process, but it is the best option for those having pre-existing illnesses who want to leave something to their loved ones after their death. Choose from one of many flexible policies to suit your individual needs. Compare plans to ascertain which works best for you. Alternatively, call us toll-free on 1-800-770-0492 and speak to one of our highly trained, licensed insurance agents to discuss any queries you may have with regards to guaranteed health insurance today.