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Question about guarentee issue life insurance policy?
I've purchased a guarentee issue life insurance policy for a family member with a chronic illness. The policy is only payable after 2 years. The premium is $61 a month or $645 a year. I'm wondering if I pay 2 years premium now, will the policy be payable. I was too afraid to ask the agent.
No, if you pay the two years premium you just won't have any payments for two years. The policy is not payable for any reason before two years. This is how the company can make some money before the chances of paying out.
If the insured were to pass away before the two year period you should get your premium returned.
Hadley
Once the life insurance policy is issued, it is payable upon the death of the insured, subject to any exclusions, such as, suicide.
However, the full coverage does not take effect until two years after the date the life insurance policy became effective.
There are usually limited benefits on these policies the first two years.
You may want to contact your agent and ask for a complete explanation as the the payout for death in the first year, and death during the second year of the policy.
After two full years in effect, the policy should pay out the full 100% of the life insurance coverage.
I hope that helps!
Michael F
If you stated the full medical history on the application, then guaranteed issued coverage pays upon death at anytime. If however it could be shown you failed to admit information on the application, then within the first 2 years they wouls at the very least return all the premium paid plus interest to the beneficiery. .
MissV
We don't know what the policy states, or even if it was issued in this country. Read the policy.
mbrcatz
No. The death has to occur two full years after the policy starts.
shiprepairwoman
No the two years exclusion is so people in there final days don't buy the insurance knowing it will be paid soon. Why else wouldn't everyone expecting to die go pay 2 years premium and collect more than that a few months later?
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