Reader’s Question:

Would I be better off If I go for a Guaranteed Life Insurance Policy here in Colorado?

Martin

Colorado Springs, CO

Whether or not going into a Guaranteed Life Insurance Policy is beneficial for you depends on your specific circumstances there in Colorado. The difference between a Guaranteed Life Insurance Policy and the other kinds of policy would be the lack of a requirement to undergo qualifying medical or physical exams in the former. If you are young, have no pre-existing medical conditions or serious illnesses and is otherwise relatively healthy, then there shouldn’t be any major reason why you skip undergoing the medical and physical test requirements of normal Life Insurance Policies.

Since some people are reluctant to undergo the necessary physical and medical exams for some types of life insurance policies, or already have medical conditions they are not comfortable disclosing to life insurance providers and a myriad of other reasons, this is why guaranteed life insurance policies came into existence. The big trade-off though would be much higher premiums. Since the life insurance company does not have any information about your lifespan and factors that may shorten it, you are thereby seen as posing a higher insurance risk, the higher the risk the bigger the premiums. It would also be good to note that guaranteed life insurance may not be available in all states and there are still minimum requirements, depending on the provider, that one would need to meet.

Tags: Guaranteed Life, Life Insurance, Questions, Life Insurance Coverage