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This Might Be The Answer
Guaranteed Issue Life Insurance
Ron Cohen, RHU, RR
I recently received a letter from an insurance company that was introducing a different twist to guaranteed issue life insurance. For many physicians who find themselves wanting additional coverage but might be uninsurable, this might be the answer.
As disability insurance has always been my specialty, I took more of a consumer’s approach to investigating this offer. Here is what you should know. The amount of life insurance that this carrier offers, depends on two major factors. One being, that the premiums are employer paid. The second being, the amount of lives determines the amount of insurance that can be offered. The factor is 20 times the amount of lives. For example:
Size of Group Coverage Up To
20 Lives $ 400,000
50 Lives $1,000.000
75 Lives $1,500,000
For most physicians who have investigated group life insurance, these limits are well in excess of typical group offerings.
I was impressed with the fact that these policies are all individual 10 year level term insurance contracts. Which means the premiums and the face amount of the insurance, will not change for 10 years. Both, remain level and guaranteed.
The contracts are also portable and convertible. Which means if someone leaves the group, the policies can be taken with them. Convertible means that if the insured desires, they have the right to change the type of coverage from term to permanent insurance.
Guaranteed Issue Life, means that, no matter what your health is, the carrier agrees to cover you. There is no medical or medical questions. All and all, this might be the answer for many physicians.