Best Guaranteed Acceptance Life Insurance Companies: Our Top 3 Carriers

Guaranteed acceptance life means that you are guaranteed to be accepted once you apply for life insurance. The policy will stay active as long as you pay your premiums until the day you die. Notably, some companies have a clause that considers “paid-up” where the policy is considered paid in full until death.

The difference between guaranteed life insurance and whole life insurance

Generally, life insurance requires a person to pay the premium for a specific period, although there are other payment options available. After paying the premium, the insurance is guaranteed in the first year. You can get death benefits for those who die within the first year period.

Whole life plans also offer measurable cash benefits that are likely to generate dividends. Guaranteed issue life cover requires your premium to remain constant. You have coverage until you pay your premium. Depending on the circumstances a cash policy can be considered, however not all guaranteed life insurance plans have money.

Guaranteed Issue Life Insurance

Getting life insurance sounds good and modern if your situation requires it. Guaranteed issue life insurance is a type of whole life insurance policy that does not need you to answer questions about your health. In addition, you can find term life insurance and universal life insurance policies that are simplified issue, so you’re not restricted to whole life insurance.

And there are ever-expanding options for no-exam life insurance, especially for term life insurance buyers.

Guaranteed issue life insurance is known as the “no questions life insurance” or the “no medical exam life insurance“; you submit the application and get covered. But the convenience with which you get the cover poses greater risks for insurers. Besides, they have a waiting period of two to three years.

Unfortunately, if you die during the waiting period, your family members and other beneficiaries may not get the policy’s death benefit. If you die within the waiting period, the insurer will give your beneficiaries all the insurance premiums that you had paid plus interest at a 10% rate. Policies accumulate “cash value” that can be withdrawn or borrowed against.

Advantages of Guaranteed Acceptance

  • You do not need any medical checks to get acceptance
  • You are guaranteed to qualify- Guarantees on acceptable items are a simple procedure that can be quickly adopted. They usually are active within 24 hours. Some insurance companies offer their policy the next day, without any waiting time.
  • Very convenient- you get approval on the same day you apply. Life Insurance does not require health screening for any type of instant-issued insurance. This makes underwriting very easy and quick.
  • The policy lasts as long as you pay- It is a whole life policy
  • Flexible payments- you can pay amounts varying between $5-25k depending on your pocket

Disadvantages of Guaranteed Acceptance

  • The age limit-they allow people aged 50 to 85 years
  • Long waiting period- The waiting period stretches between 2-3 years
  • More expensive than other coverages- The insurer does not know your health issues which increases the risk of coverage and makes it very expensive.
  • Limited Coverage Amounts- You are limited to $25,000

Who can buy guaranteed issue life insurance

Life Insurance Guarantees can be more costly than the cheapest alternative.


People aged between 58-and 85 years have a higher risk of death or developing serious medical conditions.

People with a financial crisis

Seniors who have had a major financial crisis can purchase guaranteed acceptance life insurance policies. Financial crises make most seniors vulnerable to developing various health conditions.

Health conditions

Persons with a cancer diagnosis, dialysis, and strokes are eligible for the guaranteed acceptance life insurance policies.

Risky professions and occupations

Individuals in dangerous professions such as those in law enforcement, mining, and aircrew are at high risk. Other lifestyles such as skydiving and deep-diving also have pronounced risks.

 Graded Death Benefit or Modified Death Benefit

A graded death benefit is one of the main parts of permanent life insurance policies. Graded life insurance policies outline that if you are insured and you die within the waiting period, then your beneficiaries get a portion of the policy’s full death benefit. In addition, the portion increases over time.

 How a Graded Death Benefit Functions

Both guaranteed issue and simplified issue life insurance have waiting periods that can last between two to three years. These insurances have graded death benefits for their applicants.

If you take a graded death benefit, under the simplified issue or guaranteed issue life insurance, and die within the first two years of the waiting period, the insurer will pay your family. However, if you fail to take the graded benefit, and you die, the insurer will not pay any benefit to your beneficiaries.

What Happens When the Insured Dies During the Waiting Period?

For example, if the insured passes on during the first year of the waiting period, the beneficiaries receive 10% of the policy benefit. If the insured dies during the second year, the family will receive more than 10% of the death benefits.

Graded benefits expire after 2-3 years after which the insured’s family can receive full death benefits only if the insured dies.

 The 3 Best Guaranteed Insurance Companies

You can find the right life insurance plan from the following companies.

AIG- GIWL (Guaranteed Issue Whole Life)

AIG lol
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AIG’s GIWL accepts people aged between 50 and 85 years. The company offers budget-friendly and affordable premiums. In addition, GIWL offers permanent protection without medical exam for up to $25,000 life insurance coverage.

AIG’s Custom GIWL Features

If you get a chronic illness, you can access part of the benefits without additional charges courtesy of the Chronic Illness rider.

If you get a terminal illness, you get 50% of your death benefit courtesy of the Terminal Illness rider that is inclusive in the policy.

Every rider can receive part of their benefits to pay medical expenses and bills while the remainder is set as death benefits.

Graded Death Benefit for GIWL

If death occurs at any moment, AIG pays all the death benefits

If death occurs within the first two years of the policy, and the cause of death is not an accident, GIWL will pay 110% of premiums paid up to the date of death.

After two years, the graded benefit expires, and AIG will pay full death benefits to the family.

Gerber Life Insurance – Guaranteed Acceptance Life Insurance

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The Gerber Life Insurance Company application process is simple and easy.

Gerber’s whole life insurance policy offers up to $25,000 to pay for funeral expenses, medical bills, and other debts.

Gerber does not turn down people despite their health conditions. However, you must be an American citizen with ages between 50 and 80 years. The company allows you to choose a guaranteed cash benefit of $5000 to $25000.

The application process is simple and convenient plus no medical exam is needed. The insurer does not ask any health questions and acceptance is guaranteed. The company also offers cash if you have an emergency.

Features of the Gerber’s Guaranteed Life Insurance

Other than an accident, Gerber will pay the beneficiaries all premiums and an additional 10% interest earned on the same. After two years, the graded benefit expires meaning that the company will pay all the death benefits to the beneficiaries. Therefore, the graded benefit applies for only the first two years after the acceptance of the insured.

 Great Western Life Insurance Company

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 GWL only offers preneed funeral plans and final expenses which are whole life policies with low coverage amounts. Their policies are either simplified issues or guaranteed issue. If you have the best health, you can qualify for the first-day coverage, but others can get the coverage with graded benefits. However, the Great Western Life death benefit will be lower in the first few years than the policy face amount.

Great Western has 5 Major Policies

Final expense

it’s a whole life policy with a low face amount. They cover burial expenses and other end-of-life debts. The final expense policies range from $10,000 to $40,000 for individuals aged between 40 and 80 years. Under the final expense, there is

  • Assurance Plus for applicants with good health and you must answer “no” to a few basic health questions and no medical exam is needed.
  • Guaranteed assurance- requires no medical examinations and the beneficiaries receive 110% of the health benefits if the policyholder dies within the first two years with the exception of death by an accident.
  • Preneed Funeral insurance– enables you to pre-plan for your funeral and burial with a funeral home. Three preneed funeral plans include Voyage, Course, and Destination.


AIG and Gerber life insurance companies offer the best-guaranteed acceptance life insurance for individuals.