Guaranteed life insurance is a purpose-built product to help insure those without access to traditional underwriting. As this product is designed to insure high-risk individuals, there are a lot of questions regarding who it is best for and why the premiums are higher than other products. Today we ask several professionals:

• When is it best to look into a guaranteed issue plan?
• What tips can you share, to qualify for lower guaranteed life insurance rates?

A summary of their replies is below, with more detailed explanations following in the corresponding sections (the percentage % shows how often a particular answer has been mentioned).

Ready to learn more about guaranteed issue insurance? Let’s get started.

Question #1: When is it best to look into a Guaranteed Issue plan?

The top three answers were:

1. When you have medical issues impacting your insurability
2. When you are not able to qualify or have been declined for other plans like traditional or simplified insurance
3. When you have lifestyle issues impacting your insurability (e.g. dangerous sports, drug use)

Question #2: What tips can you share on how to qualify for lower guaranteed life insurance rates?

The top three answers were:

1. Use an independent broker to compare the plans for you
2. Before going for guaranteed, ensure that you do not qualify for simplified
3. Don’t buy guaranteed insurance directly without comparing all your options and comparing a variety of guaranteed products. Coverage and premiums vary even for similar products