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Peace of mind for end-of-life costs, without the hassle
Guaranteed life insurance, also called burial insurance, is a kind of whole life insurance for seniors or those who can’t qualify for a traditional life insurance policy. Unlike traditional life insurance, guaranteed life insurance involves no health questions. If you want the security of knowing you can pay for end-of-life expenses such as funeral costs, as well as covering any outstanding debts so they don’t get passed on to your family, guaranteed life insurance is worth considering.
What’s the difference?
Simplified whole life insurance:
Guaranteed life insurance:
Unlike a traditional whole life insurance policy, guaranteed life insurance doesn’t have a “cash value,” or savings component. You simply make monthly payments in exchange for a fixed amount to be paid out upon your passing.
Since guaranteed life insurance is highly accommodating and covers high-risk people, it’s more expensive than other forms of final expense life insurance including simplified whole life. If you can qualify for a simplified whole life policy, you’re likely to get a higher benefit amount at a lower monthly premium than you will with guaranteed life insurance.
Term life insurance s a type of life insurance meant for younger, healthy adults, usually with dependents. Term life offers coverage for a set period of time and then expires, and pays a death benefit to beneficiaries if the policyholder dies while the policy is in effect. Because the risk of insuring these individuals is lower, term life offers a much higher death benefit payment at a much more affordable monthly premium.
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