Facts about Graded Whole Life Insurance

Posted on by Kate

Individuals who have existing problems or those who are elderly usually have a hard time looking for a plan that they can be approved for and that they can afford. This is because the eligibility and rate offered to an individual depend on a number of factors, including age and health conditions. Those who are older or have known medical problems are generally considered by insurance companies to be riskier to insure and are therefore either denied insurance or given with a high premium. Fortunately, these individuals have an option that would allow them to get life insurance without having to pay exorbitant premiums.

Graded whole life insurance policies do not usually require medical examinations or even medical questionnaires. This is the primary reason why they are suitable for the elderly and sick individuals. By getting one of these policies, these individuals are able to raise enough money so that their funeral costs and final expenses would be covered and there would be available funds to support their families in the event of their untimely death. Most of these policies also include an automatic accident benefit which can immediately be paid in the event of an accidental death that is not caused by medical reasons.

During the first two years, graded life insurance policies would usually offer only the premiums which have already been paid plus about 10 to 20 percent added to the amount. After two years, the policy matures and the insurance company would pay the full amount in the event of the untimely death of the individual. Generally, the policy is recommended for those who would be able to live more than two years but may die within the next five to seven years.

If you are looking for a graded whole life insurance policy for yourself or for a loved one, you may want to visit the websites of top life insurance companies that offer life insurance quotes in Washington and in other states. Through getting free quotes, you would be able to compare your life insurance policy options, allowing you to get the one that would suit your needs and budget the most.