One of the last things most of us want in life is to be a financial burden to our family. That’s why people buy guaranteed acceptance life insurance policies. They may want to provide enough money to pay final expenses or to leave a small amount to a caregiver for their help or enough money to fix up the house to sell it after they are gone.
Often known as final expense insurance or funeral insurance, a guaranteed acceptance life insurance policy usually has a benefit value of $20,000 or less. It is also referred to as senior life insurance because it is life insurance for people 50 to 80 years old who may have medical conditions that make it impossible to qualify for other types of life insurance.
Here are 5 tips for buying a guaranteed acceptance life insurance policy.