What is MetLife Guaranteed Acceptance Whole Life Insurance?
MetLife Guaranteed Acceptance Whole Life Insurance is a permanent life insurance policy designed for individuals who may have a hard time getting approved for traditional life insurance policies due to their age or health conditions. With this policy, there is no medical exam or health questions necessary, and approval is guaranteed.
This policy guarantees that your beneficiaries will receive a death benefit payout upon your passing, as long as you pay your premiums on time. The death benefit payout amount is determined at the time of purchase and will never decrease. Your premiums also remain the same throughout the life of the policy, making it easier to budget and plan for the future.
Another benefit of MetLife Guaranteed Acceptance Whole Life Insurance is that it builds cash value over time. This cash value can be borrowed against, used to pay premiums, or even surrendered for cash.
One important thing to note is that the death benefit payout may be limited during the first few years of the policy. This is known as the graded benefit period, and it typically lasts for two to three years. During this period, if the policyholder passes away, their beneficiaries may only receive a percentage of the death benefit payout, rather than the full amount.
In summary, MetLife Guaranteed Acceptance Whole Life Insurance is a permanent life insurance policy with a guaranteed death benefit payout and no medical exams or health questions required. While there may be a graded benefit period, this policy may be the perfect solution for those who have trouble obtaining traditional life insurance due to health issues or age.
Frequently Asked Questions about metlife guaranteed acceptance whole life insurance
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries.
Guaranteed issue life insurance is a type of whole life insurance policy that allows you to skip health questions and or undergo a medical exam. In some spaces, you may hear it referred to as guaranteed life insurance or guaranteed acceptance life insurance.
Guaranteed acceptance life insurance is a type of life insurance that doesn't ask health questions or require a medical exam. If you meet the age requirements, you're guaranteed to be accepted, no matter your health status.
Essentially, acceptance signifies that both the insurer and the insured agree to the terms of the insurance contract. After acceptance, the coverage will take place as long as the policyholder continues to pay the premiums. Sometimes, an insurer will have requirements for an insured before acceptance can be reached.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe, the Middle East and Africa.
MetLife's group life insurance plans are an economical way for you to provide for your family with competitive group rates and a wide range of coverage options to choose from. Exact rates can be found in the enrollment materials.
In both policies, beneficiaries are guaranteed of receiving a death benefit. Also, premiums are level meaning they will not change as long as you continue to pay your premiums on time. However, the whole life is more expensive than GUL more so because of the investment factor.
Key features of guaranteed life insurance
You'll qualify for coverage regardless of your health. Premiums stay the same for the length of the policy. Failure to pay your premiums may result in cancellation. The death benefit won't decrease over time.
If the insurance company agrees to insure you, this is called acceptance. In some cases, your insurer may agree to accept your offer after making some changes to your proposed terms. Consideration. This is the premium or the future premiums that you have to pay to your insurance company.
Special acceptance refers to an agreement by a reinsurer to include under a reinsurance contract coverage for a risk that was not automatically included under the terms of the contract.
Term life is often the most affordable life insurance because it's temporary and has no cash value. Whole life premiums are much higher because the coverage typically lasts your lifetime, and the policy grows cash value.
MetLife is a reputable insurance company that has an A+ (Superior) rating from AM Best, one of the nation's leading insurance-rating organizations, as well as solid scores from S&P and Moody's. The good scores are a reflection of MetLife's financial strength and claims-paying ability.
