Guaranteed Acceptance Life Insurance NZ Quote Today | No needles – No questions!
Want to compare guaranteed acceptance life insurance in New Zealand?
Have you been deferred life insurance or uninsurable?
Our guide has everything you need to know about no medical exam or guaranteed acceptance life insurance.
With guaranteed acceptance life insurance, there is no need to meet with a paramedical professional to measure your blood pressure or take blood and urine sample.
Some companies ask a few health questions.
Others ask you to confirm you have not been diagnosed with any illness or disease that is expected to cause death within 12 months.
Policy can be issued the same day because there is no waiting for medical underwriting results.
This is great news for people who want life insurance, but cannot because they have experienced health issues such as cancer, stroke or heart attack.
The small print here is that most life insurance policies have a clause which means there is an initial wait period.
What You Need to Know About Guaranteed Acceptance Life Insurance
The first thing you need to know about guaranteed acceptance life insurance in New Zealand is there is no need for the medical exam, no needles and no urine samples.
Sometimes this policy is also called no medical exam life insurance.
Because no medical underwriting is done, you are approved and covered within minutes.
However, a policy is only as good as the company that offers it.
With a little research and time, you will know which company is right for you. And this can save you a lot.
Guaranteed Acceptance Life Insurance Comparison Table
In comparing the policies, I especially noticed the premium structures and max cover available.
The information is sourced directly from the companies websites.
|wdt_ID||Feature||Fidelity Life||Momentum Life||Sovereign|
|1||Credit Rating||A- (Excellent) A.M. Best||B++ (Good) A.M. Best||A+ (Superior) A.M. Best|
|2||Policy Exclusion Waiting Period:||1 year||5 years||5 years|
|12||Max Cover $||$50,000||$250,000||$500,000|
You can’t provide for your loved ones any other way
Guaranteed Acceptance Life Insurance is marketed and sold as affordable, easy, and fast.
And there is an element of truth to it.
It is still not the right solution for everyone.
Only certain people will genuinely benefit from buying guaranteed acceptance life insurance.
- If you don’t have time to wait for a medically underwritten policy, guaranteed acceptance life insurance might be a good interim cover.
- If you have a chronic health condition like diabetes that is not under control, purchasing life insurance can be expensive or impossible. Perhaps guaranteed acceptance life insurance is good alternative.
- Hazardous activities such as working at heights over 20 meters above ground or at a depth of 30 meters below ground mean you might have a hard time getting life insurance, even if you are healthy.
- If you are older or have a serious health condition and want to help your loved ones pay for funeral and burial expenses, a guaranteed acceptance life insurance policy may help.
No matter your age, if you are pretty healthy and these circumstances do not apply to you, then a guaranteed acceptance life insurance might not be the right cover for you.
It’s not always the case that people with pre-existing conditions are denied underwritten life insurance.
You should know that old or current medical conditions might and might not affect your insurance.
Under most circumstances, going through the underwriting process including medical tests means you will get a tailored offer back from the insurance company.
The medical underwriting process is free to the applicant. So really you have nothing to lose.
How much does Guaranteed Acceptance Life Insurance Cost?
With convenience typically comes the cost.
And guaranteed acceptance life insurance is generally 3 to 5 times more expensive than the underwritten life insurance.
Some insurers offer life insurance premiums that don’t increase with age.
Alternatively, yearly increasing premiums can be a good start, because they start lower.
Depending on your need for cover and for how long you want to keep the cover, comparing your options might just save you heaps.
Sometimes, people buy guaranteed acceptance life insurance when they are in a hurry and then replace their cover later.