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Step 1
Take some time to make sure that guaranteed acceptance life insurance is the only way you'll be able to get a life insurance plan. There are a few disadvantages to this sort of policy, so you want to make sure, regardless of age or your state of health, that you cannot get some other policy of better quality from the insurance company. Shop around a little and try different businesses. If you find yourself being repeatedly turned down, only should you consider guaranteed acceptance life insurance, as a last resort.
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Step 2
Shop around for the best price and compare rates. Make sure that you are reviewing the different policies from each company, as this can play a major factor in how you receive your benefits. Make sure you get a lock-in rate, so that you premiums don't increase, and be sure that your benefits will not decrease. Also be sure that your coverage will not be canceled, except on your request. Know how the benefit amount is graded. Further, be aware that many of these sort of policies will not pay out the full amount if you die within (typically) the first 2-3 years of the policy.
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Step 3
Review the payout amount. For many companies, guaranteed acceptance life insurance policies have a payout lower than $20,000. This obviously another factor you should consider. You should also make sure that the premium payments will not eventually end up costing you more than the benefit amount. Do some calculations to make sure you are getting a good value.
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Step 4
Make sure you are eligible. The ages in which you can be eligible for guaranteed issue life insurance varies. Usually the age range is around 50 to 80, but some companies and states may allow you sign up at a slightly younger age (45) or a slightly older age (85).
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Step 5
Once you found one or two companies that have a policy you like, take some time to do some further research, so as to confirm that said companies are: (a) reliable, (b) financially sound, and (c) have good customer service.
