What is the difference between medically underwritten and guaranteed coverage?

Medically underwritten and guaranteed coverage are two types of life insurance policies that differ in their underwriting process and the level of coverage they provide.

Medically Underwritten Coverage

* Pros:

- Premiums are typically lower because the insurer assesses your health status and associated risk factors before issuing the policy.

- Allows for larger policy amounts in some cases.

* Cons:

- Medical exams and fluid samples are often required.

- Pre-existing conditions may exclude you from coverage or result in higher premiums.

Guaranteed Coverage

* Pros:

- No medical exams or fluid samples are required for guaranteed coverage.

- Guaranteed to issue a policy regardless of your health status or pre-existing conditions.

- Good option for those who may be uninsurable otherwise or who need coverage quickly.

* Cons:

- Premiums are typically higher compared to medically underwritten policies.

- Policy amounts may be lower compared to medically underwritten coverage.

- May have additional restrictions or exclusions for certain conditions.

Ultimately, the choice between medically underwritten and guaranteed coverage depends on your individual circumstances, health status, and insurance needs. It is always advisable to consult with a qualified insurance agent to assess your options and determine the best policy for your needs and budget.