Guaranteed term life insurance is specifically for you if you cannot get regular term life insurance. You can get guaranteed issue term life insurance rates without a health exam which is usually required for most insurance policies. You will pay higher rates for this type of life insurance vs other insurance.
Who is this type of policy best for? If you were born with a chronic health problem or disease, you may find that guaranteed term life is a good match for you. You need to know that this type of insurance has a big difference from regular term life insurance. Instead of picking your own term length, you have to go with 5 or 20 year terms. If you decide to purchase the 5 year term, you will be able to continue buying in 5 year increments until you are 80 years old. If you buy the 20 year policy, you will get the benefit of your monthly costs staying the same for the entire 20 years—even if rates increase during that time.
One major benefit for guaranteed issue insurance is that you can keep your policy even if you get diagnosed with a terminal illness. This policy may also offer cash before death to help pay for medical bills or special care.