Are There Any Downsides to Guaranteed Issue Policies?
While guaranteed issue policies offer numerous benefits, there are some potential downsides to consider:
Higher Premiums: Because insurers take on more risk by covering all applicants, premiums for guaranteed issue policies can be higher compared to other types of insurance. Limited Coverage: These policies may offer limited coverage amounts or benefits compared to traditional insurance plans that require medical underwriting. Waiting Periods: Some guaranteed issue policies may have waiting periods before certain benefits become payable, which can be a drawback for those needing immediate coverage.
