What is guaranteed issue final expense insurance?

In exchange for guaranteed approval, these policies usually include a graded death benefit or waiting period — typically two to three years — during which a death from natural causes pays back premiums plus interest rather than the full face amount. Death from an accident is usually covered at the full amount from day one.

Guaranteed issue is generally a last-resort option for people who have been declined for simplified issue coverage due to serious health conditions, since it tends to cost more for the same coverage amount.