When you try to obtain Guaranteed life safeguard or insurance (seguros)cover, you are indirectly obtaining a policy which does not require that you do some usual things such as
1. Answering some questions that have to do with your health.
2. Go to the hospital to undergo some medical or health examination.
3. Requiring the assurance company to check on or review your prescription and medical records.
Guaranteed life indemnity (GLI) is also referred to as Guaranteed acceptance life indemnification where no question is asked and no expense is paid before the policy is signed on.
However, so great this GLI sounds, it has some implications. There is a waiting period of which if the policyholder dies, the beneficiary will not be able to get the benefit or premium from the policy. GLI is not like a health insurance (seguros salud) policy as its waiting period is usually two or three years.
It is not that indemnity company will not pay your beneficiary at all if it happens that the inevitable occurs during the waiting period of GLI. The surety company will only repay back to your beneficiary all premiums including interest that have accrued since you have started to service the GLI. The interest on GLI premium is usually at the rate of ten percent (10%). So therefore, your beneficiary will still get paid. Only that it will not be up to the death benefit which normal life protection policy that will require many examinations and expenses will pay.
GLI is the kind of protection policy that people on sickbeds can take just to provide some form of savings for their dependents. It is for people with serious health conditions that prevent them from buying policies that offer immediate death benefits. It is a guaranty that you will be issued a policy as long as you fall within the allowed age range as at the time you apply.
Guaranteed life insurance (seguros vida) is for people who are between the age fifty and eighty years. To get more information visit #seguros.
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