If you are between the ages of 50-75, you cannot be turned down for coverage due to health reasons.
Benefits can be used to cover:
Funeral costs
Credit Card Debts
Medical bills
We normally recommend trying to get traditional term or permanent insurance before getting guaranteed life insurance. Guaranteed life insurance has many benefits, but also some drawbacks.
You cannot be turned down due to health reasons, high-risk jobs, or other dangerous activities. The process is fast, requires no medical exam. The downside is that guaranteed life is usually more expensive than traditional insurance, has no cash value and limits the death benefits to usually less than $50,000.