[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.easyquotes4you.com\/what-is-graded-benefit-whole-life-insurance\/#BlogPosting","mainEntityOfPage":"https:\/\/www.easyquotes4you.com\/what-is-graded-benefit-whole-life-insurance\/","headline":"What is Graded Benefit Whole Life Insurance?","name":"What is Graded Benefit Whole Life Insurance?","description":"Quick Navigation Links Show 1 Graded Benefit Whole Life Insurance 2 What To Do If I Have Been Declined Life Insurance 3 Graded Benefit Whole Life Insurance 4 So how does Graded Benefit Whole Life Insurance Work? 5 Fidelity Life 6 United Home Life 7 How Much Coverage To Get 8 Guaranteed Issue Life Insurance.. More<\/a>","datePublished":"2018-12-03","dateModified":"2026-05-05","author":{"@type":"Person","@id":"https:\/\/www.easyquotes4you.com\/author\/site-admin\/#Person","name":"Rob Pinner","url":"https:\/\/www.easyquotes4you.com\/author\/site-admin\/","identifier":1,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/e4da538e10e071b419f4843e8193941a0ff5ad58e937daa177fa846a5124dc4d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/e4da538e10e071b419f4843e8193941a0ff5ad58e937daa177fa846a5124dc4d?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Rob Pinner","logo":{"@type":"ImageObject","@id":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/logo-shape-e1536791917640.png","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/logo-shape-e1536791917640.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/12\/Life-Insurance-Seniors-3.jpg","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/12\/Life-Insurance-Seniors-3.jpg","height":801,"width":1200},"url":"https:\/\/www.easyquotes4you.com\/what-is-graded-benefit-whole-life-insurance\/","about":["Life Insurance","Whole Life"],"wordCount":1004,"keywords":["graded benefit life insurance","guaranteed issue life insurance","simplified issue whole life","whole life insurance"],"articleBody":" Quick Navigation Links Show 1 Graded Benefit Whole Life Insurance 2 What To Do If I Have Been Declined Life Insurance 3 Graded Benefit Whole Life Insurance 4 So how does Graded Benefit Whole Life Insurance Work? 5 Fidelity Life 6 United Home Life 7 How Much Coverage To Get 8 Guaranteed Issue Life Insurance 9 Frequently Asked Questions 10 What is graded benefit life insurance? 11 What is "graded" with graded benefit life insurance? 12 Do I have day 1 coverage with a graded benefit life insurance policy? Graded Benefit Whole Life InsuranceWhen you have a serious health condition, many tend to believe that they will get denied life insurance. Normally that isn\u2019t the only reason, many other factors lead to denial of life insurance.Such as if you have multiple DUIs or reckless driving, if you have a history with drugs\/alcohol, a criminal record and even bankruptcy. Here we will help you on your next steps if you have been declined for life insurance and also explain graded benefit whole life insurance.What To Do If I Have Been Declined Life InsuranceIf you are declined for life insurance there are still measures you can take. First you need to decide if one company declined you but another one might approve you.There are many cases where someone will be declined but then another company will accept them. Every life insurance company has different guidelines and rules for risky situations, but having a knowledgeable agent helping you can help you get approved or denied.Graded Benefit Whole Life InsuranceOnce you know for sure you can\u2019t get \u201cnormal\u201d life insurance, what are your other options? With age being a key factor, you can get approved for many policies. Guaranteed issue life insurance, also known as high risk insurance, or graded benefit whole life insurance are are for people that have \u201chigh risk\u201d and can\u2019t get a regular policy.So how does Graded Benefit Whole Life Insurance Work?A graded benefit whole life policy is graded as the name states. This means that there is normally a waiting period between when your coverage will actually start. Some companies will have a two year waiting period and some will have a three year waiting period.If the person getting the plan dies before the end of the waiting period, then the beneficiary will get back all the payments that person made, plus a little interest. After the waiting period is over the full coverage amount begins to be in effect.There is also normally a limit on how much coverage you can get with a graded benefit whole life insurance policy. For example some will offer a maximum coverage of $150,000 for one company but another will only have $25,000 maximum.What Companies Offer Graded Benefit Whole Life Insurance?There are many that offer this, here are two examples\u2026Fidelity LifeFidelity\u2019s graded benefit whole life insurance policy is offered to seniors over 50 years old! They are also unique because they offer term and whole life insurance. Most companies will only offer whole life insurance for graded. They also offer up to $150,000 of coverage and the process is so simple you can get approved in one day!United Home LifeThe United Home Life\u2019s graded death benefit whole life insurance offers\u00a0 coverage starting at the age of 20, meaning if you are younger than 50 and can\u2019t get Fidelity Life, then this is a good alternative. They will offer whole life graded up to $25,000.There are health questions you would have to pass for both companies to qualify. If you don\u2019t pass though, you can still get a Guaranteed Issue Policy.How Much Coverage To GetThe downfall for most graded death benefit whole life insurance is that you are limited to how much coverage you can get with this plan. Most will only allow $150,000, such as Fidelity Life.For most that isn\u2019t enough for their whole families. Not having enough insurance is always a mistake most can\u2019t afford to make. So before you get one of these plans you need to figure out how much you need.First you should look at is your debts and other final expenses. The main reason for life insurance is to help your family pay off any of your outstanding debts and bills.Next you need to account for your paycheck. If you are the main provider for your family you need to make sure your policy is enough to cover your income.Once you\u2019ve added these together, you may find that a guaranteed plan isn\u2019t enough for you.If you have been declined coverage, you can still get the coverage you and your family needs.Guaranteed Issue Life InsuranceUnlike with a graded benefit whole life insurance policy, guaranteed issue life insurance asks no health questions. An example of a company that offers this coverage is Gerber Life. The company that offers life insurance for your kids will also will offer Guaranteed for people over 50 years or older. You can receive $25,000 without any qualifications and there is a two year waiting period.There is also AARP and Colonial Penn that you have probably received mail or seen on TV. These tend to be overpriced though compared to other life insurance carriers.All companies are different and all have different rating and medical systems in place. The quotes will all depend on the company you contact.\u00a0Frequently Asked Questions\t\t\t\t\t\t\t\t\tWhat is graded benefit life insurance?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tGraded benefit life insurance is whole life policy for people who are considered to high of a risk for traditional life insurance. These policies ask few health questions but has limited coverage the first 2 years.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWhat is "graded" with graded benefit life insurance?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tThe death benefit is limited or \u201cgraded\u201d the first 2 policy years of a graded benefit life insurance policy.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tDo I have day 1 coverage with a graded benefit life insurance policy?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tNo, you will not have day 1 coverage. The death benefits of a graded policy are limited the first 2 years.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t{\t\t\"@context\": \"https:\/\/schema.org\",\t\t\"@type\": \"FAQPage\",\t\t\"mainEntity\": [\t\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"What is graded benefit life insurance?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"Graded benefit life insurance is whole life policy for people who are considered to high of a risk for traditional life insurance. These policies ask few health questions but has limited coverage the first 2 years.\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t,\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"What is \\\"graded\\\" with graded benefit life insurance?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"The death benefit is limited or \\\"graded\\\" the first 2 policy years of a graded benefit life insurance policy.\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t,\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"Do I have day 1 coverage with a graded benefit life insurance policy?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"No, you will not have day 1 coverage. The death benefits of a graded policy are limited the first 2 years.\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t\t\t\t]\t}"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"What is Graded Benefit Whole Life Insurance?","item":"https:\/\/www.easyquotes4you.com\/what-is-graded-benefit-whole-life-insurance\/#breadcrumbitem"}]}]