I am a senior can you tell me what is a graded benefit life insurance policy?
Q) I am a senior can you tell me what is a graded benefit life insurance policy?
A) In most graded benefit policies the Death Benefit is limited to return of premium plus 10% of the face amount if death occurs within the first two years. Full face amount paid if death occurs after the second year. Full face amount at any point if death is due to an accident.
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Depending on your medical conditions, you may not qualify for a standard life insurance policy. The life insurance company may rate you at a higher risk due to their underwriting requirements. Therefor the graded benefit policy will cost a bit more that a standard life insurance policy.