What is guaranteed issue life insurance?

Guaranteed issue life insurance is a type of policy that accepts all applicants within a certain age range (typically 50–80) regardless of health history — you cannot be turned down. In exchange for guaranteed acceptance, premiums are higher, coverage amounts are lower (usually $5,000–$25,000), and most policies include a two-year graded benefit period during which the full death benefit is not paid if you die of natural causes. It is a last-resort option for people who cannot qualify for traditional coverage.