Best Guaranteed Acceptance Life Insurance Companies in January 2024


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ByMandy Sleight
Reviewed byMark Friedlander
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ByMandy Sleight
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Reviewed byMark Friedlander
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Updated: May 22, 2024

Advertising & Editorial Disclosure

Whole life insurance is permanent life insurance that offers lifetime coverage and builds cash value over time. Guaranteed acceptance life insurance is whole life insurance with no health questionnaire or medical exam required to be approved.

Though it’s easy to get covered, guaranteed acceptance life insurance is usually limited to a low death benefit of $25,000 or less. With no health evaluation, insureds are considered high-risk and pay higher premiums based only on age and gender. Coverage can be instant upon approval, and many of the best online life insurance carriers offer quotes and policy purchases online.

Based on MoneyGeek’s in-depth analysis, these are the four best guaranteed acceptance life insurance companies to check out.

Best Overall Guaranteed Acceptance: Mutual of Omaha

Mutual of Omaha

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Coverage begins at age 45

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Most claims paid in 24 hours

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Quote and buy online

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Low coverage amount

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Graded death benefit only provides 10% interest

COMPANY HIGHLIGHTS

MoneyGeek Score: 90.8
J.D. Power (out of 1,000): 783.4
AM Best Rating: A+
NAIC Complaint Index: 1.20

MoneyGeek's Take: Mutual of Omaha tops our list as the overall best guaranteed acceptance life insurance provider for its nationwide availability, fast claims payout and ease of quoting and purchasing coverage online.

For over 100 years, Mutual of Omaha has offered quality life insurance products nationwide. Its guaranteed acceptance whole life insurance product is available to consumers between ages 45 and 85 (50–75 for New York residents). Mutual of Omaha’s guaranteed acceptance life insurance has no health questions or medical exams to complete, and you can apply online or over the phone.

You can choose a death benefit from $2,000–$25,000 (coverage begins at $5,000 for state of Washington residents). Rates are based on your current age when applying, along with your gender and the coverage amount. Smokers and nonsmokers get the same rate with Mutual of Omaha’s guaranteed acceptance whole life insurance.

For non-accidental deaths that occur in the first two years of the policy, Mutual of Omaha will pay a graded death benefit to your chosen beneficiary. This graded death benefit amount includes all premiums paid plus 10% interest. After the two-year period, your beneficiary will receive the full death benefit amount, regardless of the cause of death.

If you need more coverage and don’t have serious health problems, you can contact Mutual of Omaha to be considered for up to $40,000 in simplified issue whole life insurance. While there’s no medical exam, you will have to answer a few health questions to qualify.

Policy Types Offered:

  • Guaranteed Whole Life Insurance

Best for Easy Online Application: Ethos Life

Ethos LIfe

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Issue age up to 85

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Paid in full at age 100

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30% interest included in graded death benefit

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Lowest acceptance age is 66

COMPANY HIGHLIGHTS

MoneyGeek Score: N/A
J.D. Power (out of 1,000): N/A
AM Best Rating: N/A
NAIC Complaint Index: N/A

MoneyGeek's Take: Our pick for the easiest online application is Ethos Life. This digital agent life insurance company offers a 100% online quote and application process that takes 10 minutes or less to complete.

Ethos Life offers an entirely digital platform with a simple quote and application process. Most can get a quote in just a few minutes and complete the entire application in 10 minutes or less. The Ethos guaranteed acceptance life insurance product is offered through AAA Life, one of the digital distributor's underwriting partners. Coverage ranges from $1,000–$30,000 and is for consumers between ages 66 and 85. Once you accept the rate and get approved instantly, you can make a credit card payment and then you’re immediately covered. As long as you keep up with your premium payments, the policy stays in force until the policyholder passes away.

The Ethos Life guaranteed acceptance whole life insurance policy comes with a graded death benefit for the first two years. If you die from a non-accidental death, your beneficiary will receive a refund of all the premiums paid, plus a generous 30% interest — this is the highest interest amount in our list of the best guaranteed acceptance life insurance companies. The policy is guaranteed to build cash value over time, which you can access while alive as a loan, or you can withdraw the funds. Once you reach age 100, premiums are no longer required, and the policy is considered paid in full, but the coverage remains in effect.

Policy Types Offered:

  • Whole life insurance for seniors

Best for High Coverage: MetLife

MetLife

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Up to $50,000 in coverage

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Issue age begins at 45

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Only available through a MetLife advisor

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Graded death benefit

COMPANY HIGHLIGHTS

MoneyGeek Score: 87.2
J.D. Power (out of 1,000): 768.1
AM Best Rating: A+
NAIC Complaint Index: 1.00

MoneyGeek's Take: MetLife offers the best high coverage guaranteed acceptance life insurance, where eligible applicants can choose up to $50,000 in coverage.

MetLife's guaranteed acceptance whole life insurance policy is only available through the company's advisors, so you can't get a quote or apply online. But, out of all the guaranteed acceptance life insurance companies, MetLife has the highest coverage amount available, up to $50,000. Applicants can apply as young as age 45, and rates are available up to age 80. MetLife’s whole life policy is guaranteed to be issued with no health questions or medical exams, with level rates and cash value that builds over time. You can take a loan against the cash value, but if it’s not paid off before you die, it will reduce the death benefit owed to your beneficiary.

Though coverage is in place from the moment you accept the policy and make your first payment, MetLife includes a limited death benefit feature similar to other carriers. MetLife’s graded death benefit for the first two years applies to non-accidental deaths, with premiums returned, including 10% interest, to your beneficiary. If you’re unsure how much final expense life insurance coverage you need, speaking with a MetLife advisor can help you decide before you apply.

Policy Types Offered:

  • Guaranteed Acceptance
  • Whole Life Insurance

Best Reputation & Communication: New York Life

New York Life

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Policyholders covered up to age 95

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Accelerated death benefit included

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Instant quote online

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Must apply by mail

COMPANY HIGHLIGHTS

MoneyGeek Score: 87.5
J.D. Power (out of 1,000): 771.5
AM Best Rating: A++
NAIC Complaint Index: 0.16

MoneyGeek's Take: New York Life is one of the oldest and most respected life insurance companies in the industry. As a mutual insurer, New York Life puts reputation and communication at the forefront of its business, making it our top pick for this category.

New York Life is one of the oldest names in the life insurance industry. Its longevity and success in the industry are thanks in large part to its reputation and communication style. The company has been in business for over 175 years and has the highest possible financial ratings, which indicates its ability to pay out life insurance death benefits. When you purchase life insurance from New York Life, you get a dedicated agent who works with you, meeting your needs as they change. New York Life has partnered with the AARP Life Insurance Program to offer guaranteed acceptance life insurance with no health questions or medical exams.

New York Life’s graded death benefit returns paid premiums plus 10% interest if you die in the first two years. However, residents of Pennsylvania, Missouri and Minnesota get higher amounts according to state laws (40%–400% of premiums paid). New York Life’s guaranteed issue whole life insurance policy includes an accelerated death benefit rider. If you are diagnosed with a terminal illness with a life expectancy of two years or less, you can access up to half of the death benefit to use however you choose. The amount you use as a living benefit will reduce the death benefit amount your beneficiary receives when you pass away.

Policy Types Offered:

  • AARP Guaranteed Acceptance Life Insurance

Guaranteed Acceptance Company Comparison Summary

The table below shows a snapshot company comparison for our top picks for guaranteed issue life insurance. Compare age ranges, coverage options, waiting periods and payouts during the waiting period to help you decide which guaranteed acceptance insurance company is the right choice for your life insurance needs.

Companies
Age Range
Coverage Range
Waiting Period
Waiting Period Payout

Mutual of Omaha
Best Overall Acceptance

45–85
(50–75 in NY)

$2,000–$25,000
($5,000–$25,000 in WA)

2 years

Premiums paid + 10% interest

Ethos
Best for Easy
Online Application

66–85

$1,000–$30,000

2 years

Premiums paid + 30% interest

MetLife
Best for High
Coverage

45–80

$2,500–$50,000

2 years

Premiums paid + 10% interest

New York Life
Best Reputation
& Communication

50–80 45–80)

Up to $25,000

2 years

Premiums paid + 10% interest

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What Is Guaranteed Acceptance Life Insurance?

Guaranteed acceptance life insurance is permanent whole life insurance with level premiums and a small death benefit. The policy rates are based on your current age and gender, along with your desired coverage amount. Smokers typically pay the same rates as nonsmokers, and there are no health questionnaires or medical exams to complete. You are approved if you are eligible to apply for coverage and can pay the premiums.

Real Guaranteed Acceptance Quotes & Cost

When you shop for guaranteed acceptance life insurance, only a few factors are considered when determining the rate: your age, gender and coverage amount. This process differs from traditional life insurance, which uses personal factors to determine your premium, including health and lifestyle habits.

Even though guaranteed issue whole life considers few rating factors, rates can vary by carrier. We suggest getting at least three quotes from different companies to compare rates, especially if you're under 60.

Our quote data shows Ethos Life and Mutual of Omaha have the best guaranteed acceptance life insurance rates for shoppers aged 60 and younger.

Cost Range for GA Life Insurance Across 6 Major Providers
Policyholder Age
Monthly Premium for $10k Coverage
Monthly Premium for $25k Coverage

50

$20–$55

$30–$100

60

$30–$70

$50–$150

70

$80–$100

$200–$250

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Pros & Cons of Guaranteed Acceptance

While guaranteed acceptance life insurance can be an excellent option for some people, it has its drawbacks. Read more about the advantages and disadvantages of purchasing a guaranteed acceptance policy below.

Pros of Guaranteed Acceptance

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    Easy Application

    With no health questions or medical exams, the application process for guaranteed acceptance life insurance is easy and usually only takes a few minutes. After completing the application, you are immediately approved if you meet the eligibility criteria.

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    Cash Value

    Most guaranteed issue policies build cash value over time. You can borrow against the cash value, but any outstanding loan will reduce the death benefit paid to your beneficiary if not paid in full before death. When you die, your beneficiary receives the death benefit less any outstanding loan amount still due.

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    Guaranteed Acceptance

    As the name suggests, guaranteed acceptance life insurance means you are guaranteed to be accepted once you apply. As long as you continue to pay your premiums on time, the policy will stay in force until death. Some companies have a "paid-up" age, where the policy is considered paid in full until the policyholder passes away, regardless of age.

Cons of Guaranteed Acceptance

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    Coverage Limits

    Guaranteed issue life insurance usually comes with low death benefit coverage amounts. Though coverage caps vary, most companies only offer coverage up to $25,000, though companies like MetLife offer up to $50,000 in life insurance coverage with no health questions or medical exams.

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    Limited Death Benefit

    Most guaranteed acceptance life insurance policies include a limited or graded death benefit. This means if you die a non-accidental death in the first few years of the policy, the beneficiary only receives the amount of premium you paid plus 10%–30% in interest. The full death benefit becomes available after those policy years are complete, regardless of the cause of death.

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    High Rates

    Without the ability to base your rates on your health and overall mortality risk, guaranteed acceptance life insurance applicants are all treated as high-risk. This means you will pay the highest rates for life insurance compared to other products that include underwriting.

Who Should and Shouldn’t Buy a GA Policy?

Your age, health and coverage needs are key indicators of who should and shouldn’t buy a guaranteed acceptance policy. Those who need more than $25,000 in life insurance would be better off with a different type of permanent life insurance. Most guaranteed acceptance policies are whole life final expense insurance for seniors, though some companies offer guaranteed issue coverage to younger age groups.

If you have serious health concerns or have been turned down for simplified issue life insurance — which asks a few health questions but doesn’t require a medical exam — guaranteed acceptance life insurance is probably the best choice for you. However, if you’re healthy or don’t have serious health concerns, term life insurance with a medical exam will probably be the more cost-effective choice.

FAQs About Guaranteed Acceptance

Do you have questions about guaranteed acceptance whole life insurance? Understanding the answers to the most common questions about guaranteed issue life insurance can help you make the right decision for your circumstances.

How does guaranteed acceptance life insurance work?
What are the pros and cons of guaranteed acceptance?
How much does guaranteed life insurance typically cost?

Methodology

We go the extra mile so that you can feel confident about life insurance content from MoneyGeek. Our best guaranteed acceptance life insurance ranking incorporates a significant number of data points from insurance industry research companies, such as J.D. Power and Associates, and our unique proprietary qualitative and quantitative policy research, including real guaranteed acceptance quotes. To learn more, visit our complete methodology page.

About Mandy Sleight


Mandy Sleight headshot

Mandy Sleight is a licensed property, casualty, life and health insurance agent with 20 years of experience in the industry. She has worked for major insurance companies like State Farm and Nationwide, and most recently as the Operations Coordinator for a startup employee benefits company.

Sleight holds a business administration and management degree from the University of Baltimore and a master's in business administration from Southern New Hampshire University. She uses her vast knowledge of insurance and personal finance to create easy-to-understand and engaging content to help readers make smarter choices with their budgets and finances.