Midland National Guaranteed Issue Life Insurance Explained

What Is Midland National Guaranteed Issue Life Insurance?

Midland National offers a guaranteed issue life insurance policy that requires no medical exam, no health questions, and no proof of insurability. The insurer guarantees approval for anyone who meets basic age and residency criteria, making it a straightforward way to obtain coverage quickly.

How the Policy Works

The policy is a term life insurance product. A fixed amount of coverage is paid to a beneficiary if the insured dies within the chosen term, typically 10, 20, or 30 years. Because no underwriting is involved, the insurer uses a standard rate table to set premiums. Premiums remain level throughout the term, and the policy can be renewed at the end of the term, often with the same guaranteed approval.

Eligibility and Application Process

Applicants must be 18–70 years old, U.S. residents, and not have a disqualifying medical condition that would make them ineligible for other policies. The application is online or via paper form, and once submitted, a decision is made within a few days. No medical exams or blood tests are required.

Premiums and Payment Options

Premiums are based on age, gender, and the chosen term and coverage amount. Because the insurer assumes higher risk, premiums can be higher than comparable fully underwritten policies. Payment can be made monthly, quarterly, or annually, with a 2–3% discount for annual payments.

Pros and Cons Compared to Other Policies

Pros:

• No medical exam or health questions.
• Fast approval, often within 48 hours.
• Level premiums for the term.

Cons:

• Higher premiums due to guaranteed issue status.
• Coverage limited to term; no cash value or investment component.
• Renewal may increase premiums if the insurer adjusts rates.

Is It Right for You?

If you need life insurance quickly and cannot meet underwriting requirements for standard policies, Midland National's guaranteed issue product can fill that gap. However, if you are healthy and can qualify for a lower‑cost policy, it may be more economical to seek other options.