As seniors age, it’s important to review your life insurance options and ensure that you have the right coverage for your needs.
One option is Guarantee Trust Life Heritage Plan, which offers a variety of benefits specifically designed with senior citizens in mind.
In this Guarantee Trust Life Heritage Plan review, we’ll cover who can purchase the plan, what it covers, how much it costs and how to buy it.
In particular, if you’re over 85 or looking for an affordable way to get reliable coverage, then read on as this might be just what you need.
Table of Contents
- What is Guarantee Trust Life Heritage Plan?
- Who is Eligible for the Heritage Plan?
- What Does the Heritage Plan Cover?
- How Much Does the Heritage Plan Cost?
- How Can I Buy the Heritage Plan?
- Frequently Asked Questions
- Next Steps
What is Guarantee Trust Life Heritage Plan?
Guarantee Trust Life Heritage Plan is a burial insurance policy designed to provide financial protection for seniors over the age of 40.
It covers funeral expenses, medical bills, and other end-of-life costs that can be difficult to manage without adequate coverage.
The plan offers an affordable way for seniors to ensure their loved ones are not left with unexpected financial burdens after they pass away.
The Heritage Plan provides $2,500 – $25,000 in coverage at competitive rates. This amount can be used by beneficiaries towards funeral arrangements, like cremation costs, or any other related expenses incurred due to death.
Eligibility requirements vary from state-to-state. but generally applicants must be between ages 40 – 90 years old and meet certain underwriting criteria, such as being able to answer yes/no to five health questions about their current condition or lifestyle habits.
Depending on the answers provided during application process, you will receive a simple accept or reject answer on the spot.
Premiums for this plan depend on several factors including:
- Age at time of purchase.
- Tobacco use history.
- Face value amount chosen by applicant.
- Overall health status determined through underwriting process.
Easy to Secure
To apply for Guarantee Trust Life Heritage Plan, you will need to complete an online application form. Contact an expert agent who can help you navigate through the entire process step-by-step until your application is approved.
Their plan is especially idea for burial insurance for elderly individuals because policies are issued to seniors who are up to 90 years old.
Typically, policies are issued within a few days after all necessary documents have been received by the company’s underwriters.
The Guarantee Trust Life Heritage Plan is a comprehensive burial insurance product that provides seniors over the age of 40 with access to a range of coverage options.
Key Takeaway: The Guarantee Trust Life Heritage Plan is an affordable final expense insurance policy for seniors aged 40 and over. It provides up to $25,000 in coverage.
Who is Eligible for the Heritage Plan?
The Heritage Plan from Guarantee Trust Life (GTL) is an insurance product designed specifically for seniors over the age of 40. Even elderly seniors can buy burial insurance through GTL.
To qualify for the Heritage Plan, applicants must be between 40 and 90 years old at the time of application. Additionally, they must be U.S. citizens or permanent residents with valid Social Security numbers or ITINs (Individual Taxpayer Identification Numbers).
Applicants will also need to provide proof of identity such as a driver’s license or passport in order to complete their application process successfully.
It should also be noted that some states may have additional requirements, which applicants will need to fulfill before being approved for coverage under this plan.
In addition to meeting these eligibility requirements, applicants may also participate in a simple, five-question health interview in order to receive an approval.
There are no medical exams required if you are applying for final expense coverage only through the Heritage Plan from Guarantee Trust Life Insurance Company.
In fact, burial insurance never requires a medical exam.
Overall, the eligibility requirements set forth by Guarantee Trust Life make it easy and convenient for seniors aged 40 – 90, as long as they are US citizens or permanent residents with valid Social Security numbers or Individual Taxpayer Identification Numbers, and can pass the five health questions.
Note – Guarantee Trust Life is an excellent option for burial insurance for seniors over 80, since they issue policies for applicants up to age 90.
The Heritage Plan is designed to meet the needs seniors have for burial insurance, offering a range of coverage options that can provide peace of mind and financial security.
Eligibility requirements include being a US citizen or permanent resident with valid Social Security numbers or Individual Taxpayer Identification Numbers, as well as providing proof of identity such as a driver’s license or passport.
Now let’s take a look at what this plan covers.
What Does the Heritage Plan Cover?
There are important policy plan details you need to be aware of.
Guarantee Trust Life’s Heritage Plan offers up to $25,000 in death benefits and does not require a medical exam for eligibility.
Accidental Death Benefit
The plan includes an accidental death benefit rider that pays out an additional amount of money if the insured passes away due to an accident.
This can be helpful for families who may need extra funds in order to cover unexpected funeral or burial costs.
You should know that you must wait two years after the policy’s issuance before the full death benefit is paid. Accidental deaths are excluded from the waiting period.
Funeral Concierge Plan
An important feature worth noting is that Guarantee Trust Life includes a free funeral concierge plan with a Heritage Plan purchase.
Called the Sequoia Funeral Concierge Plan, seniors automatically have access to helpful funeral planning features including important details such as: funeral home selection, flowers, obituary, transportation, cremation services.
Overall, the Heritage Plan from Guarantee Trust Life Insurance provides high-qualify burial insurance for seniors.
Coverage financially protects loved ones for end-of-life expenses and unexpected events – like accidents – that could otherwise cause financial hardship down the road.
When you buy burial insurance, you loved ones won’t need to worry about finding a free burial place due to a lack of funds to pay for a funeral.
With its options between $2,500 – $25,000 in coverage, and an accidental death benefit rider, the Heritage Plan is a great choice for those looking to ensure their loved ones are taken care of in case something happens to them.
Key Takeaway: The Heritage Plan from Guarantee Trust Life Insurance provides seniors with financial protection for end-of-life expenses and unexpected events.
How Much Does the Heritage Plan Cost?
Rates are dependent on your age, gender, and coverage amount.
Age and Gender
For example, if you are a 55 year old male and choose to purchase a $25,000 policy with Guarantee Trust Life’s Heritage Plan, your monthly premium would be approximately $130.
If you are 65 years old or older your monthly premium may increase to around $190 per month for the same coverage amount.
Females will pay less in premiums for the same policy size than males. Why? Females have lower mortality rates and are charged accordingly by life insurance carriers.
In general, the cost of burial insurance varies significantly amongst the large number of life insurance companies offering this form of coverage. Be sure to compare and contrast before buying a policy.
It’s important to note that premiums can also vary based on additional factors such smoking status (smokers pay more than non-smokers) and health history (preexisting conditions can affect rates).
For example, if you are a diabetic, your burial insurance rates may cost more, depending on the specifics of your condition.
It’s best to contact an agent directly in order to get an accurate quote tailored specifically to your needs.
Unsurprisingly, the more coverage you purchase, the higher the burial insurance for seniors will cost.
You will want to purchase a face amount that will easily cover the price of a funeral and other final bills, as long as it fits within your budget.
Typical burial insurance face amounts seniors purchase include:
No matter what coverage amount you decide is right for you, it is important that you understand all aspects of the plan before making any decisions so that you can make sure it fits into both your budget and long-term goals.
To learn more about how much the Heritage Plan costs or if it might be right for you, please contact an expert agent today who will help guide you through every step along the way.
Key Takeaway: The Heritage Plan from Guarantee Trust Life Insurance is an affordable and comprehensive final expense insurance plan for seniors over the age of 40. Premiums vary depending on age and coverage amount chosen, as well as other factors such as gender and health history.
How Can I Buy the Heritage Plan?
Buying the Heritage Plan from Guarantee Trust Life is easy and convenient.
You can buy the Heritage Plan through an independent agent or broker who specializes in burial insurance for elderly individuals.
There are four things seniors need to plan to do in order to buy a Heritage Plan from GTL.
- Work with an independent agent.
- Determine if you qualify for coverage.
- Conduct a needs assessment.
- Review all important documents and safely store policy.
An independent agent will be able to help you compare different plans and provide advice on which plan best meets your needs. They will also handle all of the paperwork associated with purchasing a policy for you.
When buying a policy from an independent agent or broker, make sure that they are licensed to sell life insurance in your state and that they have experience working with seniors specifically.
Your agent will help determine if you qualify for GTL’s Heritage Plan. Many seniors do. In fact, you only need to answer five basic health questions to be approved, as long as you meet the age requirements.
Specifically, you must answer, “no” to the following questions:
- In the past 24 months, have you received kidney dialysis, continuous oxygen for 24 hours, received (or advised to get) an organ transplant, or have an implanted defibrillator?
- Have you been diagnosed with Alzheimer’s, dementia, memory loss in the past 24 months?
- Are you currently diagnosed with invasive cancer (excluding early-stage prostate cancer, squamous /basal cell carcinoma, or carcinoma in situ?
- Are you currently bedridden, in a nursing home, mental care facility, long term care facility, hospice or diagnosed with a terminal illness?
- Have you been diagnosed with Human Immunodeficiency Virus (HIV) or AIDS?
Ask them about any discounts available for seniors, such as having veteran status, as well as what types of coverage are included in each plan so that you know exactly what you’re getting before signing up for anything.
Grab a calculator to determine an approximate dollar amount for your end-of-life financial needs.
Tally important items, such as:
Often, seniors discover they need more in burial insurance than originally anticipated. The good news is that coverage is affordable, even for a $20,000 burial policy.
Finally, make sure to read over all documents carefully before signing anything so that there are no surprises down the line when it comes time to file claims or pay premiums on your policy.
Be sure to ask questions if something isn’t clear – don’t hesitate to voice any concerns you may have.
Let your beneficiary know where your burial policy is stored so that there are no delays when it comes time to file a life insurance death claim.
Purchasing life insurance should not be a stressful experience. Rather, it should provide you with assurance that your family will be taken care of after you pass away.
Frequently Asked Questions for Guarantee Trust Life Heritage Plan
Who is Guarantee Trust Life?
Guarantee Trust Life Insurance Company (GTL) was founded in 1936. They are a family-run life insurance company.
GTL provides life insurance and annuity products to individuals and families across the United States. GTL specializes in providing final expense and supplemental health insurance for U.S. citizens.
With an A- rating from A.M. Best and a commitment to customer service excellence, GTL has become one of the leading providers of life insurance solutions for seniors.
Should I buy burial insurance?
Usually, burial insurance is worth it.
Why? Burial policies provide funds for end-of-life costs, such as cremation and final medical bills.
Most seniors do not have enough money set aside to pay for the price of a funeral and buying a burial policy is a seamless and affordable process.
The Guarantee Trust Life Heritage Plan is an excellent option for seniors over who are looking for comprehensive coverage at a reasonable cost.
With its wide range of benefits and affordable premiums, it’s no wonder that this plan has become so popular among those in need of insurance protection.
Remember to always do your own research, with the help of an expert agent, before committing to any policy or plan and read through all terms and conditions carefully before signing up.
Senior citizens are an important part of our society, and it’s essential that they have access to the best insurance products available.
The Guarantee Trust Life Heritage Plan is designed specifically for seniors and provides a range of coverage options. With this plan, you can rest assured knowing that your loved ones will be taken care of if something happens to you.
iSeniorBenefits is your go-to expert for all of your burial insurance needs. Take control today by exploring your coverage options.