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Graded Benefit Life Insurance


The death benefit that is specified in a life insurance agreement is generally referred to as the face amount. Graded benefit life insurance (GBL) is a whole life insurance policy that has a death benefit that is not the same as its face amount until generally twenty four months after the policy is in effect. Should this graded benefit life insurance policy pay out within the initial twenty four months, the death benefit may only be equal only to the amount that has been paid into the policy, generally with interest included. The rate of interest is normally mentioned in the binding contract and may range from seven to 10 percent.


If the policy holder should die accidentally as opposed to from natural causes within the initial twenty four months of the policy becoming active, the full face amount of the graded benefit life insurance policy will generally be paid to the beneficiary. Similar to a whole life insurance policy, premiums and face amounts for GBL policies will not usually change.

Who might purchase graded benefit life insurance?

An elderly person with questionable medical heath whose life is probable to last for at least twenty four months may be a good candidate for the policy. There are usually no health related questions asked and no medical exam is generally required. It may not be very common for a life insurance company to offer graded benefit life insurance coverage to an individual less than fifty years of age. To find out more about over 50 life insurance, visit the article Helping You Find Life Insurance over 50.”

An individual may decide to purchase their graded death benefit life insurance in units. Age is the main factor in deciding the amount of coverage that will be made available to the applicant. The units are generally inexpensive but numerous units may need to be purchased if the applicant wishes for a potentially substantial death benefit.

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