Insurance is a kind of risk management procedure which is used to hedge against the risk or uncertain loss of any individual. There are many types of insurance policies available, for example, home insurance, auto insurance, life insurance, guaranteed issue whole life insurance etc. In most general terms, the life insurance policies require a medical exam. An individual having a serious medical condition may be turned down for coverage associated with these policies. The guaranteed whole life insurance does not require any medical exam except answers to some health relevant questions for some policies.
The most essential benefit of Guaranteed Issue Whole Life Insurance is obviously the guarantee of being insured even if an individual is suffering and going through any condition which turned away from other policies. Another benefit of such policy is that an individual builds equity in his policy. A person can borrow money against the equity but is liable to pay interest on the loan. An option is granted to the policy holder that he can choose to replace it or survivors can receive reduced benefit after death. Additional equity in the whole life insurance policy is tax deferred. The equity can be use to pay premiums in such circumstances in which an individual is not able to maintain for a particular time span.
Similarly, the auto insurance is aimed to provide protection and coverage against severe injuries to drivers. In order to attain the auto insurance, most individuals seek to find the lowest auto insurance rates from the reliable insurance company available. There are many companies all over the world which offers low insurance rates and tailored coverage according to the needs and requirements of the individual. The best insurance company is the one who ensure the best service from them no matter how much an individual is paying or what kind of coverage an individual is getting.