When I talk to families about final expense insurance, one name that frequently comes up is Guaranty Income Life Insurance Company. People often ask me about their coverage options, rates, and whether they’re a good choice for protecting their family from funeral costs.
For a complete overview, see our comprehensive final expense guide.
In my years as an independent agent, I’ve worked with many carriers in the final expense market. Guaranty Income Life Insurance Company has established itself as a specialized provider in this space, focusing specifically on burial insurance and simplified issue coverage for seniors.
Let me walk you through everything you need to know about this company so you can make an informed decision about whether their coverage might be right for your situation.
What Is Guaranty Income Life Insurance Company?
Guaranty Income Life Insurance Company is a life insurance carrier that specializes in final expense and burial insurance products. Founded in 1951 and headquartered in Louisiana, the company has built its business around providing affordable coverage options for seniors and families looking to cover end-of-life expenses.
Unlike some of the larger, well-known carriers I work with, Guaranty Income has carved out a specific niche in the final expense market. They focus on:
- Simplified issue life insurance (no medical exam required)
- Coverage amounts typically ranging from $5,000 to $50,000
- Ages 45-85 acceptance
- Quick approval process, often same-day decisions
The company markets primarily through independent agents and direct mail campaigns, which is how many people first encounter their products.
Guaranty Income’s Final Expense Products
Simplified Issue Whole Life Insurance
Their primary product is a simplified issue whole life insurance policy designed specifically for final expenses. Here’s what I typically see with their coverage:
Coverage Features:
- Face amounts from $5,000 to $50,000
- Level premiums (rates never increase)
- Cash value accumulation
- No medical exam required
- Simplified health questions (usually 8-12 questions)
Age Ranges:
- Issue ages typically 45-85
- Some products may have different age ranges
Health Qualification: The application process involves answering basic health questions about conditions like:
- Recent hospitalizations
- Oxygen use
- Cancer within the past 2 years
- Heart attack or stroke within recent years
- Nursing home residence
Graded Benefit Options
For those who can’t qualify for their simplified issue coverage, Guaranty Income also offers graded benefit policies where:
- Full death benefit pays after 2-3 years
- During the waiting period, premiums plus interest are returned if death occurs from natural causes
- Accidental death typically pays full benefit immediately
Financial Strength and Ratings
When I evaluate any insurance carrier for my clients, financial strength is one of my primary concerns. You want to make sure the company will be around to pay claims when the time comes.
A.M. Best Rating: Guaranty Income Life Insurance Company carries a B+ (Good) rating from A.M. Best, which indicates good financial strength and operating performance.
While this isn’t the highest rating available (A++ being the top tier), a B+ rating indicates:
- Good ability to meet ongoing insurance obligations
- Favorable operating performance
- Adequate capital and surplus levels
What This Means for You: A B+ rating suggests the company is financially stable enough to handle their obligations, though it’s not as strong as some of the A-rated carriers I work with like Mutual of Omaha, Foresters, or American Amicable.
Pros and Cons of Guaranty Income Life Insurance
Based on my experience reviewing their products and comparing them to other options in the market, here are the key advantages and disadvantages:
Advantages
Specialized Focus: They understand the final expense market well and design their products specifically for this purpose.
Quick Approval Process: Most applications can be approved within 24-48 hours, which is helpful when families need coverage quickly.
Simplified Underwriting: No medical exams make it accessible for seniors who might have difficulty with more traditional underwriting.
Level Premiums: Rates are guaranteed never to increase, providing predictable costs.
Cash Value: The whole life policies build cash value that can be borrowed against if needed.
Disadvantages
Limited Coverage Amounts: Maximum coverage is typically lower than what some other carriers offer.
Higher Premiums: As with most simplified issue coverage, rates are higher than fully underwritten policies from major carriers.
Geographic Limitations: Not available in all states.
Moderate Financial Strength: The B+ rating, while adequate, isn’t as strong as some competitors.
Limited Product Portfolio: They don’t offer term life or other types of coverage if your needs change.
How Guaranty Income Compares to Other Final Expense Companies
When I’m shopping coverage for a client, I typically compare multiple options. Here’s how Guaranty Income generally stacks up against other final expense carriers:
Vs. Mutual of Omaha
- Financial Strength: Mutual of Omaha has an A+ rating vs. Guaranty Income’s B+
- Coverage Limits: Mutual of Omaha offers higher maximum coverage amounts
- Rates: Competitive, varies by individual situation
- Availability: Mutual of Omaha available in more states
Vs. Globe Life
- Marketing Approach: Both use direct mail, but Globe Life has much larger marketing presence
- Financial Strength: Globe Life has A- rating
- Coverage Options: Similar simplified issue approach
- Rates: Varies significantly by age and health
Vs. American Amicable
- Financial Strength: American Amicable has A rating
- Product Variety: American Amicable offers more product options
- Underwriting: Similar simplified issue approach
- Geographic Reach: American Amicable available in more markets
Who Might Consider Guaranty Income Coverage?
In my experience, Guaranty Income might be a good fit for someone who:
- Lives in their available markets and needs quick approval
- Can’t qualify for coverage with higher-rated carriers due to health conditions
- Needs modest coverage amounts (under $50,000)
- Wants the simplicity of their streamlined application process
- Has been declined elsewhere and needs guaranteed issue options
However, I always recommend getting quotes from multiple carriers because rates and underwriting can vary significantly between companies.
Red Flags to Watch Out For
Whenever you’re considering final expense insurance from any carrier, including Guaranty Income, be aware of these potential issues:
High-Pressure Sales Tactics
Some agents may use scare tactics about rising costs or limited-time offers. Good coverage will still be available tomorrow.
Overpriced Coverage
Final expense insurance is more expensive per dollar of coverage than term life insurance. Make sure you’re not paying more than necessary.
Inappropriate Amount of Coverage
Don’t let someone talk you into more coverage than you actually need for final expenses.
Not Shopping Around
Different carriers have different underwriting guidelines. What one company declines, another might approve at standard rates.
The Application Process
If you’re considering Guaranty Income coverage, here’s what to expect:
- Initial Contact: Usually through an agent or direct mail response
- Health Questions: Simple questionnaire about recent health issues
- Application Review: Typically processed within 24-48 hours
- Approval Decision: Same-day decisions common for qualified applicants
- Policy Delivery: Coverage usually begins when the first premium is paid
The process is designed to be simple and fast, which is one of their main selling points.
Important Considerations Before Applying
Shop Multiple Companies
Different carriers have different health questions and underwriting guidelines. You might qualify for better rates elsewhere.
Consider Guaranteed Issue
If you can’t qualify for simplified issue coverage, guaranteed issue policies are available (though with higher premiums and waiting periods).
Understand the True Cost
Calculate the total premiums you’ll pay over time. Sometimes a slightly higher monthly premium with a stronger company provides better long-term value.
Review Beneficiary Options
Make sure you understand how the policy allows you to designate and change beneficiaries.
Is Guaranty Income Right for You?
Whether Guaranty Income Life Insurance Company is the right choice depends on your specific situation. They can be a reasonable option for someone who:
- Needs final expense coverage quickly
- Has been declined by other carriers
- Lives in one of their available states
- Is comfortable with their B+ financial rating
However, given the permanent nature of life insurance and the importance of the financial strength behind your policy, I generally recommend getting quotes from multiple carriers before making a decision.
My Approach as an Independent Agent
When someone asks me about Guaranty Income or any specific carrier, I always take the same approach: I listen to their needs, review their health situation, and then shop multiple companies to find the best fit.
I might recommend Guaranty Income if they’re the best option for your specific situation, or I might suggest a different carrier if I can find you better coverage at a better price with stronger financial backing.
The key is having access to multiple options and matching you with the carrier that gives you the best combination of coverage, price, and financial strength.
Finding the right life insurance doesn’t have to be complicated. As an independent agent, I work with multiple top-rated carriers and can help you compare options to find the best coverage at the best price.
Related Reading
- Burial Insurance for Seniors Over 70: Your Complete Guide
- Understanding Final Expense Insurance
- Burial Insurance for Seniors Over 80: Your Complete Guide
- Guaranteed Issue Final Expense Insurance: Your Complete Guide
Let me do the shopping for you. I’ll compare quotes from multiple companies, including Guaranty Income if they’re available in your area, and help you find coverage that fits your needs and budget.
Get Your Free Quote Comparison
- Compare multiple final expense carriers before choosing Guaranty Income, as rates and features vary significantly between companies and you may find better value elsewhere.
- Expect simplified issue whole life policies from Guaranty Income with no medical exam required, just 8-12 basic health questions for ages 45-85.
- Consider coverage amounts between $5,000 to $50,000 with level premiums that never increase and same-day approval decisions in many cases.
- Review graded benefit options if you can’t qualify for standard coverage, where full death benefits pay after 2-3 years but accidental death pays immediately.
- Bring any existing Guaranty Income quotes to an independent agent for comparison review, as this Category C carrier may not offer the most competitive rates available.
