Life Insurance - What is the difference between guaranteed issue and graded benefits?

What is the difference between guaranteed issue life insurance and graded benefits life insurance plans?

Guaranteed acceptance life insurance offers you a limited amount of life insurance protection without any health exam. Basically, if you are within a certain age range, you may be guaranteed approval for a life insurance policy.

A graded benefits life insurance plan provides a small amount of life insurance that is fully available after you own the policy for 1-2 years, depending on the specific life insurance plan. If you were to pass away before the first 1-2 years, your beneficiary would receive less than the full amount of life insurance.

A guaranteed acceptance life insurance policy will usually provide graded benefits for the first 1-2 years you own the plan.

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