What does "guaranteed issue" mean in life insurance?

"Guaranteed issue" in life insurance refers to a type of policy that does not require applicants to provide their medical history for approval. This means that individuals can obtain coverage without undergoing a medical examination or disclosing their health status. This feature is particularly beneficial for individuals who may have pre-existing conditions or health issues that would typically make obtaining traditional life insurance more challenging. By eliminating the health questionnaire and medical exams, the guaranteed issue policy allows for broader access to life insurance coverage, ensuring that even those with higher health risks can secure a policy.

The other options do not accurately capture the essence of guaranteed issue. Some policies may require medical exams, and not all guaranteed issue policies are necessarily cheaper than traditional options. Additionally, guaranteed issue policies are not temporary; they provide ongoing coverage, as long as the premiums are paid.