<div class="article_info"><span style="font-size: 8pt;">By Lucille Reed • August 31, 2021</span></div>
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<div class="article_info">This situation may be familiar to you: You’ve made the decision to help protect your family and are considering purchasing life insurance as a means to do so. However, as you start looking into life insurance options, you begin to feel overwhelmed by the amount of choices available to you and may even be confused if you qualify for life insurance.</div>
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<div class="article_info">In this article, we’ll discuss one specific type of whole life insurance: graded death benefit whole life insurance. Read on to learn more about what a graded death benefit whole life insurance policy is, how it works, and considerations to make before purchasing it.</div>
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Graded death benefit whole life policies are a type of whole life insurance. Life insurance policies are offered in two major types: term life and whole life policies.

<a href="https://www.globelifeinsurance.com/article/how-long-term-life-policy" target="_blank" rel="noopener noreferrer">Term life insurance</a> is a type of life insurance policy that pays a stated death benefit in the event the person insured dies during the specified term of coverage.

<a href="https://www.globelifeinsurance.com/article/what-is-whole-life-insurance" target="_blank" rel="noopener noreferrer">Traditional whole life insurance</a>, meanwhile, provides permanent death benefit coverage for the life of the insured. Whole life insurance may also carry a cash value component, which allows the policyholder to build <a href="https://home.globelifeinsurance.com/articles/august-2020/can-whole-life-insurance-be-used-to-save-for-c-(1)" target="_blank" rel="noopener noreferrer">cash value</a> after a certain amount of time via the payment of premiums.

What are the requirements for purchasing life insurance? Is a medical exam or health application required?

Life insurance providers may require you to provide evidence of insurability prior to issuing you coverage. Evidence of insurability may involve you undergoing a medical exam or answering a health questionnaire.

This is not a comprehensive list of requirements that may be involved in purchasing life insurance.
<h3>What is a graded death benefit whole life insurance policy?</h3>
A graded death benefit whole life insurance policy is a type of whole life insurance. It may provide people not approved for standard life insurance an option to purchase life insurance.

Why? A medical exam is usually not required for a graded death benefit whole life insurance policy. As such, it may be an attractive option for people who have been declined for coverage due to personal health or other reasons like heart conditions, cancer, or even stroke.
<h3>How does a graded death benefit whole life insurance policy work?</h3>
A graded death benefit whole life insurance policy often works like a normal whole life insurance policy, except it usually has a waiting period, typically two to three years, before it will pay the full amount of death benefits. In the event your death occurs during the waiting period, a graded death benefit whole life insurance policy may pay a lower amount to your beneficiaries.

What might you consider before purchasing a graded death benefit whole life insurance policy?

You may want to consider the following before purchasing a graded death benefit whole life insurance policy:
<ol>
 	<li><strong>Consider your health.</strong>
A graded death benefit whole life insurance policy may offer those with significant risk factors a way to get life insurance. It may also be an appropriate option for you if you consider undergoing a health exam or a more exhaustive health screening a hassle.</li>
 	<li><strong>Consider whether or not you want a type of whole life insurance policy.</strong>
A graded death benefit policy is a type of whole life insurance. It provides coverage for the life of the insured, unlike term life insurance policies that expire after a certain time period.</li>
 	<li><strong>Consider the waiting period and associated premiums.</strong>
Premiums usually do not increase year-to-year for a graded death benefit whole life insurance policy. After the waiting period, the policy’s benefits will increase to the face value—the full insurance coverage amount—of the policy.</li>
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This is not a comprehensive list of factors you may want to consider before purchasing a graded death benefit whole life insurance policy.
<h3>A graded death benefit whole life insurance policy may be a helpful insurance coverage option for you.</h3>
A graded death whole life insurance policy may be a helpful insurance coverage option for you. It may be able to help provide you with financial protection if you would not otherwise qualify for life insurance due to a pre-existing or chronic health condition or illness. A graded death benefit whole life insurance policy may require a waiting period to pass before paying out on the policy.

Contact a licensed insurance professional to find out more about graded death benefit whole life insurance policies and to discuss your insurance needs.