Guarantee Trust Life Heritage Plan | 5 Questions For Approval

Guarantee Trust Life, with more than 80 years of history, offers permanent life insurance coverage through the Heritage Plan.

You only need to answer five questions to qualify.

There are certain circumstances in which we recommend this form of coverage – graded benefit whole life insurance.

To determine if you should purchase a Heritage Plan policy, you will need to evaluate:

  • The amount of coverage needed
  • Your health status

Everything you need to know about Guarantee Trust Life (GTL) and their (almost) guaranteed issue life insurance is covered here – so that you can make a sound life insurance purchasing decision.

Table Of Contents

  1. Company Overview
  2. Heritage Plan
  4. Seniors Over 85
  5. How to Buy

Guarantee Trust Life Overview

Guarantee Trust Life was founded in 1936 and is headquartered in Glenview, Illinois.

GTL is a family-run insurance company. The current President and CEO, Richard S. Holson, III, is the third Holson family member to hold office.

For over 80 years, three generations of the Holson family have directed the company’s operations. 


Guarantee Trust Life focuses on providing, “good, old-fashioned one-on-one customer service”.

The carrier offers a wide variety of insurance products, including:

  • Life insurance
  • Group insurance
  • Special risk insurance
  • Supplemental health insurance

Financial strength rating: A- (A.M. Best)

Interesting fact – In the 1990s, GTL was the first company to offer life insurance to HIV-positive Americans.

Heritage Plan Review

Guarantee Trust Life’s Heritage Plan is one of GTL’s newest products.

To decide if it is a good fit for you, there are some important policy aspects to assess.

To start, this type of coverage is a form of no exam life insurance. That means there are no needles, nurses, or physical examinations of any kind.

In fact, your application only takes minutes and typically involves just a phone call.

Because the policy is similar to, but not quite a form of guaranteed issue life insurance, you should determine if you can qualify for traditional forms of coverage, first (e.g. 10-year term).

Why? Life insurance products with minimal underwriting, like the Heritage Plan, tend to charge more in premiums.

Since life insurance carriers absorb risk in exchange for coverage, products that accept most applicants are willing to accept more risk – and consequently, charge more for modest face amounts.

However, for individuals with serious health conditions, like uncontrolled diabetes, this form of coverage, and the like, can make all the difference.

There are five important features to the policy to be aware of:

guarantee trust life

Compare and contrast the important features with your needs.

1. Issue Ages

Just like guaranteed issue life insurance policies, GTL’s Heritage Plan offers coverage to a specific age group: 40 – 90 years old.

If you are over age 85, the Heritage Plan should be looked at. Why? Most carriers stop issuing coverage at 80 – 85 years – offering coverage up to age 90 uncommon.

On the other hand, if you are younger than age 40, and do not qualify for traditional coverage, like term or whole life insurance, your options are limited.

You will need to evaluate accidental death and dismemberment insurance until you reach age 40.

2. Face Amount

Available face amounts (policy size) are modest. You can purchase between $2,500 – $25,000.

This policy makes sense for someone in need of funds for end-of-life expenses:

  • Medical bills
  • Modest debts
  • Funeral expenses

In contrast, if you are in at least average health, you may qualify for traditional coverage. For example, no physical life insurance carriers offer coverage of up to $500,000 or more.

3. Graded Benefit

You should know that this form of coverage, and similar products, include a graded death benefit.

What is that? To protect their financial interests, carriers often include a stipulation that a death benefit will not pay out entirely, at first.

For example, if terminally ill individuals pass away shortly after buying life insurance, a financial burden is placed on the life insurance company.

Graded death benefit details:

  • 1st year – premiums are returned, plus 5%
  • 2nd year – 50% of the face amount is paid
  • 3rd year and beyond – 100% of the face amount is paid

You will have full coverage in year three.

Note – Guarantee Trust Life’s graded death benefit plan is generous. Often, with other carriers, you must wait beyond year three for the full death benefit.

4. Policy Length

The Heritage Plan is a form of permanent life insurance.

Your policy lasts your whole life.

As long as you make your premium payments, coverage will not end.

To compare, traditional term life insurance offers larger face amounts for periods of your life when you need it most:

5. 5 Health Questions

To secure lower rates than you would find with guarantee issue, you must be able to answer, “no” to five important health questions.

Called accept/reject underwriting, there is no other risk evaluation beyond the questions.

Specific questions you must be able to answer, “no” to:

  1. In the past 24 months, have you received kidney dialysis, continuous oxygen for 24 hours, received (or advised to get) an organ transplant, or have an implanted defibrillator?
  2. Have you been diagnosed with Alzheimer’s, dementia, or memory loss in the past 24 months?
  3. Are you currently diagnosed with invasive cancer (excluding early-stage prostate cancer, squamous/basal cell carcinoma, or carcinoma in situ?
  4. Are you currently bedridden, in a nursing home, mental care facility, long term care facility, hospice or diagnosed with a terminal illness?
  5. Have you been diagnosed with Human Immunodeficiency Virus (HIV) or AIDS?

There are NO:

  • MIB reports (database of previous insurance applications)
  • Needles, nurses, or liquid samples
  • Electronic underwriting screens

Important – if you answer, “yes” to any of the above questions, you will need to purchase a true guaranteed issue policy, which is life insurance that does not ask any health questions.

Important Features And Exclusions

There are a few additional features you should know about.

Premium Payments

Your premiums are level. They will never increase.

Further, Social Security billing is available.

Temporary Accidental Death Benefit

During the first two policy years, if the insured dies as the result of a qualifying accident, the full death benefit is paid.

The accident must be unforeseen and must occur while the policy is in force. Death must take place within 180 days of the accident.

Exclusions – there are a number of situations that exclude the insured from qualifying for the temporary accidental death benefit:

  • Disease or infirmary of the mind or body
  • Infection not due to injury
  • Suicide or self-inflicted injury
  • Travel in or descent from aircraft (other than as a passenger)
  • Travel in aircraft used for experimental purposes
  • War or act of war
  • Participation in a riot
  • Insurrection of terrorist activity
  • Illegal occupation or activity; committing a felony
  • Death while incarcerated
  • Voluntary drug use, unless prescribed by a physician
  • Poison, gas, fumes, unless as an accident
  • Intoxication
  • Riding or driving vehicle in a race
  • Speed or endurance contest
  • Dangerous avocations – bungee jumping, rock climbing, skydiving, etc.
  • Military exclusions also apply

Suicide Exclusion

If the insured dies as the result of suicide, whether sane or insane, during the first two years of the policy, only a refund of premium payments, less any policy loan balance, will result. No interest will be paid.

Guarantee Trust Life Heritage Plan Quotes

For a general idea of cost, consider the following quotes. Cost is subject to change.

Because rates on based on a simple accept/reject underwriting formula, there are not multiple health classes.

GTL Heritage Plan Quotes Male

Age $2,500$10,000$25,000
40 Year Old$13.58$42.33$99.83
45 Year Old$14.62$46.50$110.25
50 Year Old$15.67$50.66$120.66
55 Year Old$16.71$54.83$131.08
60 Year Old$19.83$67.33$162.33
65 Year Old$22.96$79.83$193.58
70 Year Old$28.37$101.50$247.74
75 year Old$37.75$138.99$341.49
80 Year Old$61.08$232.32$574.81
85 Year Old$78.16$300.65$745.64
90 Year Old$99.62$386.48$960.21

GTL Heritage Plan Quotes Female

Age $2,500$10,000$25,000
40 Year Old$11.29$33.17$76.91
45 Year Old$11.50$34.00$79.00
50 Year Old$11.92$35.67$83.16
55 Year Old$13.58$42.33$99.83
60 Year Old$15.67$50.66$120.66
65 Year Old$17.96$59.83$143.58
70 Year Old$21.29$73.16$176.91
75 year Old$28.58$102.33$249.82
80 Year Old$44.21$164.83$406.07
85 Year Old$50.66$190.66$470.65
90 Year Old$78.16$300.65$745.64

Important – Guarantee Trust Life is one of the few carriers that will issue coverage to individuals up to 90 years old.

How To Buy

The process for buying GTL’s Heritage Plan is simple and quick. You can secure a policy online and over the phone, without leaving the comfort of your home.

First, however, plan to do a couple things.

To start, be sure to collaborate with an independent life insurance agent. That way, all of your life insurance options can be explored. You will have access to multiple quotes from multiple carriers.

Additionally, an independent agent will guide you through a needs analysis so that you can verify you are purchasing an appropriate amount of life insurance.

Next, jot down your important information so that it is ready to be communicated during the application process:

  • Full name and address
  • Social security number
  • Beneficiary name and address
  • Medical history

To start, fill out your free quote.