Graded Death Benefit life insurance has “graded death benefit” policies. This means that the death benefit in the first few years is less than the full amount of insurance applied for. The death benefit “grades” or goes up, in years one, two, three, and possibly four. In the final years he death benefit is equal to the full amount of coverage initially purchased. The exception will be the accidental death: in this case – the full death benefit will be paid in any year.
Graded Death Benefit life insurance can be Term (lasts for a specific period of time) and Whole Life (permanent).
The application and underwriting processes are fast and easy – there is no medical tests; simple short application with a few medical questions.