Guaranteed issue life insurance, also called guaranteed acceptance life insurance, is life insurance that the customer can apply for without completing a medical exam or survey first. This type of life insurance is also sometimes called "no medical exam life insurance." These policies can be great for seniors who have preexisting conditions and don't want to have to undergo a medical exam only to likely be denied coverage. However, guaranteed issue life insurance often comes with a waiting period before it kicks in, often of two or three years.