Is there a life insurance company that will cover you regardless of your health?

There are some insurance carriers that will issue coverage regardless of your health. Most guarantee issue life policies come with waiting periods, though. For example, let's say you buy a policy on the life of your father that has terminal cancer. The policy may not pay a death benefit for 3 years. This is in contrast to an underwritten plan that pays a death benefit after it is issued.

Another difference between guaranteed issue policies and an underwritten plan is that most guaranteed issue policies are high priced-low death benefit (less risk for the carrier) whole life policies. So while guarantee issue policies have their use for many people, there are significant differences between them and underwritten plans.