Heard of guaranteed life insurance? You probably have at some point. It pops up on the radio, on the TV, even on Internet ads. And guess what, it’s true: you can be guaranteed to get insurance from certain companies who sell life policies.

But guess what else: doing so will probably cost you a pretty penny, and you may miss out on several very important things. Concerned about guaranteed now? Then read on.

First, the premiums that come coupled with these plans are enormous. They can climb as high as 300 percent more than your typical plan. This makes sense given that you need not provide proof that you deserve the insurance, since you’re guaranteed pretty much no matter what; however you’re probably better off spending that money in an attempt to qualify for normal health coverage.

Second, even though they’re ‘guaranteed’ not everybody will manage to qualify for these life plans (though most will as long as they can answer a few basic health-related questions). The insurance company will still work to weed out those who look like they’ll pose a significant risk of making a claim.

Third, your life coverage is fairly limited, between $5,000 and $50,000 in case of death. There’s only one way to increase this amount and it’s to apply for accidental death coverage. As the person ages, however, the chances of death being purely accidental falls drastically, and most claims for death don’t come as an accident anyway. In short it’s a waste of money to get the extra coverage because chances are good you’re not going to need it anyway.

And, fourth, any benefits doled out by these companies is restricted to a return on your premiums plus any accrued interest over the span of two years, typically the first two years after the policy has taken effect. In other words you’re not likely to get very much back in the end despite paying such high premiums.

All that said, guaranteed life insurance is sometimes the only option people have. Just be sure to discuss your situation with an expert before signing up.