Simplified Issue Life Insurance is a type of life insurance policy that offers coverage without requiring a medical exam or extensive underwriting process. It’s designed to provide a simpler and quicker way for individuals to obtain life insurance, especially those who might have health issues that could make traditional underwriting more challenging.
The Simplified Issue policy allows you to qualify with minimal health questions. This type of insurance is usually intended for people who need to buy life insurance immediately and / or who do not want to have a medical examination.
The policy is designed to provide a small amount of life insurance quickly, without the 2 to 6 week wait commonly associated with conventionally fully underwritten policies that require a medical exam.
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With a simplified issue policy, you don’t have to go through a medical exam to qualify for coverage, which can take weeks or months with a standard policy.
The death benefit payout of a Simplified Issue Policy can vary from $5,000 to even more than $50,000 if you can afford it.
The premiums are generally higher than a typical term life policy. The non requirement of any medical examination means that underlying health issues cannot be taken into account. Since the risk of this type of policy is considered higher, the premium will be higher.
Here are the key features of Simplified Issue Life Insurance:
- No Medical Exam: Unlike traditional life insurance policies, which often involve a comprehensive medical examination, simplified issue policies typically don’t require a medical exam. Instead, applicants answer a series of health-related questions on the application.
- Health Questionnaire: Applicants are asked to provide information about their medical history, current health status, and sometimes lifestyle habits. These questions help the insurance company assess the applicant’s health risk.
- Simplified Underwriting: The underwriting process for these policies is streamlined, focusing on the answers provided in the health questionnaire. The insurance company uses this information to evaluate the applicant’s risk and determine whether to issue the policy and at what premium rate.
- Quick Approval: Because there’s no need for a medical exam and the underwriting process is simplified, approval for a simplified issue policy is typically faster than traditional life insurance. Some policies might provide coverage within a matter of days.
- Limited Coverage Amounts: Simplified issue policies often come with lower coverage amounts compared to fully underwritten policies. This is because the insurance company is taking on more risk by relying solely on the applicant’s self-reported health information.
- Higher Premiums: Since the insurance company has less comprehensive health information to assess risk, the premiums for simplified issue policies are generally higher than those for fully underwritten policies for individuals in good health.
- Guaranteed Acceptance: Some simplified issue policies are designed to offer guaranteed acceptance, meaning that as long as the applicant meets certain age requirements and residency criteria, they will be approved for coverage. However, these policies may have limitations on the death benefit payout during the initial years of coverage.
- Term and Whole Life Options: Simplified issue policies can come in both term and whole life variations. Term policies provide coverage for a specific period (term), while whole life policies offer permanent coverage and often include a cash value component.
Simplified Issue Life Insurance can be a good option for individuals who need life insurance quickly and can’t or don’t want to go through the process of a medical exam or extensive underwriting. However, it’s important to carefully consider the coverage amount, premium costs, and the specifics of the policy before making a decision. If you have specific health concerns or require higher coverage amounts, you might want to explore other types of life insurance policies as well.
Call a Licensed Agent at 800-308-9840 OR Fill Out The Contact Form and request a Free Quote and Application for $5000, $10000, $15000, $20000, or $25000 in Simplified Issue Whole Life Insurance Coverage.