Simplified life insurance is becoming a great alternative to traditional life insurance plans. As the name suggests this type of coverage makes applying for life insurance simple by eliminating a few steps in the process. But what exactly is simplified issue life insurance and how does it differ from a traditional policy? The following are some key points from this article;
- With simplified issue, the medical exam is simply not required. Also, there is a difference in the application size and simplified issue plans have shorter applications with fewer questions. Companies who offer such plans have online applications with electronic signature submission.
- When it comes to applying for simplified issue you already know that you won’t have to undergo a medical exam but you will be expected to answer a few questions.
- Generally, people who buy simplified issue policies are looking to get life insurance fast or haven’t had a physical. Whether you don’t have the time or need to get life insurance due to a court order simplified issue might make sense. The second group of people is for those who haven’t been to a doctor recently and may not be sure about their cholesterol or blood pressure levels, so a no exam policy is the way to go.
- Simplified issue term life insurance, while offered with a variety of terms, prices, and options have a very simple premise, no life insurance medical exam and only a few questions to answer.
- A simplified issue whole life insurance policy is basically a simplified issue policy which doesn’t require a medical exam but does provide coverage for you guessed it, your WHOLE life.
- A guaranteed life insurance approves you without the need for exam or questions.
(If you are here to compare quotes with simplified issue carriers simply click here.)
What is Simplified Issue Life Insurance?
Simplified issue life insurance is also known as a no medical exam life insurance policy. When applying for life insurance, companies will usually want to have a nurse come out to your home in order to check your blood pressure, height, weight, take blood and urine sample. With simplified issue, the medical exam is simply not required. Also, there is a difference in the application size and simplified issue plans have shorter applications with fewer questions. Companies who offer such plans have online applications with electronic signature submission. The benefit of cutting out the exam and giving the ability to apply online with a shorter application shaves months in comparison to traditional plans. With most simplified issue policies you can get up to $400,000 of life insurance in force in less than two days. The coverage amount and application time will vary from carrier to carrier.
Simplified Issue Life Insurance Underwriting
When it comes to applying for simplified issue you already know that you won’t have to undergo a medical exam but you will be expected to answer a few questions. There are about 20 or so medical and lifestyle questions you have to answer. Once the application is submitted the company will cross reference your answers with the medical data they will pull. Companies usually check the pharmacy records, motor vehicle history and medical information bureau.
Who is a Simplified Issue For?
Generally, people who buy simplified issue policies are looking to get life insurance fast or haven’t had a physical. Whether you don’t have the time or need to get life insurance due to a court order simplified issue might make sense. The second group of people is for those who haven’t been to a doctor recently and may not be sure about their cholesterol or blood pressure levels, so a no exam policy is the way to go. Others who go for a no exam policy are the ones who need life insurance as a collateral for a loan and don’t have 4 to 6 weeks to wait for an approval. Oh and let’s not forget the folks who don’t like needles.
Simplified Issue Term Life Insurance
Simplified issue term life insurance, while offered with a variety of terms, prices, and options have a very simple premise, no life insurance medical exam and only a few questions to answer. A simplified issue is very convenient especially for those who don’t want their privacy to be invaded when both parents hold down multiple jobs because staying home for a medical professional to visit can be as annoying as waiting for the cable guy. Since you only have to answer a few health questions your medical records may be asked from the insurance company for further information after you sign your application. The insurance company can also take a look at your driving record and run your name through a pharmaceutical database to check on medications. That’s a reason to always tell the truth on your application because if you lie and they find something on your records you will be considered and prosecuted for insurance fraud. Term life insurance is the most simple and most affordable type of life insurance. Term life insurance face amounts vary from company to company between $5,000 and $100,000. Just like a traditional term life insurance policy, you will not be able to gain and accumulate cash value. “Term” refers to the period of time you want to remain covered for, depending on your life insurance company you can choose between 5, 10, 15, 20, or 30-years.
Simplified Issue Whole Life Insurance
A simplified issue whole life insurance policy is basically a simplified issue policy which doesn’t require a medical exam but does provide coverage for you guessed it, your WHOLE life. Whole life insurance is a form of permanent life insurance and that’s why you will remain covered for the remaining of your lifetime. Depending on the life insurance company you choose to work with you may be offered a simplified whole life insurance policy with level premiums so the rate will be locked in for life.
Benefits of Simplified Issue Life Insurance
This type of policy is definitely a winner in my book because you can apply online, skip the exam and get approved quickly. There are some things to keep in mind such as the fact that it’s still an underwritten policy. A lot of times people confuse a simplified issue with guaranteed issue plans which are plans that are issued with no questions asked for small coverage amounts. Even though there is no medical exam with a simplified plan, the company will want to verify you are in good health by pulling your medical and pharmacy records. If you have serious medical conditions, this policy might not be for you. It is also good to note that simplified issue plans cost a little more than a regular medical exam policy. But that never stops the people who seek convenience.
Guaranteed Issue VS Simplified Issue
As you already know simplified issue life will be offered if your answers to certain questions fit the underwriting guidelines of the life insurance company to which you are applying for. Both a guaranteed issue and simplified issue are forms of life insurance without having to complete a medical exam and you could get covered in minutes or days compared to months with other life insurance policies. A guaranteed life insurance policy can be approved with no questions asked and no exam requirement.
A guaranteed issue life insurance policy is ideal as a burial policy. You can only secure this policy if you’re over the age of 50. As you just read, a guaranteed issue life insurance policy comes in small amounts that range from $5,000-$25,000 the death benefit or face value ranges depending on the life insurance company of your choosing.
Work with us!
If you are ready to get life insurance the simple way, you want to start out by comparing quotes with all the no exam companies. You can do that by using our simplified issue life insurance quoter, just be sure to use preferred and standard health ratings when running quotes. Once you find a company that fits with your monthly budget, it’s time to do an application. The application can be done over the phone with one of our agents. Keep in mind that you should be upfront about your health and what you are looking for, so we know which company will be the best fit for you. We will submit all the important information online with the company and you will then have to sign it electronically via email. Like mentioned before it takes about 10 to 15 minutes to apply. Once the application is submitted you will either get approved right away or within a few days depending on the company. Simple enough, wouldn’t you agree? If you’re ready to move forward call us at 888-492-1967.
