Medicare Plans by Turning 65 Solutions


Simplified Issue Life Insurance

Simplified issue life insurance is a type of policy that requires minimal health questions during the application process, making it easier for individuals to be approved for coverage. It’s often suited for people who need to get life insurance immediately and/or those who don’t want to undergo a medical exam.


The Basics of Simplified Issue Insurance

Simplified issue life insurance is a type of “no exam” policy that allows individuals to obtain coverage without undergoing a medical exam, which is often required for traditional life insurance policies. This type of insurance is designed to provide a limited amount of coverage quickly, making it an attractive option for individuals who need life insurance but may not have the time or desire to undergo a medical exam.

Therefore, the application process is significantly shortened, so if you need life insurance but don’t want to wait weeks or months to be approved, a simplified issue policy may be a good option for you

The coverage amount of money paid out upon the policyholder’s death, known as the death benefit, can range from $5,000 to over $100,000 for simplified issue life insurance policies. The specific amount of the death benefit will depend on the policy and the coverage selected by the policyholder. The insurer may charge higher premiums to compensate for the lack of medical underwriting, so these policies are often more expensive than term-life or whole life policy. Waiving a medical exam means that underlying health problems can’t be included.

Average payment rates or monthly premiums for this 10000$ simplified issue policy may go up to approximately 28$ a month.

How It Works

This type of insurance is equipped to provide life insurance quickly. Most applicants can expect to have valid insurance when their application is accepted.

Instead of taking a medical exam, you must answer a short health questionnaire. This inquiry allows the insurer to finish a modified risk assessment and dictate a premium and death benefit.

Some carriers provide this type of insurance as either a term life or a permanent life policy. You may or may not be permitted to add riders to your policy to enhance coverage or death benefits.

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When to Buy a Simplified Issue Policy

If you’re in need of life insurance but want to avoid a medical examination, or require life insurance ASAP with no waiting period, a simplified issue policy may be right for you. These are some situations when it makes sense to buy a simplified issue life insurance policy: 

  • You need life insurance, but you just don’t want to endure a medical exam.
  • You need life insurance, but you don’t know if you’d qualify for more traditional policy types.
  • Your term life insurance has completed, and you need to preserve life insurance while you figure out your next move. 
  • You need collateral for a loan. Sometimes, a financial company will take a life insurance policy as collateral. 
  • The court mandates you to get life insurance right away, with your children named as beneficiaries.
Benefits of Simplified Issue Life Insurance

These are the primary benefits of simplified issue insurance policies:

  • No medical exam is required which means you don’t have to go through any underwritting process
  • Coverage begins as soon as your application is approved and an affordable premium is set.
  • Policies usually offer a higher maximum than is typically available for guaranteed issue policies.

If Simplified Issue Life Insurance appeals to you,  private insurance companies like Turning 65 Solutions call 830-328-4353 to get a quote.