Simplified Issue Life Insurance

Simplified issue life insurance is a policy you can be approved for with very few health questions. 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 Purpose of Simplified Issue Insurance

Simplified issue life insurance intends to provide a restricted amount of life insurance quickly, without the 1-2 month typical wait for common policies that require a medical exam. With this type of policy, you’re not required to participate in a full medical exam. So, you can obtain coverage in days rather than weeks or months.

The death benefit payout can vary from $5,000 to over $100,000. The premiums could be higher than a usual term life or even whole life policy. Waiving a medical exam means that underlying health problems can’t be included. Therefore, risk is considered higher, and the premium will be higher, too.

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 required.
Coverage begins as soon as your application is approved and a 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, call 830-217-6711 to get a quote.