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Simplified Issue Life Insurance
Simplified issue life insurance can be a good life insurance choice for both seniors and individuals with health problems. When you fit into one or more of these scenarios, it can be tricky to qualify for traditional term or whole life insurance, but that doesn’t mean all options are exhausted when it comes to protecting your loved ones.
Simplified issue life insurance falls under the category of final expense and alongside guaranteed issue life insurance. Both simplified issue and guaranteed issue involve no medical exam, but can provide financial support for your family in the case the unexpected happens. At SelectQuote, we can help you explore the different options of life insurance available to you—including simplified issue whole life insurance—to see what policy and coverage makes most sense for you and your situation.
Benefits of Simplified Issue Whole Life Insurance
There are a few key benefits to purchasing a simplified life insurance plan. Explore some of the main reasons below:
Simplified Acceptance Life Insurance
The process of obtaining simplified issue whole life insurance is, as the name implies, simpler than traditional term or whole life insurance. Although approval isn’t always guaranteed (as compared to guaranteed issue life insurance), your coverage will be based on a questionnaire about your health and lifestyle rather than a medical exam. Simplified issue life insurance can be preferred for someone who needs coverage immediately or who believes a medical exam might work against their favor for coverage.
No Medical Exam & No Medical Records
One of the biggest benefits of a simplified life insurance plan is that it doesn’t require a medical exam. This alone will save you time, but can be a perk if you’re concerned your current health will work against you in terms of cost. Additionally, there’s no requirement to provide medical records and your coverage amount and rates will be based on a medical questionnaire.
Life Insurance Coverage up to $40,000
If you’re between the ages of 45-85, you can get simplified issue life insurance coverage up to $40,000. And because you’ll be bypassing the medical exam, you won’t have to wait around for your results. Instead, you could potentially be covered in just days as opposed to weeks, like with a standard insurance plan. If you’re looking for a higher coverage amount, though, it might be worth considering traditional insurance with an exam.
Simplified Issue Life Insurance Required Information
Although you don’t have to go through the process of a medical exam for simplified issue life insurance, insurance companies still want to have an idea of both your health status and insurance history. To start the application process, you (or your information) will likely have to go through the following:
Database Checks
The insurance company will likely want to run your name through several databases—such as the Medical Information Bureau (MIB)—but they might also want to check both your driving record and pharmaceutical databases. These checks give insurance companies a better idea of your health and history without having to forego the medical exam to obtain simplified issue life insurance.
Health Qualification Questions
In addition to the database checks, you’ll also have to complete a questionnaire, which asks you to answer questions about your medical history. This also provides a well-rounded idea of your health and history without having to go through the medical exam.
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