Home/ Services

Simplified Issue Life Insurance

Simplified Issue Life Insurance is designed to be easy to obtain and doesn’t require a medical exam. It is typically used to protect your family financially during your death.

Simplified Issue Life Insurance policies offer more flexible coverage options than traditional policies. They typically require no medical exam and can provide coverage much shorter term than traditional policies.

They also have lower premiums and can often be obtained much faster than traditional policies. Simplified Issue Life Insurance policy is quick and easy way to get life insurance coverage.

They are also great for those who want to avoid the hassle of a medical exam or don’t want to wait for a long-term policy to be approved. Simplified Issue Life Insurance is a preferable option for quick and easy life insurance coverage.

They offer more flexibility and lower premiums than traditional policies and can be obtained much faster.

Simplified Issue Life Insurance

The main difference between Simplified Issue Life Insurance and other types of life insurance is that it only requires a few simple questions to be answered.

These questions typically focus on health, lifestyle, and medical history. Depending on your answers to these questions, the insurer will determine your eligibility for a policy.

Who needs a simplified issue life insurance policy?

Simplified issue life insurance policies are designed for individuals who seek a simple and quick life insurance solution. This is without having to undergo a lengthy and complex underwriting process. Simplified issue policies typically have a simple application process that does not require a medical exam or an extensive health questionnaire.

As a result, simplified issue policies can be ideal for those who have pre-existing medical conditions, a family history of health issues, or other factors that may make it difficult for them to qualify for traditional life insurance policies. Simplified issue policies can also be an ideal option for those who need life insurance coverage quickly, as the application process can be completed in days or weeks.

How do I get a simplified life insurance policy?

Getting a simplified issue life insurance policy is relatively simple and straightforward. Here are the basic steps.

01 Determine your coverage needs:

Before shopping for a simplified issue policy, it’s important to determine how much coverage you need. This will depend on factors such as your income, debts, and dependents.

02 Research providers:

Once you know how much coverage you need, you can research providers that offer simplified issue policies. Look for providers with a positive reputation, competitive rates, and coverage options that meet your needs.

03 Compare policies:

Once you have a list of potential providers, compare their policies and rates to find the one that best meets your needs. Pay attention to factors such as coverage limits, premium costs, and any exclusions or restrictions that may apply.

04 Apply for coverage:

Once you have selected a provider, you can apply for coverage. The application process for a simplified issue policy is typically simpler than a traditional policy. It may only require answering a few basic health questions.

05 Underwriting:

After you submit your application, the provider will review it to determine if you qualify for coverage. This process is usually much faster than for a traditional policy, and you may receive a decision within a few days.

06 Policy issuance:

If you are approved for coverage, the provider will issue your policy and you can begin paying premiums to keep your coverage in force.

It’s important to note that while simplified issue policies offer a simpler application process, they often have lower coverage limits and higher premiums than traditional policies. As a result, it’s important to carefully consider your options and compare policies to find the one that best meets your needs and budget.

Best providers of simplified issue life insurance

If you’re looking for a simplified issue life insurance policy, there are several top providers to consider. These insurance companies offer coverage without a medical exam, making the application process quick and easy.

Here are some of the most reputable providers of simplified issue life insurance:

1. Mutual of Omaha:

Mutual of Omaha is a well-known insurance company that offers a simplified issue life insurance policy called “Living Promise.” This policy provides coverage amounts up to $40,000, and the application process is straightforward.

2. Gerber Life:

Gerber Life offers a simplified issue life insurance policy for children and adults. Their “Guaranteed Life” policy provides coverage up to $25,000 and does not require a medical exam.

3. AIG

AIG’s “Guaranteed Issue Whole Life” policy provides coverage amounts up to $25,000 and is available to applicants between 50 and 85. The policy does not require a medical exam or health questions.

4. Fidelity Life:

Fidelity Life’s “Rapid Decision” policy provides coverage amounts up to $250,000 and does not require a medical exam. The application process is quick, with coverage decisions made within 24 hours.

The average cost of simplified life insurance

Simplified issue life insurance costs vary depending on a few factors, such as age, health status, and the coverage amount. However, simplified issue life insurance policies tend to be more expensive than traditional life insurance policies that require medical exams.

On average, the cost of a simplified issue life insurance policy ranges from $10 to $30 per month for coverage amounts up to $50,000. However, coverage amounts can be as high as $250,000 for some policies, and the cost will increase accordingly.

One reason simplified issue life insurance policies are more expensive is that the insurance company takes on more risk by not requiring a medical exam. Without a medical exam, the insurance company cannot fully assess the applicant’s health status. This can result in a higher premium to offset the added risk.

Pros of a simplified issue life insurance policy

No medical exam required

One of the most significant benefits of simplified issue life insurance policies is that they do not require a medical exam. This means that applicants can get coverage quickly without undergoing a time-consuming and often invasive medical examination.

Quick and easy application process

Simplified issue life insurance policies have a straightforward application process that can typically be completed online or over the phone. This can save applicants time and hassle compared to traditional life insurance policies

Fast approval

Because there is no medical exam required, simplified issue life insurance policies are faster than traditional policies. In many cases, applicants can receive an approval within a few days, making it an ideal option for those who need coverage quickly.

Affordable premiums

Simplified-issue life insurance policies are often more affordable than traditional policies, especially for younger applicants or those in good health. This can make it an attractive option for those on a tight budget.

Coverage for those with health issues

For those with pre-existing health conditions or a history of health issues, simplified issue life insurance policies can be a viable option. While the premiums may be higher than for those in good health, it can provide peace of mind knowing coverage is in place.

Overall, simplified issue life insurance policies offer a range of benefits that make them an attractive option for many individuals. However, it’s important to carefully consider the coverage and premiums offered by different policies. This is to ensure the most appropriate fit for your needs and budget.

Cons of a simplified issue life insurance policy

While simplified issue life insurance policies offer many benefits, there are also some potential downsides to consider. Here are some of the cons of these policies:

1. Limited coverage amounts

Simplified issue life insurance policies typically offer lower coverage amounts than traditional policies that require a medical exam. This means that those in need of higher coverage amounts may not be able to get sufficient coverage with a simplified issue policy.

2. Higher premiums

While simplified issue life insurance policies can be more affordable than traditional policies for younger and healthier applicants, the premiums can be significantly higher for those with pre-existing health conditions or a history of health issues.

3. Limited options

Simplified issue life insurance policies often have limited options for coverage types and riders. This can make it challenging to find a policy that meets your specific needs and preferences.

4. Limited underwriting

Without a medical exam, the insurance company may have limited information about an applicant’s health status. This can result in higher premiums or exclusions for certain health conditions.

5. Longer waiting period

Some simplified issue life insurance policies may have a waiting period before effect. This can range from a few months to a year, which means that coverage may not be immediately available in the event of an unexpected death.

Overall, it’s essential to carefully consider the pros and cons of simplified issue life insurance policies before deciding. While these policies can be an appropriate fit for some individuals, it’s important to weigh the potential downsides. This will enable you to make an informed decision based on your specific needs and circumstances.

Some alternatives to simplified issue life insurance

While simplified issue life insurance policies can be a viable option for some individuals, there are several alternatives to consider. Here are some options.

1. Traditional life insurance:

Traditional life insurance policies typically require a medical exam, but they offer higher coverage amounts and more flexibility in terms of coverage options and riders. While the application process takes longer, premiums may be cheaper for healthy people.

2. Group life insurance:

Many employers offer group life insurance as an employee benefit. These policies often do not require a medical exam and provide affordable coverage amounts. However, coverage may be limited, and it typically ends if the employee leaves the company.

3. Guaranteed issue life insurance:

Guaranteed issue life insurance policies are another option for those who cannot qualify for traditional life insurance due to health issues. These policies do not require a medical exam and are guaranteed to be issued. However, the premiums are typically much higher, and the coverage amounts are limited.

4. Accidental death and dismemberment (AD&D) insurance:

AD&D insurance covers accidental death or dismemberment. These policies typically do not require a medical exam and are more affordable than traditional life insurance policies. However, coverage is limited to accidents.

5. Term life insurance:

Term life insurance policies offer coverage for a specific period, such as 10, 20, or 30 years. These policies typically require a medical exam, but they offer higher coverage amounts and more flexibility than simplified issue policies. They can be more affordable for those in exemplary health, and the premiums are fixed for the duration of the policy.

Overall, there are several alternatives to simplified issue life insurance policies to consider. It’s important to carefully evaluate your options and consider your specific needs and circumstances before making a decision.

Is simplified issue life insurance worth it?

Whether or not simplified issue life insurance is worth it depends on your individual needs and circumstances. Here are some factors to consider when evaluating whether this type of policy is right for you:

Your health status: Simplified issue life insurance policies can be a good option for those in good health who want coverage quickly and without a medical exam. However, if you have pre-existing health conditions or a history of health issues, the premiums may be higher, and the coverage amounts may be limited.
Your budget: Simplified issue life insurance policies can be more affordable than traditional policies, especially for younger and healthier applicants. However, premiums may be higher for those with health issues, and coverage amounts may be limited.
Your coverage needs: Simplified issue life insurance policies typically offer lower coverage amounts than traditional policies. If you need higher coverage amounts, you may need to consider other options, such as traditional life insurance policies that require a medical exam.
Your age: Simplified issue life insurance policies may be an ideal fit for younger applicants who want coverage quickly and without a medical exam. However, for older applicants, premiums may be significantly higher, making them less cost-effective.

Protect Your Family and Secure Your Future

Get the insurance and secure your family’s financial needs. Save your money by shopping from the most trusted insurance providers