Of the 54% of Americans who have a life insurance policy, 40% of them wish they had gotten into the game at a younger age.
Are you shopping for life insurance? If you’re one of the people who waited and now feel stuck, there are a lot of options out there. Simplified life insurance companies offer fast, easy, and affordable ways to purchase life insurance.
What is simplified issue life insurance? Keep reading to learn about it in this short but detailed guide. You’ll also discover useful resources to help you obtain this great insurance option.
Your Guide to Simplified Issue Life Insurance
Also called simplified issue term life insurance, this type of insurance is for older people who procrastinated about getting life insurance or for people in the 45-50 age range with some health issues.
These two groups of people will have a difficult time qualifying for traditional life insurance.
This type of insurance falls under the category of final expense insurance policies.
How It Works
Simplified life insurance takes a simplified approach to underwriting a life insurance policy.
Insurance underwriting is the process of evaluating the risk involved in insuring a person. In most cases, an individual has a physical exam, taking your height, weight, and blood pressure. They look at medical records, take blood and urine samples, and ask questions about your health. Approval can take weeks to months.
With simplified issue life insurance, there are no exams, no medical records, no blood tests, and the turnaround time for coverage approval is quick.
Steps to Obtaining Coverage
- Fill out a detailed medical questionnaire.
- If approved, you’ll be insured for $5,000-100,000.
- Pay premiums, which are usually higher because there is a greater risk involved.
There are some “knock-out” questions on the medical questionnaire. If you answer yes to questions like are you in a wheelchair, do you have a disability or have you been diagnosed with a serious disease such as cancer or diabetes, you can be turned down.
What Are The Advantages of Simplified Issue Life Insurance?
- 100% of the policies are issued without a health exam.
- 100% are issued without a telephone interview.
- 73% of applicants receive an underwriting decision in 5 days or less.
- 36% receive an underwriting decision in 2 minutes or less online.
- 60% receive standard, preferred, or preferred plus (non-tobacco and tobacco) underwriting offers.
It’s a quick, convenient way to get coverage. The ability to qualify with some health issues will, in most cases, outweigh the extra cost.
Simplified Life Insurance Policies
Now that you’ve learned about simplified issue life insurance, is it the type of insurance that will work for your particular situation?
Do you know who can help you with all of your simplified life insurance needs?
We at Just Us Insurance are here for you. We are independent insurance brokers representing America’s finest insurance companies. We are the only resource you need when it comes to insurance. Contact us for a no-cost consultation.
