Have health issues or need life insurance in a hurry? Simplified issue can help you get covered quickly and conveniently.
Just like it sounds, simplified life insurance helps to fast-track you through the life insurance process. With a quicker application and approval than traditional life insurance, simplified plans don’t require a medical exam and may not require you to answer health questions. That often means you can get covered in just hours, instead of days or weeks.
Simplified issue plans can cost a little more than life insurance policies that require a medical exam, and coverage amounts tend to be lower than traditional policies. If you’re constantly on the go or don’t think you’ll qualify for health reasons, though, simplified issue can help you get the coverage you need quickly.
The biggest difference between a quick issue life insurance and a traditional life insurance plan is that simplified issue doesn’t require a medical exam. With most term life and permanent life policies, the insurance company performs an exam to determine your eligibility and your life insurance rates. This exam is free to you and generally includes measuring your height and weight, taking your blood pressure, collecting blood and urine samples, and asking health questions.
With a simplified issue term life plan, you typically complete a health questionnaire instead of taking a medical exam to determine if you qualify for life insurance. This survey covers questions about your overall health, tobacco and alcohol usage, and family medical history. It’s important to remember that your answers can still result in a higher premium or prevent you from qualifying at all.
Simplified insurance premiums typically cost a bit more than traditional term life insurance policies, and coverage is often limited to $100,000. Depending on your situation, though, the convenience and ability to qualify with some health issues can outweigh the costs.
Simplified issue is built to be simple, so you don’t have to deal with a longer approval process and medical exam.
You can often get coverage in just hours, which can be ideal if you’re going on a trip or have an upcoming event you’d like to be covered for.
If you have health conditions that you see a doctor and take medication for regularly, like controlled diabetes, simplified issue can be a good fit.
Fast coverage and no medical exam may seem appealing, but it’s important to note that can mean higher premiums and lower coverage limits. Be sure to consider whether this tradeoff is worth it for your situation. If you’re in good health and willing to get a medical exam, you’ll likely get lower life insurance rates.
Probably not. You may not qualify for simplified insurance if you have a serious medical condition, like cancer, or a history of medical issues, like heart attacks. In those cases, guaranteed issue can help you get the coverage you need.
If you’re in good health, yes. Taking a medical exam when applying for a traditional life insurance policy can help you lock in lower rates. Learn more about taking a medical exam here.
At eFinancial, we’re dedicated to providing expert, personalized support as you shop for rates and coverage options. We offer access to high-quality, affordable options from over 20 life insurance providers, so you can choose from a variety of simplified life insurance products. Our agents are dedicated to supporting you through every step of the process.
To get started, request your free, no-obligation online quote or call 800-957-9525 to talk with one of our agents.
