Simplified Issue
Get Life Insurance With No Medical Exam
Simplified issue life insurance might be a good choice for
you if you are relatively healthy and want to get insurance quickly. No medical exam is required for coverage, so
you can often take out a policy and begin your coverage the same day. Because you don't undergo a medical exam, the policy is a higher risk
for insurers so typically, your premiums will be a little higher than you would pay if you underwent an exam and
passed with flying colors.
If you have pre-existing medical conditions, simplified issue is not usually advised.
You will be asked a series of health questions when you take out your policy and if you have a terminal illness or
some other serious medical condition, your coverage might be declined.
Simplified issue is not the same as guaranteed
acceptance so it is not appropriate for those with medical problems, although it is still often offered to senior
citizens. These are considered non-medical policies and are called simplified issue because they are issued quickly
and don't go through a long review by the underwriting department of the insurance company. Insurance can be
offered as term or whole life. Term simplified issue may range in amounts up to $500,000 while whole life may be as
much as $100,000.
If you are seeking insurance in the high six figure area or over one million dollars,
then simplified issue wouldn't be the best choice. One of the disadvantages of simplified issue is that the payout
amounts are lower while the premiums are higher. Another disadvantage is that the payout benefit is often graded.
It may take a few years for your beneficiaries to be eligible for the full amount of your policy. If you die
shortly after taking out a simplified issue policy, your heirs will probably not receive the full value, but a
graded amount, dependent upon how many premiums you have paid.
Still, a simplified issue policy could be a convenient and quick choice if you want
to take out a small policy to cover your final expenses. This is especially true if you are pre-planning your final
services yourself to spare your family the stress of planning your funeral and worry about how to pay for
it.
You can buy a simplified issue life insurance policy online. Your current insurance
provider may also be able to offer you a policy. When you search online though, you will be able to compare
premiums and stipulations so you can be sure you get the best policy for your financial situation at a price you
can afford.
Remember, simplified issue does not mean guaranteed acceptance since your answers to
the medical questions on the application will be assessed. If you have medical problems you may want to look for a
different type of policy. If the cost of premiums is a concern of yours, you may want to take out a policy that
subjects you to an examination so you can get the lowest price. A simplified issue life insurance policy isn't for
everyone, but if it is a good match for you, it can give you and your family peace of mind about the
future.
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