Get Life Insurance Coverage With No Medical Exam
Simplified issue life insurance may be a good choice for you if you are relatively healthy and wish to get insurance quickly. No health check is needed for coverage, so you can often remove an insurance policy and begin your coverage exactly the same day.
Because you don’t undergo a medical exam, a policy is really a greater risk for insurers so typically, your premiums will be a little greater than you would pay if you underwent a test and passed with flying colors.
If you have pre-existing health conditions, simplified issue is not usually advised. You’ll be asked a number of health questions when you take out your policy and when you’ve got a terminal illness or some other serious medical problem, your coverage may be declined.
Simplified concern is not the same as guaranteed acceptance so it’s not appropriate for individuals with medical problems, although it continues to be often offered to senior citizens.
These are considered non-medical policies and therefore are called simplified issue because they are issued quickly and don’t undergo a long review through the underwriting department of the insurance company. Insurance can be offered as term or whole life. Term simplified issue may range in amounts as much as $500,000 while very existence may be as much as $100,000.
If you want insurance in the high six figure area or over one million dollars, then “simplified issue” would not be the best option. One of the disadvantages of simplified issue would be that the payout amounts are lower while the premiums are higher. Another disadvantage would be that the payout benefit is usually graded. It may take a couple of years for the beneficiaries to become eligible for the full quantity of your policy. If you die soon after taking out a simplified issue policy, your heirs will probably not have the full value, but a graded amount, dependent upon how many premiums you’ve paid.
Still, a simplified issue policy is actually a convenient and quick choice if you wish to remove a small policy to pay for one last expenses. This is especially true if you’re pre-planning your final services yourself to spare your family the strain of planning your funeral and worry about how to pay it off.
You can buy a simplified issue life insurance policy online. Your current insurance carrier can also be in a position to provide you with a policy. Whenever you search on the internet though, you will be able to compare premiums and stipulations to help you 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. For those who have medical problems you might want to look for a different type of policy. If the cost of premiums is really a concern of yours, you may want to remove a policy that subjects you to definitely a test so you can get the lowest price. A simplified issue life insurance policy isn’t for everyone, but if it’s a good match for you personally, it may give you and your family peace of mind about the future.
