Simplified Issue Life Insurance is a version of final expense insurance that offers a quick acquisition process, does not necessitate a medical exam, and provides a larger death benefit compared to other types of final expense insurance.
Instead of undergoing a medical exam, applicants for simplified issue life insurance answer a health and lifestyle questionnaire. While approval is not guaranteed, the majority of applicants are accepted.
This form of whole life insurance is designed for individuals with mild health issues, usually offering a smaller death benefit compared to term life insurance due to the associated higher risk. One significant advantage is that it takes effect immediately. Additional benefits of this final expense version include:
The distinguishing factor between simplified issue and guaranteed issue life insurance is the medical questionnaire. Your responses determine eligibility for the lower premium with the larger death benefit. To give you an idea, here are some sample questions you might encounter:
Note that these are examples, and each insurance company has its own questionnaire. Qualification may vary between companies, so consulting a life insurance agent is crucial for guidance.
Similar to most insurance policies, simplified issue life insurance in the final expense category offers various riders, depending on the company. Some of the common riders you may find available to add to your policy include: