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What Is Simplified Issue Life Insurance?

As we age, we can all develop health problems, which can make finding affordable life insurance an issue. If you have pre-existing conditions, life insurance companies could either deny you coverage or raise the price of your premiums. The greater the risk it is to cover you, the higher the price for whole life insurance or traditional term life insurance policies. But there is still hope even if you do have pre-existing conditions! There is a way to be approved for life insurance with minimal health questions and without medical exams: look into a simplified issue life insurance policy.

What Is Simplified Issue Life Insurance?

clipboard with a questionnaire on it and pens next to it
You will need to answer a couple of questions about your health, and will get immediate coverage after applying.

Simplified issue life insurance is a type of whole life insurance, meaning your policy will remain in effect for your entire life. Unlike most whole life insurance policies, simplified issue life insurance is meant for people who need or want life insurance right away and do not want to go through a medical exam. To obtain one of these policies, you simply need to answer a few questions about your health, and will get coverage almost immediately after you apply. 

So what’s the catch? Well, with simplified issue life insurance, you can expect higher premiums for less coverage. You will pay more because your insurance company will not get a full view of your health status and will be unable to fully determine how much of a risk you are. With these policies, you will get a death benefit payout anywhere from $5,000 to more than $100,000. However, it is important to note that some health conditions can actually prevent you from getting coverage. 

How It Works

In order to get a simplified issue policy, you will have to fill out a short health questionnaire so that your insurance company can complete a modified risk assessment and set a premium and death benefit. Unlike traditional whole life insurance, most simplified issue life insurance policies do not have a cash value that builds over time. To qualify, you must be between 45 and 85 years old. You could be denied coverage if you:

  • Are bed-ridden, or in a long-term care facility or nursing home
  • Require a wheelchair or oxygen equipment
  • Have been diagnosed with Alzheimer’s, dementia, or congestive heart failure
  • Are being treated for an organ or bone marrow transplant
  • Have been diagnosed with any form of cancer in the past 2 years
  • Have a terminal condition
  • Have been diagnosed with heart disease in the past year (12 months)
  • Have had heart surgery in the past year (12 months)

If you are denied coverage because of any of the above mentioned issues, you still have options. For example, you can look into a guaranteed issue whole life insurance policy. The best way to find the coverage that is right for you is to compare plans from multiple insurance companies. 

blood pressure cuff on the wall in doctor's office
One of the perks is that you will not need a medical exam when applying for a simplified issue life insurance plan.

Advantages of Simplified Issue Life Insurance

  • No medical exam or lab tests are required.
  • Once your application is filled out, you will get an instant decision. If approved, you will not have to wait weeks or months for coverage to begin, as with other life insurance policies. Instead, your coverage will begin as soon as you pay your first premium. 
  • These policies are cheaper than guaranteed issue whole life insurance, and offer higher death benefits than guaranteed issue policies. 

Is It Right For You?

Simplified issue life insurance might be a good fit for you if:

  • You have a pre-existing medical condition (that isn’t disqualifying).
  • You do not want to undergo a medical exam, which could delay coverage and raise the price of your premiums. 
  • You want life insurance but aren’t sure you will qualify for traditional life insurance policies.
  • Your term life insurance policy has expired.
  • You don’t want your family to worry about final expenses or debts when you are gone.

Pre-existing conditions are extremely common; in fact, according to Health and Human Services, 61 to 133 million Americans have some kind of pre-existing condition. Having one of these conditions does not necessarily mean you are disqualified from getting life insurance, which is a necessary financial asset for your family. There are many different life insurance plans to choose from, and even with health conditions, you can find an affordable plan with great coverage. Consider using online tools, or speaking with an agent. We have provided the top insurance companies that offer simplified issue life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check simplified issue life insurance rates today.

Final Expense Life Insurance

Final expenses are not easy to talk about, but it is necessary to do so. Funerals can cost $10,000 or more, and this does not include other end-of-life expenses such as medical, legal or credit card bills. Without final expense insurance, these final expenses will fall on your family’s shoulders and strain their finances. But your family doesn’t need to be left with this financial burden: you can provide them with the cost of your funeral arrangements and more with an affordable final expense life insurance policy. 

Final Expense Life Insurance Explained

white casket being carried by men in black suits.

Final expense life insurance is a type of permanent life insurance that covers the costs of your funeral and burial, as well as any outstanding bills. As long as you pay your premiums, your  policy will never expire. There are two types of final expense life insurance policies to choose from:

  • Guaranteed Issue Life Insurance– You are almost certain to get approved for this type of policy because it provides coverage regardless of health status. These plans are more expensive than other policies, and offer amounts anywhere from $5,000 to $25,000.
  • Simplified Issue Life Insurance- You can get this type of policy if you are considered a moderate risk. You will have to provide answers to a medical questionnaire, but there will be no medical exam required for this policy. You can get coverage up to $50,000.

Check Out These Discount Life Insurance Options Below! Make Sure You Compare More Than One For The Best Rates!

Advantages Of Final Expense Life Insurance

Putting aside $10,000 dollars or more for funeral expenses is hard for many people to do, especially in today’s economy. Buying an affordable final expense life insurance policy will provide your family with this money. These policies offer peace of mind, and they are easy to get and maintain. The advantages of these plans include: :

  • No medical exam– You are not required to undergo a medical exam in order to purchase a final expense life insurance policy, which is beneficial if you have any serious health conditions that would hike up the cost of other life insurance policies.

    approved written on a paper with a person's hand holding a pen about to sign underneath the approved stamp
    The application is easy and coverage starts immediately after you are approved.
  • Quick approvals– The application process is quick and easy, and coverage begins immediately after you are approved, which can be the same day you apply.
  • Lower premiums– Final expense rates can start as low as $20 a month.
  • Payment flexibility– You have the option to pay monthly or annually. 
  • Tax benefits – The cash value of the policy accumulates tax-deferred.

It is not easy to accept the fact that one day you will no longer be with your family, but it is a grim reality. Your family will go through a difficult time, and the last thing they should worry about while grieving is how they will pay for your funeral and end-of-life expenses. You can give them at least financial peace of mind with a final expense insurance policy. There are multiple affordable policies to choose from that you can budget into your monthly expenses, and you do not have to worry about passing a medical exam.

If you are interested in providing your family the financial stability to pay for your funeral arrangements and more, then a final expense life insurance policy is perfect. For low monthly payments now you can make sure your loved ones are taken care of later. Picking a Final Expense Life Insurance policy is an important decision. You want to make sure your family is taken care of when you’re gone without getting tied to a policy that is going to be a financial burden. There are multiple coverage options, some with added benefits. To make the process easier consider using online tools, or speaking with an agent. We have provided the top Final Expense Life Insurance companies in the nation that offer hassle free assistance and the most competitive rates below. Always check multiple sites to make sure you have bargaining power and know the different advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check Final Expense insurance rates today.

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