The best part about Simplified Issue life insurance is not having to take a physical examination and 24 Hour approvals
If you are like most people, you probably don’t like taking a medical exam. It seems like the worst part is having to take the blood test portion of the exam and that dreaded syringe. Most of the time when people apply for life insurance, they take a physical exam as one of the pre-requisites. There is another way to buy life insurance and not have to see a para-med nurse. You can apply for no medical exam life insurance otherwise know as simplified issue life insurance.
Simplified issue means you will only have to answer a basic list of questions about your health history. These policies eliminate the need for a para-med nurse. Do not confuse this plan design with the term guaranteed issue life insurance. Guaranteed Issue means you don’t have to answer any medical questions at all and you don’t have to take a medical exam. Regardless of how poor your health is, your application will be approved.
Are there any drawbacks to simplified issue life insurance?
Simplified issue life insurance definitely make applying simple and quick. The conventional fully underwritten applications will normally always provide you with the lowest possible rates. Depending on the company you apply with, the cost of these no medical exam policies can vary. The times and technology is changing which are making the simplified issue policies become more and more competitive.
What are some of the best companies I can apply with?
Sagicor – No exam is required. Policies are approved within in 1-7 days. No medical files or information is required from your Doctor. Face amounts from $50,000 – $500,000. Sagicor has grown to be one of the most popular companies for non-med policies in the country. They also have some of the lowest rates you will find which really puts them in great demand. Sagicor is well know as one of you best choices but are some of the other competitors.
Fidelity Life –
Lincoln National –
United of Omaha –
Transamerica Life –
Assurity Life –
North American –
American National –
Phoenix Life –
SBLI Savings Bank Life Insurance –
Is simplified issue life insurance worth it?
The simplified issue plan designs could possibly be right for you with the correct circumstances. If you’re looking to get a policy quickly for something like a divorce court order, simplified issue policies could work out great. Due to the fact a considerable amount of time is consumed with conducting and scheduling your para-med visit. Plus the time consumed for all the lab results to be tested and reviewed. If you eliminate the exam all together you will save a boatload of time. You can usually be approved in a couple of days by applying for simplified issue life insurance. Some companies will offer instant approvals upon completing just a brief medical questionnaire.
Now if you are the kind of individual that is not in a rush and does not mind an exam. A conventional plan design will end up being your best bet. For example, if you purchase a 20 year term life insurance policy. The annual savings in a conventional plan design will add up to a lot of money over the 20 year period. The question of buying either a standard policy vs. a simplified issue policy will a question of personal preference.
Who would want to apply for a simplified issue plan?
The biggest reason to apply for simplified issue is the time element. Many times a person may want to buy a piece of commercial property and have to get a loan. The lender in some cases will ask for life insurance to guarantee the payback for the loan. A conventional application could hold up the purchase of the property or business. Another reason would be negative lab results stemming from the blood test. Many issues that are unknown to the applicant could be found in the blood test. This could open the door to a bundle of medical conditions that would represent a major concern in the individuals application for life insurance.
If the applicant is in a state of poor health, it may be a smart move to apply for a simplified policy. Keep in mind that the insurance company reserves the right to request a para-med visit or medical records if they feel they need too. The bottom line is the application could start out as non-med and then escalate to the characteristics of a conventional application. This is not common but it can still happen.
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All the best,