The Benefits of Simplified Issue Life Insurance

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Understanding Simplified Issue Life Insurance

Simplified issue life insurance is designed for those who want a straightforward and quick way to secure life insurance coverage without the hassle of a medical exam. This type of policy relies on a health questionnaire, allowing for faster approval and more convenience.

Key Features and Benefits

  • No Medical Exam Required
    Simplified issue life insurance eliminates the need for a medical exam, making the application process quicker and less intrusive. This is ideal for individuals who prefer not to undergo medical testing or have minor health issues that could complicate a traditional life insurance application.
  • Quick Approval Process
    The streamlined application process allows for faster approval, often within a few days. This means you can secure coverage quickly, providing immediate peace of mind for you and your loved ones.
  • Coverage Limits and Premiums
    While simplified issue policies typically offer lower coverage amounts (up to $500,000), they fill an essential need for quick and accessible life insurance. Premiums are generally higher due to the increased risk to the insurer, but the convenience and speed often outweigh the cost for many applicants.
  • Types of Policies
    Simplified issue life insurance comes in two main types: term life and whole life. Term life provides coverage for a specific period, while whole life offers lifelong coverage with a cash value component.

Who Benefits the Most?

  • Individuals with Minor Health Issues
    If you have minor health conditions that might not qualify you for traditional life insurance, simplified issue policies can be a viable alternative. They offer coverage without extensive medical scrutiny.
  • Older Adults and Seniors
    Simplified issue life insurance is particularly beneficial for seniors seeking coverage without the hassle of medical exams. It provides a straightforward path to securing life insurance in later years.
  • Those Needing Immediate Coverage
    If you need life insurance coverage quickly, perhaps due to a significant life event, simplified issue policies provide a rapid solution, ensuring you have the necessary protection without delay.
Insurance Simplified

Simplified Issue Life Insurance Calculator

Compare rates from multiple companies to find insurance that suits your needs.

Best Simplified Life Insurance Companies

  • Royal Neighbors: Royal Neighbors is a top-rated simplified issue insurance company for several compelling reasons. Firstly, they hold a strong financial rating of A, ensuring their ability to meet their obligations. Additionally, they offer a diverse range of products, including simplified issue whole life, term life, and final expense whole life insurance. Their underwriting process is straightforward and efficient. You participate in a three-way call with the agent, customer, and insurance company, where they make an underwriting decision on the spot, and the policy is issued the very next day.
  • Transamerica: Transamerica is another excellent choice for simplified issue insurance, boasting an impressive A+ financial rating. One of their standout features is offering some of the most competitive rates for final expense insurance. Furthermore, Transamerica is one of the few remaining insurers that provide coverage for ages 0-85 for final expense policies, with less stringent medical underwriting compared to other carriers. Their simplified e-application streamlines the process, automating underwriting within 24-48 hours, and the policy is typically issued within a day or two after that.

How We Can Help

At The Annuity Expert, we understand that securing life insurance can be daunting, especially when facing time constraints or health concerns. As a trusted insurance agency, annuity broker, and retirement planner with over 15 years of experience, we specialize in finding the best solutions at the lowest costs.

  • Identifying Your Core Needs
    We believe in providing tailored solutions that meet your specific needs and preferences. Our team is dedicated to understanding your unique situation and offering personalized advice to ensure you feel valued and cared for throughout the process.
  • Understanding Your Challenges
    We recognize that the primary challenge for many individuals is finding accessible and quick life insurance coverage without the hurdles of medical exams. This can be particularly stressful and emotionally taxing, especially when time is of the essence.
  • Our Commitment to You
    We stand for simplifying the life insurance process and fighting against unnecessary complications and delays. Our mission is to help you secure the best coverage at the most affordable rates, ensuring your peace of mind and financial security.
Simplified Issue Life Insurance

What We Recommend

Step 1: Initial Consultation

  • What Happens
    During your initial consultation, we will discuss your needs, preferences, and current health status, which will allow us to understand your situation comprehensively.
  • Main Benefit
    You’ll receive personalized advice and a clear understanding of your options tailored specifically to your needs.

Step 2: Application Assistance

  • What Happens
    We guide you through the application process, helping you complete the health questionnaire accurately and efficiently.
  • Main Benefit
    Our assistance makes the application process seamless and stress-free, increasing your chances of swift approval.

Step 3: Secure Your Coverage

  • What Happens
    Once your application is approved, we help you finalize your policy, ensuring you understand all aspects of your coverage.
  • Main Benefit
    You gain immediate life insurance protection, providing peace of mind and financial security for you and your loved ones.

Features and Benefits

  • No Medical Exam: Simplifies the process, saving you time and effort.
  • Fast Approval: Provides near-immediate coverage, reducing wait times.
  • Personalized Advice: Tailored recommendations ensure you get the best policy for your needs.
  • Expert Guidance: Our experienced team supports you throughout, making the process smooth and hassle-free.

Addressing Common Objections

  • Concern: Higher premiums compared to traditional policies.
    Counterargument: The convenience and speed of securing coverage without a medical exam often outweigh the slightly higher cost.
  • Concern: Lower coverage amounts.
    Counterargument: Simplified issue policies offer sufficient coverage for many needs, and the quick approval process ensures timely protection.

Without our expert guidance, you may face delays, increased stress, and potentially higher costs. Navigating the insurance landscape alone can lead to missed opportunities and inadequate coverage.

By working with The Annuity Expert, you benefit from personalized, attentive service that simplifies the insurance process, ensures timely protection, and offers peace of mind. Our commitment to your well-being and financial security is unwavering.

When you choose The Annuity Expert, you’ll feel confident and secure, knowing that your loved ones are protected. Our personalized approach ensures you feel valued and understood, making your life insurance experience positive and stress-free.

Contact us today for free advice or a quote and discover how simplified issue life insurance can provide the protection you need.

Need Help Getting Life Insurance Coverage?

If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure you get coverage so you don’t get declined.

Impaired Risk Life Insurance
Have You Been Declined Life Insurance Coverage Before?

Frequently Asked Questions

What is the difference between a guaranteed issue and a simplified issue?

Simplified issue policies generally have higher death benefits than guaranteed issue policies. A guaranteed issue policy may only offer coverage of $25,000 or less. Those policies generally provide funds for a funeral and other final expenses.

What is a simple issue?

Simplified issue life insurance is a type of life insurance that only requires customers to answer health questions and doesn’t require a medical exam.

What does the guaranteed issue cover?

A requirement that health plans must permit you to enroll regardless of health status, age, gender, or other factors that might predict the use of health services.

What is the major problem with the guaranteed issue?

You can’t access the benefits of these plans immediately because there is often an initial waiting period. If the policyholder passes before the waiting period ends, the beneficiaries will not receive the death benefit.

How does guaranteed issue life insurance work?

Guaranteed issue life insurance is a small whole life insurance policy without health qualifications. Guaranteed issue life insurance does not pay death benefits during the first two or three years the policy is in force. Still, it does return the policy’s premiums plus 10% interest if the insured dies during this period.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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