Next to the cost factor, it is probably the biggest reason why people avoid buying life insurance.
It may be the fear of everything medical – yes, "white fur syndrome" is a real thing ̵
But it may not have to sound The fear of a medical examination will prevent you from getting the life insurance you need.
There is a life insurance product known as Simplified Question Life Insurance (or Simplified Question term Life Insurance) that can make it possible for you to get life insurance quickly, and without undergoing a medical examination.
In today's competitive life insurance industry, there are actually many different variants of life insurance policies to meet almost any need or desire. All you need to do is ask!
What is simplified life insurance of the question
The operative word in a simplified life insurance is “simplified.” It is the type of life insurance that you can apply for and be approved for with limited health issues and no medical examination.
And since no medical examination is required, the approval period for your application is much shorter. Approval usually takes place within a few days, rather than the 6 to 8 weeks that are usual with complete medical qualification plans.
The death benefits offered under a simplified life insurance policy are lower than for other insurances, precisely because of the limited health considerations. Just the fact that you are not undergoing a medical examination means that there may be one or more health conditions that are neither detected nor included in your plan.
Life insurance companies mitigate this risk in part by offering a lower death benefit. Policies can be as small as $ 5,000 and up to $ 100,000 or more. But if you are looking for more coverage, such as $ 500,000 or $ 1 million or more, you will not get it with a simplified life insurance policy.
Policy can be issued either as a whole life (permanent life insurance with cash value added) or through simplified lifetime insurance of the issue period. And depending on the insurance company you get coverage from, you can choose from several optional riders you can add to your insurance, which will enhance the benefits provided. Health information is by charging higher premiums. You can expect that a simplified life insurance in question will cost more on a thousand basis than a comparable amount with standard level life insurance.
What is the purpose of simplified life insurance of the issue?
The most obvious purpose of a simplified life insurance policy is to minimize health as a criterion. This does not mean that your health profile is completely ignored.
Even if you are not required to add a medical examination, the insurance company will still carry out an investigation of information databases.
In today's internet driven world, there is plenty of health related information about you. An important source is MIB, which is a medical database that functions as something like a credit bureau with health information for the insurance industry.
It will contain important information, including hospitalizations, diagnoses, treatments and therapies, and even medications. Insurance companies can also contact your local government motor vehicle department to evaluate your driving record and any events of DUI / DWI.
But since everything can be done in a few days, approval is much faster with simpler insurance issues than with other types of insurance. Speed is the other major benefit of this type of life insurance.
Benefits of Simplified Question Life Insurance
No Medical Examination
The most obvious benefit of a simplified life insurance in question is to eliminate the medical examination. Some people simply do not like to submit to them, and others may be worried about the discovery of an unknown health condition. This is an important reason why some people avoid going to the doctor in the first place. If that describes you, a simplified life insurance policy can be a good choice.
Fast approval period
Because the insurances have a faster approval period, they can also be an excellent choice if you need coverage in a hurry. For example, you can take out a large loan where the lender requires you to have life insurance as a condition of the loan. Since you can get a simplified question about life insurance policy in a few days, you will be able to meet the requirements of the loan approval in a faster way.
Still, another benefit of a simplified life insurance issue is as a form of temporary coverage. Because approvals are quick and death benefits are quite limited, you may only be interested in getting coverage in the short term, for example when you are between jobs. Since you only need the coverage for a year or two, or even a few months, you may be willing to pay the higher premiums to ensure you have life insurance coverage during your transition period.
When All Else Failed [19659022Slutligenpågrundavdenbegränsadehälsoutvärderingensomenförenkladlivförsäkringspolicykräverkandetvaraettbättrevalomduharnågrahälsotillståndsomkanförhindradigfrånattfåentraditionellhelalivellerförsäkring Disadvantages of simplified issue life insurance  Cost  As we have already discussed cost a simplified issue life insurance more than insurance policies that require full health assessment, including a medical examination. You will always be better at submitting to a full health evaluation if getting a lower contribution is your primary goal.
Lower death benefits
And once again, death benefits under a simplified life insurance policy are much lower than they are for those who require full medical evaluation. If you need hundreds of thousands of dollars in coverage – or $ 1 million or more – this will not be the political type for you.
Serious health conditions can be rejected
Finally, the fact that simplified life insurance issue means limited medical evaluation does not mean you can not be rejected for coverage.
In today's environment, insurance companies usually get as much information as they need from available databases to determine your insurability.
If your medical records show that you have a serious health condition, you can still be denied coverage even if no medical examination is performed.
I was rejected simplified question, now what?
If medical information available from health databases reveals an important health condition, you may need to consider guaranteed question life insurance. It is another very special type of life insurance designed for applicants who will not qualify for traditional life insurance based on health factors.
The issuance of such insurance is guaranteed, as the name suggests, and they are set up as a whole life policy rather than a term. The death benefit is limited, usually to a maximum of $ 25,000 and includes a waiting period of between two and three years.
This means that if you die within the waiting period, no death benefit will be paid to your beneficiaries. But despite its disadvantages, life insurance with a guaranteed issue will provide life insurance coverage when there is no other type of insurance.
Shopping For Simplified Issue Life Insurance
Many companies offer a simplified life insurance policy, however, those who advertise rock bottom level premiums are usually not among them.
The reason why they offer such low premiums is that they target young, healthy applicants for traditional life insurance products. If you need a simplified life insurance policy in question, it is probably because you have one or more health conditions that exclude you from supplier sales premiums.
Simplified life insurance of the issue requires special handling. Not all life insurance companies offer this coverage, and among those who do, the specific terms and requirements may vary significantly from one to another. Simply put, a simplified life insurance policy is not the type of insurance you want to buy on a do-it-yourself basis. There are just too many details involved in this type of policy.
If you have a health condition that you think may interfere with your ability to obtain traditional life insurance coverage, you should work with a life insurance broker.
We work with all types of applicants, including people with health conditions, high risk occupations and hobbies and the need for specialized insurance. And because we work with dozens of life insurance companies, we know the ones that will give the most favorable consideration to your specific circumstances or needs.
And do not worry that our services will cost more than you would pay if you bought coverage directly from a provider. Insurance companies compensate us for placing applicants with their insurances and we do not charge you direct fees for our services. This means that we do all the work, and you pay nothing extra. In addition, you save time and effort to find the right company and the right policy for you.
* While we make every effort to keep our website up to date, you should be aware that "current" information on this site, e.g. Quotation estimates, or relevant company details, may only be accurate from the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.