What is simplified issue life insurance?

Simplified issue life insurance is a type of whole life insurance that is specifically designed for individuals with mild health issues. We recognize that health concerns should not prevent you from obtaining the financial protection you and your loved ones deserve. While the death benefit of this policy may be smaller compared to term insurance, it is a reflection of the larger risk involved due to health factors.

One of the significant advantages of simplified issue life insurance is that it takes effect immediately upon approval. This means you can have the peace of mind knowing that your coverage is in place and ready to protect your loved ones from the moment you obtain the policy. Additionally, this form of final expense insurance offers several other key benefits:

1. Premium Stability: The premium you pay for your policy will never increase over time. We believe in providing financial predictability, allowing you to budget effectively without worrying about fluctuating costs.

2. Constant Coverage: With simplified issue life insurance, your coverage amount will never decrease. This ensures that the protection provided to your beneficiaries remains intact, offering them the support they need during a challenging time.

3. Enhanced Death Benefit: While simplified issue life insurance may have a smaller death benefit compared to other types of insurance, it still offers a significant amount of financial protection for your loved ones. This allows you to strike a balance between affordability and the coverage you desire.

The medical questionnaire

The medical questionnaire serves as a crucial factor in distinguishing between simplified issue and guaranteed issue life insurance. By honestly answering these questions, you can determine if you qualify for the more affordable premium that comes with a larger death benefit, ensuring that your financial protection aligns with your unique circumstances.

To give you an idea of what to expect, we have provided some sample questions that you may encounter on your application. Please note that these are just examples, as each insurance company has its own specific questionnaire. Here are a few examples:

• Have you ever received a diagnosis, treatment, or medical advice from a healthcare professional for conditions such as congestive heart failure, AIDS, AIDS-related complex, HIV, or Lou Gehrig’s disease?
• Within the past 12 months, have you been advised to use, or have you used, oxygen equipment for breathing assistance (excluding use for sleep apnea)?
• Do you rely on a wheelchair or electric scooter due to an ongoing diagnosed illness, medical condition, or disease?
• Are you currently a resident in, or have you been advised to move into, a nursing home or skilled nursing facility?

Remember, these are just sample questions, and the specific questionnaire may vary depending on the insurance company you choose. It’s important to understand that while you may not qualify for simplified issue life insurance with one company, there may still be options available to you with another. Therefore, we highly recommend consulting with a knowledgeable life insurance agent who can provide personalized guidance based on your individual circumstances.

Additional Options to Enhance Your Coverage

We understand that every individual has unique needs and preferences when it comes to their life insurance policy. That’s why we want to provide you with information about available riders that can be added to your simplified issue life insurance in the realm of final expense. These riders offer you the opportunity to customize your coverage and provide added protection for specific circumstances. Depending on the insurance company you choose, you may find the following riders available:

• Accelerated Death Benefit: This rider offers an important provision in the event of a terminal illness. If you are diagnosed with a qualifying terminal illness, you may be eligible to access a portion of the death benefit while you are still alive. This can provide much-needed financial support to cover medical expenses and other costs associated with your illness, easing the burden on you and your loved ones during a challenging time.
• Accidental Death Benefit: Life is unpredictable, and accidents can happen. With the accidental death rider, your beneficiaries may receive a doubled payout if your death is the result of an accident. This extra coverage can provide an additional layer of financial security for your loved ones, helping them navigate unexpected circumstances with greater peace of mind.
• Long-Term Care: Should you require long-term care in the future and find that your health insurance does not cover the costs, this rider can be invaluable. It offers coverage for long-term care expenses, ensuring that you have the necessary financial support to receive the care you need without placing a heavy burden on your family or draining your savings.

It’s important to note that the availability of these riders may vary depending on the insurance company and the specific policy you choose. We encourage you to consult with a knowledgeable insurance agent who can guide you through the options available and help you determine which riders align with your needs and goals.