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What Is Simplified Issue Life Insurance?

Simplified issue life insurance is a type of term life insurance that provides coverage for a specific period and pays the benefit amount to the beneficiaries in case of the policyholder’s death. However, simplified issue life insurance uses a simplified application process that does not require a medical exam. Instead, the applicant fills out a questionnaire providing health-related information, personal details such as age, height, weight, and location.

ProsCons
Faster approval processMay cost more
No medical examMay have a smaller coverage amount
Quick coverage start timeMay have a shorter term

While the simplified issue life insurance process is usually faster than traditional policies, it does not guarantee approval. Applicants may be disqualified if they have certain medical conditions, high-risk occupations, or hobbies. Lying on the application is considered fraud and can result in the claim being denied.

Although simplified issue policies may cost more and have a smaller coverage amount than traditional policies, they are beneficial for healthy individuals who need coverage quickly or do not want to take a medical exam. The policyholder can get coverage within minutes to a few days, depending on the insurer and policy.

It is essential to be honest when applying for any life insurance policy and to read the applicable policy and speak to an insurance representative. Coverages and features vary by state, insurer, and policy and are not available in all states.

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