Simplified Issue Life Insurance
Traditional life insurance applications require you to answer dozens of questions about your health and
personal life. Now Simplified Issue Life Insurance has been created which only asks a few general
health questions. These policies have been designed so almost everybody can be accepted, and in general,
they only turn down those who already have a terminal disease or live in a nursing home.
Guaranteed Issue Life Insurance
On the other hand, Guaranteed Issue Life Insurance does not require an applicant to answer health questions.
These types of policies use a waiting period to qualify applicants. In general, the insured person must survive a
period of time, usually 2 - 3 years, in order for the beneficiaries to collect the full face value of the death
benefit. If the insured person does not survive the waiting period, then the beneficiary collects the premiums
paid plus a specified amount of interest.
Is Guaranteed or Simplified Life Insurance Better?
If you can qualify for simplified life insurance, and most people can, then the rates are cheaper and the death
benefit is immediate upon policy issue. However, for those who cannot qualify, then a guaranteed life insurance
policy is a win/win situation. Hopefully, the insured person will survive the waiting period, and then have
a full face value life insurance policy. If they do not, their beneficiary will still get the premiums back with
interest.
Before you buy Life Insurance, Compare Rates.
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