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Non-Medical Life Insurance: Simplified Issue versus Guaranteed Issue
careful before you sign
photo by Christian Birmele
One of the small annoyances that come with buying a traditional life insurance policy is the required medical form you must fill out, especially since some people cannot qualify for those types of plans, but still want to ensure their family's financial future.
Well, don't worry because there are plans out there that require no medical exam called Simplified Issue Policies and Guaranteed Issue Policies, but there are a few subtle differences between these two distinct plans, which you should be aware of before you buy.
(Non-Medical Life Insurance: Simplified Issue versus Guaranteed Issue continued...)
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what is the difference in simplified issue vs.
guaranteed issue non medical life insurance
Hi Sharon,
Thanks for the question – I hope the summary below helps.
Guaranteed Issue-No medical questions
-No medical tests
-Two year wait on the death benenfit for non accidental deaths
-Lower Face Amounts
Simpliifed Issue-Generally three to twelve health questions
-No medical tests
-May or may not be a two year waiting period on the death benefit depending on the plan and company
-Higher face amounts