UV Insurance: Express Simplified Life Insurance

    What is Simplified Issue Life Insurance

    Simplified issue insurance is available without a medical exam. It has a short health questionnaire that replaces the need for a doctor or nurse’s visit. This makes it easier to get for anyone that has a pre-existing condition or that wants insurance in a hurry. It differs from guaranteed life insurance, which has no medical and no health questionnaire.

    UV Insurance Simplified Life Insurance, Express: Snapshot

    Below is a snapshot of the simplified life insurance “Express” product from UV Insurance.

    Type of applicationElectronic OnlyComment
    Number of questions15 eligibility questions with 4 sub-questions
    Coverage$50,000 – $150,000
    Insurance typePermanent Life
    Term Life (Term 10/20/30)
    Term and permanent are described below
    Speed of decisionImmediate decision and issue within 24 hoursYou will be either accepted or declined
    UnderwritingNo underwriting
    Ages coveredAdaptable: 18-75 years
    Integral: 18-65 years
    Adaptable: 0-75 years Integral: 18-65 years
    Additional ConditionsNone

    Permanent life insurance covers you for a lifetime without expiring. Once in force the policy cannot be cancelled due to illness or lifestyle changes. However, claims can be denied in case of applicant fraud or lapses in payment. The three types of permanent insurance are Term 100, whole life, and universal life.

    Term life insurance (excluding Term 100, which is a permanent policy) has a start and end date. It is commonly known as Term 10, Term 20, Term 30, etc., with the numerals denoting the number of years it is in force. While term starts out cheap for those that purchase it when they are young and healthy, premiums increase with every renewal – and sharply so once the applicant passes 45.

    Term insurance is cheaper in the short run, but it expires and is more expensive to renew each time. Permanent insurance is more expensive in the short run but saves you money on premiums over the long-term. Whole and universal life insurance also come with tax advantaged savings components, making them ideal to help with long-term financial planning in addition to providing insurance protection.

    UV Insurance Simplified Life Insurance, Express Additional coverages

    Simplified life insurance “Express” product from UV Insurance comes with a number of additional coverages:

    • Credit Insurance Rider: 2 years
    • Child Rider (life insurance)
    • Waiver of Premium Disability (WPD)
    • Waiver of Premium in the Event of Loss of Employment (WPLE)
    • Waiver of Premium Disability or Death (WPDD)
    • Accidental Fracture (AF)
    • Accidental Death and Dismemberment (AD&D)
    • Pre-approved Critical Illness Insurance

    When to choose Simplified Life Insurance?

    Choose simplified life insurance when:

    • You have a pre-existing condition that would get you declined or rated for traditional insurance
    • You do not like medical exams and wish to get insurance without one
    • You need insurance in a hurry and don’t have time to wait for the traditional underwriting process

    Simplified vs Guaranteed Life Insurance

    While both simplified and guaranteed issue life insurance are available without a medical exam, there are some key differences between them. Simplified issue has a medical questionnaire. In the past it had more defined coverage caps, but those caps have been increased to ensure more people can get the insurance they need without interacting with a medical professional during the COVID-19 pandemic.

    Guaranteed issue insurance is available without a medical exam or questionnaire. As the insurer assumes all the risk (and assumes the applicant is in very poor health), the premium is high, the coverage cap is low, and there is a two-year deferral. If the insured passes from any reason other than an accident within the first two years, the claim is not paid, but the premiums are returned to the family. Guaranteed issue is ideal for end-of-life or final expense planning if the person concerned for their shorter life expectancy does not already have insurance. It is also a good policy for those who are affected by serious illness and living with an undetermined but shortened lifespan.

    Your email address will not be published. Required fields are marked *