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.
Below is a snapshot of the simplified life insurance “Express” product from UV Insurance.
| Type of application | Electronic Only | Comment |
| Number of questions | 15 eligibility questions with 4 sub-questions | |
| Coverage | $50,000 – $150,000 | |
| Insurance type | Permanent Life Term Life (Term 10/20/30) | Term and permanent are described below |
| Speed of decision | Immediate decision and issue within 24 hours | You will be either accepted or declined |
| Underwriting | No underwriting | |
| Ages covered | Adaptable: 18-75 years Integral: 18-65 years | Adaptable: 0-75 years Integral: 18-65 years |
| Additional Conditions | None |
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.
Simplified life insurance “Express” product from UV Insurance comes with a number of additional coverages:
Choose simplified life insurance when:
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.
