Simplified issue life insurance differs from traditional insurance in that no medical exam is needed. Instead, there is a short health questionnaire to answer. It also differs from guaranteed issue insurance, which does not have a questionnaire. Simplified is ideal for those that do not quality for traditional insurance, but do not need the strict confines of guaranteed issue in order to qualify for a life insurance policy.
Below is a snapshot of the guaranteed life insurance product from UV Insurance.
| Type of application | Electronic Only | Comment |
| Number of questions | 8 eligibility questions with 12 sub-questions | |
| Coverage | $25,000 – $50,000 | |
| Insurance type | Permanent life | Permanent insurance is 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 | |
| Additional Conditions | Deferred 12 months – premium refund 12 to 24 months – 50% of insured amount | If a policyholder passes away during the first 12 months, no claims will be paid but all premiums will be refunded. Should a policy holder pass away within 12-24 months, only half of the coverage will be paid. |
Permanent insurance does not expire. Unlike term, which only is in force for the term specified then renews at higher rates, permanent insurance does not need to be renewed.
Simplified life insurance “instant” product from UV Insurance comes with two additional coverages:
Choose simplified life insurance when:
Choose guaranteed issue instead of simplified when:
