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What Is Simplified Issue Life Insurance?

As we age, we can all develop health problems, which can make finding affordable life insurance an issue. If you have pre-existing conditions, life insurance companies could either deny you coverage or raise the price of your premiums. The greater the risk it is to cover you, the higher the price for whole life insurance or traditional term life insurance policies. But there is still hope even if you do have pre-existing conditions! There is a way to be approved for life insurance with minimal health questions and without medical exams: look into a simplified issue life insurance policy.

What Is Simplified Issue Life Insurance?

clipboard with a questionnaire on it and pens next to it — *You will need to answer a couple of questions about your health, and will get immediate coverage after applying.*

Simplified issue life insurance is a type of whole life insurance, meaning your policy will remain in effect for your entire life. Unlike most whole life insurance policies, simplified issue life insurance is meant for people who need or want life insurance right away and do not want to go through a medical exam. To obtain one of these policies, you simply need to answer a few questions about your health, and will get coverage almost immediately after you apply.

So what’s the catch? Well, with simplified issue life insurance, you can expect higher premiums for less coverage. You will pay more because your insurance company will not get a full view of your health status and will be unable to fully determine how much of a risk you are. With these policies, you will get a death benefit payout anywhere from $5,000 to more than $100,000. However, it is important to note that some health conditions can actually prevent you from getting coverage.

How It Works

In order to get a simplified issue policy, you will have to fill out a short health questionnaire so that your insurance company can complete a modified risk assessment and set a premium and death benefit. Unlike traditional whole life insurance, most simplified issue life insurance policies do not have a cash value that builds over time. To qualify, you must be between 45 and 85 years old. You could be denied coverage if you:

Are bed-ridden, or in a long-term care facility or nursing home
Require a wheelchair or oxygen equipment
Have been diagnosed with Alzheimer’s, dementia, or congestive heart failure
Are being treated for an organ or bone marrow transplant
Have been diagnosed with any form of cancer in the past 2 years
Have a terminal condition
Have been diagnosed with heart disease in the past year (12 months)
Have had heart surgery in the past year (12 months)

If you are denied coverage because of any of the above mentioned issues, you still have options. For example, you can look into a guaranteed issue whole life insurance policy. The best way to find the coverage that is right for you is to compare plans from multiple insurance companies.

blood pressure cuff on the wall in doctor's office — *One of the perks is that you will not need a medical exam when applying for a simplified issue life insurance plan.*

Advantages of Simplified Issue Life Insurance

No medical exam or lab tests are required.
Once your application is filled out, you will get an instant decision. If approved, you will not have to wait weeks or months for coverage to begin, as with other life insurance policies. Instead, your coverage will begin as soon as you pay your first premium.
These policies are cheaper than guaranteed issue whole life insurance, and offer higher death benefits than guaranteed issue policies.

Is It Right For You?

Simplified issue life insurance might be a good fit for you if:

You have a pre-existing medical condition (that isn’t disqualifying).
You do not want to undergo a medical exam, which could delay coverage and raise the price of your premiums.
You want life insurance but aren’t sure you will qualify for traditional life insurance policies.
Your term life insurance policy has expired.
You don’t want your family to worry about final expenses or debts when you are gone.

Pre-existing conditions are extremely common; in fact, according to Health and Human Services, 61 to 133 million Americans have some kind of pre-existing condition. Having one of these conditions does not necessarily mean you are disqualified from getting life insurance, which is a necessary financial asset for your family. There are many different life insurance plans to choose from, and even with health conditions, you can find an affordable plan with great coverage. Consider using online tools, or speaking with an agent. We have provided the top insurance companies that offer simplified issue life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check simplified issue life insurance rates today.

Tips To Get The Most Out Of Your Life Insurance Policy

Life insurance as a concept is pretty simple: you pay a premium each month so that your family will receive a lump sum, or death benefit, when you are gone. But in practice, it’s not always that easy; there are many different twists and turns to navigate, and a lot of different kinds of life insurance policies to choose from. With so many options, insurance companies, rates, rules, and more, finding the right policy – and getting the most out of it once you have it – can seem confusing. Fortunately, there are some simple steps you can take to make sure your policy is right for you, and that you’re getting the most out of it.

Make Sure You Have Enough Coverage

person holding a magnifying glass over some papers — *Go over your plan and coverage and make sure it suits your needs, because situations may change.*

Review Your Current Life Insurance

If you already have life insurance, take the time to review your policy and make sure it truly suits your needs. If anything in your life has changed, your life insurance policy should reflect those changes. The whole point of your policy is to make sure your family is taken care of after your passing, and if you aren’t periodically reviewing your coverage, they might not benefit as much as they should. You’re paying for life insurance, so make sure your family will receive at least as much as they need!

Do You Need More Coverage?

After reviewing your current life insurance policy, does it suit your needs? If not, it’s time to begin shopping around to find a plan that offers more coverage at a better price. The best way to do this is by comparing plans from different companies, as each company offers different coverage options.

Consider Converting Your Term Into Permanent

If you have a term life insurance policy, it will eventually expire. Term life policies are great for protecting your family for major expenses, like paying off a 30 year mortgage. But what about future expenses that will occur after that term has expired? To protect your family in the long run, and save more money, consider converting your term life insurance policy into a permanent life insurance policy. There are different permanent life policies to choose from, including whole life, universal life, and more. Speak to different insurance companies to see which ones they offer and to determine which works best for you and your family.

Get The Most Savings From Your Life Insurance Policy

Pay Your Insurance Annually

person with a blue credit card in their hand — *If you pay quarterly or annually, then your payments will be cheaper.*

If you can afford to pay your life insurance premium as an annual lump sum, do so: this is one of the best ways to save money. Insurance companies charge fees on each of your monthly payments, so the fewer payments you have to make each year, the more money you will save. If it is not possible for you to pay annually, consider paying quarterly, or ask your insurance company if they will charge you less if you pay via direct debit.

Improve Your Health

The better your health, the lower your premiums. Most companies require you to undergo a medical exam and have blood work done so they know how healthy you are, or how risky it would be to cover you. If you have health conditions such as diabetes or heart disease, your insurance company might charge you higher rates for life insurance. However, if you manage your health conditions, exercise, and eat healthier, your insurance company will take note of your good health. In addition, smokers pay 2-5 times higher premiums for life insurance than do non-smokers, so you could lower your rates by quitting smoking.

Low-Load Policies

Have you ever heard of low-load policies? These policies, also called no-load policies, have fewer expenses like fees or commissions. This means that a larger percentage of your premium dollars go towards your death benefit.

Get It Before You Need It

3 exclamation marks on a yellow post it note — *Don’t wait because the younger and healthier you are, then the cheaper your premiums will be.*

As we mentioned earlier, the healthier you are, the cheaper your life insurance policy will be. It’s best to try and get life insurance when you are healthy, so you can enjoy lower premiums, which will save you more throughout the life of your policy. Consider life insurance when you are young and healthy so you can get more coverage at a lower rate.

More than 40% of Americans do not have life insurance, which could end up leaving their family in a bind. The majority who don’t have it think they don’t need it or that it’s expensive, when in fact, the average cost of premiums is only about $30 a month. Life insurance is necessary: we all have debts, and we all want to protect our family in case the unexpected happens. Life insurance can help with your family’s expenses for many years and will prevent them from struggling in your absence. The right policy for you is out there! Consider using online tools, or speaking with an agent. We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Why Having Life Insurance In Your 50s Is Important

Your 50s can be a time of big changes in your life. You might have a newly empty nest or a new love in your life; you might be getting remarried, paying off your mortgage, or looking forward to retirement. One thing you should definitely be thinking about at this point in your life is life insurance. While you might feel like there is no point in getting life insurance now because it will be too expensive or you don’t need it yet, nothing could be further from the truth! The reality is that people are living longer, and studies show that people are heading into their retirement years with more debts and dependents than ever before. There are multiple reasons why now is the perfect time to get life insurance, and protect the ones you love.

You Have Dependents

Did you know that 33% of Americans say their family would be left financially unstable or even bankrupt in the event of their passing? If you have children or grandchildren who rely on you, it is important to ensure that they will be financially taken care of when you are gone. Having a good life insurance policy is the best way to put their minds at ease. If you want a lower cost option, you can opt for a term life insurance policy that would cover things like your children’s college tuition in the event that you were no longer with your family.

You Have Debts

If you are still paying off a mortgage, or have other debts that could fall on your loved ones if you passed, you need life insurance. A life insurance policy is the best way to make sure that they would be able to pay off these debts without having to deplete their savings.

It’s Still Affordable

Many older adults are under the impression that life insurance would be too expensive for them because of their age, and that they missed their chance to get it in their 20s and 30s. But as long as you are in good health and are not living with any serious illnesses, you can still get life insurance at a great rate! The best way to find a policy with great coverage and a great rate is to compare multiple policies from multiple insurance companies.

Retirement Is Coming

If you get life insurance through your job, the moment you retire, you will lose that life insurance policy. In addition, that policy might no longer suit your needs. You can stay ahead of the game by finding the right life insurance policy for you now, before you get any older or develop any unexpected health conditions.

Final Expenses Can Be a Major Burden

Life is unpredictable. If you passed unexpectedly, would your family be able to pay for your funeral? Funerals on average cost around $10,000, which is an amount that not everyone can easily come up with. A final expense life insurance policy or a permanent life insurance policy will help you plan for the unexpected and make sure your family can pay for your funeral and cover any other expenses.

The Best Type Of Life insurance Policy For You

two arrow signs pointing in different directions with the word right on both. — *Both term and permanent life insurance policies are great options to choose from!*

If you are considering life insurance, you have multiple options. Two excellent, inexpensive choices are term life and permanent life insurance. Term life insurance offers life insurance for a set period of time. For example, would you like to have college tuition or or the remainder of your mortgage covered in the event of your death? A term life insurance policy is a great option in this case: one of these policies allows you to choose a term, or amount of time, that you will be covered for, so you know that your family would be able to continue to pay these bills.

Permanent life insurance is a great option if you want to help with final expenses and then some. It offers lifelong coverage as long as you pay your premiums. It can also be useful when you retire because these policies have cash value, which you can withdraw to use whenever you need it. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Is Life Insurance With No Medical Exam The Way To Go?

The coronavirus pandemic has put a lot of things into perspective, including how fragile life can be. The pandemic has made many people realize how important life insurance is to providing for their family once they can no longer do so. So, if you’re one of them, why are you still hesitating? Is it the medical exam that is holding you back? If you have pre-existing conditions or are just worried about being required to undergo an exam, know that you can get a life insurance policy without a medical exam. These exams can mean higher rates, or an outright denial – but is life insurance with no medical exam the way to go?

No Medical Exam Required

Many life insurance companies base their rates on your age and health status, which they will usually determine with a medical exam. One of the reasons many people avoid even looking into life insurance is that they think they will be denied if they undergo an exam, or simply because they do not want to go through the exam at all. If you are worried that you will not pass a medical exam or that you will end up paying a lot for life insurance, guaranteed issue, simplified issue, or instant-approval term life insurance policies are great options for you. With these plans you will not have to undergo a medical exam, and will not be required to provide blood work or any other tests. You cannot be turned down for these policies for any health-related reasons.

No Waiting Period

When you sign up for a life insurance policy that requires a medical exam, you will have to wait anywhere from 4-6 weeks after your application to find out if you are approved or denied. With a no medical exam life insurance plan, not only will you not be turned down for any health-related reasons, but you will also get instant approval.

stacks of hundred dollar bills in stacks laying on top of each other — *Your beneficiary will receive 110% of paid premiums if you pass within 2 years of the policy’s effective date.*

In addition, with many types of life insurance policies, the first 2 years following the activation of the policy is considered a waiting period. What this means is that if you were to pass away during these 2 years, your beneficiary would only receive the amount that you had paid in premiums. But this is not the case with no medical exam life insurance policies, such as guaranteed issue life insurance. With these policies, your beneficiary would receive 110% of paid premiums if you pass within 2 years of the policy’s effective date.

If you were to pass away without life insurance, your loved ones could be left to deal with a large financial burden. They would have to pay for your funeral expenses, which are on average $10,000, as well as any other bills they have relied on you to help with, such as a mortgage or college tuition. Life insurance can be expensive, and there is a chance some companies could deny you based on your health, but a no medical exam life insurance policy can help you get the coverage you need to protect your loved ones.

The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance policies that do not require medical exams. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check no medical exam life insurance rates today.

Choosing Life Insurance Beneficiaries

When you make the wise choice to purchase a life insurance policy, you have a lot of decisions to make. First, you have to decide if you want term life, whole life, final expense life, or another type of life insurance policy. Then, you need to decide how much coverage is needed to provide full financial protection for your family. After you have researched companies, found quotes and picked a policy, your next important step is to pick a life insurance beneficiary. This is the person who will receive the money in the event of your death. It sounds simple enough, but there are some details to be aware of before making the choice.

Know Your Options

a caucasian woman and afircan american man holding a baby — *You have different options when choosing a beneficiary; you can choose your spouse, or children, or a business.*

A beneficiary can be one person, multiple people, your estate, a charity, a business, or a trust. If the beneficiary is an individual, you can choose a relative, child, spouse, friend or anyone else. However, if you live in a common property state, also called community property states, life insurance beneficiary rules will require your spouse to waive their rights if you want to designate someone else as beneficiary. There are 9 common property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

If you choose to make your beneficiary a trust, that trust will manage the dispersal of the money; for example, you could arrange it so a trust manager would be in charge of paying for your children’s needs as instructed by you.

Legally making your estate your beneficiary is generally not recommended because, in this case, creditors would be able to go after your life insurance money. Once the creditors, court fees and lawyer are paid from the estate (however much that dips into your loved ones’ life insurance money), whatever is left will be divided among your beneficiaries.

Choosing A Beneficiary

When choosing who to name as your beneficiary, you should ask yourself who relies on you financially and will need help paying ongoing bills when you are gone. Would you like to leave some of the insurance money to charity? Do you want your business to continue? If so, you can make your business partner a beneficiary.

When you do choose who you want the money to go to, you will need to be as specific as you can and put everything in writing, including their Social Security numbers if possible, relationship to you, dates of birth and addresses. You can change, add or remove beneficiaries at any time.

Multiple Beneficiaries

pie chart with different colors for each piece — *If you choose to have multiple beneficiaries, the amount divided will have to equal 100%.*

If you want to give a payout to multiple beneficiaries, check your life insurance policy first. Some will have a limit on how many you can have. If you do decide to have multiple beneficiaries, you can also choose how much each beneficiary will receive. For example, your spouse can get 50% of the benefits, and the remaining 50% can go to your child. If you don’t specify how much you want each person to get, they will all receive an equal amount.

Primary vs. Contingent

You also have the option of naming both a primary and contingent beneficiary. Your primary beneficiary will be first on the list to receive the benefits after your passing. If your primary beneficiary dies before you, refuses the proceeds, or can’t be located, the contingent life insurance beneficiary will receive the benefits.

Naming Children As Your Beneficiaries

If you have minor children, they will not receive any of the money until they are 18. To make sure they can have access to it, you can:

Name their legal guardian as beneficiary.
Designate a custodian for the proceeds through the Uniform Transfers to Minors Act. This person is then named as the beneficiary.
Create a trust for the child and make the trust your beneficiary. The trustee will oversee the money and distribute it as per your wishes.

What Happens If You Don’t Designate A Beneficiary?

If you do not name a beneficiary for your life insurance policy, the insurance company will issue the death benefit to your estate. The probate court will then decide how to distribute the funds, which will include settling your debts, which will mean less money for your loved ones.

Taking the time to make sure loved ones are protected with a life insurance policy is admirable. But in order to make sure that the proceeds go where you want them to, you have to choose the right beneficiary or beneficiaries. When choosing a life insurance company, ask about their beneficiary rules to make sure that the plan will meet your needs. To get more helpful information about different types of life insurance policies, and how you can get coverage that fits your budget, take a look below. We have provided information for top-rated insurance companies that specialize in life insurance, so check their rates today and see just how simple and affordable it is to protect your family. Always check multiple sites to make sure you have bargaining power and to know the advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.

Why Single People Need Life Insurance Too

When many people think of life insurance, they think about buying it as security for the families who rely on them. While life insurance is definitely something that everyone with a family should have, this doesn’t mean that single people don’t also need life insurance. In fact, there are multiple reasons why single people should consider getting life insurance! Odds are, many single people will have one the following reasons for getting covered.

You have student loans

graduation cap on top of stacks of hundred dollar bills — *If you have private student loans, then it can fall on your parents or other cosigners after your death.*

Did you know that the average American owes almost $40,000 in student loan debt? When taking out a large loan such as one to pay for your education, more often than not you will need a cosigner to secure the loan. And, while federal student loans are discharged when you die, that is not the case for private loans. If you pass away, you will leave your parents or other cosigner on the hook to pay that money back.

You have other debts with cosigners

Student loans often have cosigners, but you could also have another type of loan that a parent or someone else has co-signed. For example, when you first started out after high school or college, you probably had no credit and needed a cosigner for any loan you needed, such as for a car or house. Anyone who co-signed your loans will be responsible for those debts even after you are gone.

This is an excellent reason to get life insurance – you don’t want your debt to turn into their debt! Term life insurance plans are a good choice, because you can take out these policies for the same amount of time that you will be paying back your loan. For example, if your loan has a payback period of 10 or 30 years, you can get a term life insurance policy to cover you during that time.

You own a business with a partner

silhouette of people shaking hands with gears in the background and the word partnership — *If you own a business with someone, you can help keep the business going with your life insurance money.*

If you plan to start a small business, or are currently running a business, you will probably have or need to take out small business loans to help it grow. If you have a business partner, your death would put a lot of financial strain on them, because they would need to take on the entirety of those loans. Life insurance would help keep your business going, and keep your partner out of debt, by replacing your share of the capital.

You plan on having children someday

If you know you want to have children in the future, it is best to take out a life insurance policy when you are young and healthy so you can get more coverage at a lower price. Planning ahead in this way will ensure that your future children will be taken care of. Remember, when you take out a life insurance policy, you can always add beneficiaries to it later, so you can be certain the money will go to them.

Your family has a history of health issues

If you have a family history of a serious health condition, such as heart disease or diabetes, then there is a chance you will be diagnosed with that condition in the future. Consider getting a life insurance policy when you are young and healthy, so that any pre-existing conditions will not prevent you from getting a good plan with low rates.

You want to cover end-of-life (final) expenses

white casket with white flowers on top of it in a car — *Final expense life insurance will help pay for your funeral, and other debts you may have when you are gone.*

It’s a hard subject to talk about, but eventually everyone will pass away. When that time comes, it will be emotionally tough for your family, and it could also end up being financially tough for them if you do not have a way to help them pay for your final expenses. Funeral expenses can cost anywhere from $10,000 to $15,000, an amount that many people just don’t have on hand. This will leave your family scrambling, trying to come up with the money to bury you as well as cover any other debts you might have. Final expense life insurance policies are inexpensive and can help your family at this difficult time.

There are many different kinds of life insurance policies to consider. Final expense life insurance is best for the end-of-life expenses, and is inexpensive. Term life insurance is a great option for a single person with loans, because you can choose a term that suits your specific needs. Speak to an agent to help you decide what kind of policy is right for you, both now and in the future. Below are some of the top-rated insurance companies in the country, all of which offer affordable plans specific to your needs. Look into rates today so you can protect your future.