Simplified Issue Life Insurance
Simplified issue life insurance is a type of life insurance that requires no medical exam. However, the life insurance company will provide a questionnaire that asks for medical information on the life insurance application, and that medical history and information will be used to perform medical underwriting for simplified issue life insurance to be purchased.
Simplified issue life insurance poses a greater risk to life insurance companies because the insurer is offering to underwrite a policy and provide coverage without a proper medical examination. Therefore, applicants and policyholders alike should expect higher life insurance costs, more than traditional term life insurance.
Although the life insurance carrier does not require a medical exam or an attending physician’s statement (APS), applicants should not consider lying, misrepresenting, or omitting health issues or preexisting conditions on their application.
After a policy is issued, life insurance companies still have a “contestability period” that allows them to investigate an applicants or policyholder’s medical records and history to verify the information provided on the application. A life insurance policy and coverage may be voided if life insurance fraud has been committed, intentionally or not.
Many times, misrepresentation of health does not come into light until it is time to file a claim and collect a death benefit or payout, which is the worst time to realize your life insurance company has voided your life insurance.
Life Insurance Quotes
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Consumers can enter their zip code to start a free life insurance quote now and shop around for simplified issue life insurance to find cheap rates.
