Guaranteed Issue and Simplified Issue Programs
If you want life insurance, but are not sure your medical exam would entitle you to coverage, there are other options. Guaranteed issue and simplified issue policies offer life insurance coverage to individuals without requiring a medical exam. At Starlight Financial, we can walk you through these policy options and help you decide
which one would best protect your family.
Simplified issue programs do not require a medical exam, but they do ask some medical questions before offering coverage. Questions can include things like whether or not you smoke, have been declared terminally ill, or have HIV or AIDS. If your answer to these questions is no, you can be confident they will offer you life insurance. Some pros of this type of policy is that coverage is available much more quickly than traditional insurance policies, the full policy benefit is available immediately, and it is less expensive than guaranteed life insurance. However, the premiums can be up to four times more expensive than traditional life insurance.
Guaranteed issue programs not only require no medical exam, but they also don’t ask any medical questions. They guarantee that you will have life insurance as long as you pay the premium. This is beneficial for people with pre-existing conditions that would otherwise exclude them from coverage. Additionally, this type offers graded benefits, meaning the full policy value may not be available right away. It may take a few years for the full benefits to be available for the beneficiaries.
Deciding which type of coverage you may need can be difficult. That’s where Starlight Financial comes in. Our friendly experts can walk you through all of your options to make sure your family is protected. We have locations in Pikeville, Lexington, the New Albany/Louisville area, and Florence, KY, Linton, IN, Fredericksburg, VA, Kingsport, TN, and Phoenix, AZ, and we serve the surrounding areas. Coming soon, we will also have a location in southern Illinois.