While you plan to take up a life insurance you may be worried about the rates. Younger you take up insurance, lesser the premium you pay and older you are, more will the premiums to be paid. If your medical condition has increased your premium rates, there is no reason to worry. You can still get a life cover under a “guaranteed issue” or “simplified issue” policy. Applicants can purchase these policies by answering just a few questions relating to current health status and they will not be required to go through a medical examination.But, if youhave purchased a wrong ‘guaranteed issue policy’or a ‘simplified issue policy’, there may be downsides that you may have to face.
Guaranteed issue life insurance
This policy requires you to answer only a few questions, generally known as “knockout questions.” You will be able to purchase these policies if you have not answered ‘Yes’ to one of their questions. Their questionnaire may include questions like, ‘Have you been diagnosed critically ill sometime?’, ‘Do you have HIV?’,‘Do you use nicotine products?’ etc.
In this kind of life insurance there are possibilities that you may not be paid unless the insurance was in force for last few years. It would be good to talk to an independent life insurance agent and check exactly which insurance companies can be lenient on medical conditions.
Simplified issue life insurance
This type of insurance would mostly require you to answer more knockout questions than the previous type of insurance. Their questions may include questions on heart disease, cognitive impairments, kidney problems, stroke etc. Here the purchaser gets a better coverage than guaranteed issue insurances. These policies
paya complete death benefit immediately on the event and they do not also cost as much as a guaranteed issue life insurance. But an important drawback here is that a Simplified issue life insurance costs more. Generally this is the last resort for most of those who are looking for a Life Insurance
The reasoning behind the higher price of a life insurance without a medical examis that they offer you convenience. These policies are easy to purchase and are hassle free, providing you an instant quote too. There are agents and companies in the market who can work for you and persuade a wider market for you to get the maximum benefits and help you achieve your goals. Speak to an experienced licensed agent to explore options and arrive on an intelligent decision.
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