Simplified Issue Life Insurance
Most life insurance policies for seniors and the elderly are simplified issue. This means that
there is no medical exam necessary.
Typically insurers will require a physical exam in order to verify an applicant's health and qualifications for
coverage. A simplified issue policy simply asks some questions about an applicant's health. The answers to those
questions will determine whether or not you qualify for coverage, and how much it will cost.
What kind of questions do insurers ask?
The health questionnaire will differ from one company to another, but they all typically ask the same types of
questions. Some examples of things an insurer will want to know:
- Your health history and possibly your family's health history
- Your current and past prescription use
- Any surgeries in the past or recommended for the future
- Your height and weight
These are just a few examples of what a company might ask. Some companies have a simple questionnaire within the
application and all you have to do is reply yes or no. Other companies may require a phone interview to record your
answers to ensure truthfulness.
What if I answer yes to one or more questions?
If you can answer no to all of the questions (and the insurer will verify your answers with information from
your medical history report) then you will qualify for a preferred a standard rate.
If your answer to one or more of the questions is yes, then that doesn't necessarily mean you can't qualify for
a policy. It just means that you will not qualify for the best rate. Insurers will usually counteroffer your
application. So you will not qualify for the lowest rate, but you may qualify for coverage at the next highest
How does that affect my coverage?
Another thing to consider- if you answer yes to one or more of the questions, then you will not qualify for
immediate benefits. Instead, your life insurance coverage will be graded. This
means that the full death benefit is not payable until year two or sometimes year three.
For example, let's say you are 75 years old and you have
had some health issues. You purchase a $10,000 policy with graded benefits. If you die in the first year, then your
beneficiaries may only get $4,000. If you pass away in year two, your beneficiaries may only receive $6,000. After
the second year the death benefit is fully payable and your beneficiaries would get the full $10,000 on your
Ready for a Quote? Compare Multiple Rates
If a simplified issue life insurance policy is right for you, then the first thing you should do is compare
rates to see which company has the most affordable rates for your particular situation. You can compare rates from multiple carriers who specialize in life insurance for seniors and the