Quick Issue Life Insurance
By far the most time-consuming part of the life insurance application process is underwriting. The following quick-issue life insurance policies either bypass underwriting entirely or significantly abbreviate it by dispensing with the customary medical exam. For this reason, you will also find these types of life insurance referred to as nonmedical issue life insurance and no exam life insurance.
Underwriting is the insurer’s painstaking process of verifying your health information. A policy with no underwriting or with no medical exam will cost the policyholder more money, but some shoppers are eager enough to have the matter of their life insurance resolved that they prefer not to wait for the entire process (usually 4–6 weeks). Quick issue life insurance is just the thing.
Varieties of quick issue life insurance
The following life insurance policies require no medical exam from applicants. Those that still entail underwriting may gather health information from the application and/or from an applicant’s medical records.
- Guaranteed issue life insurance (also guaranteed acceptance life insurance) entails no underwriting, no exam, and no health questions. You cannot be turned down!
- Simplified issue life insurance is more affordable than guaranteed issue life insurance, but it does entail some underwriting work.
- Graded benefit life insurance is a whole life insurance policy with no underwriting, no exam, and no health questions. Its purchase and payment are more complicated than guaranteed issue life insurance.
