Simplified Issue vs Guaranteed Issue Final Expense Policies

­Have you been wondering what the difference between a Simplified policy vs a Guaranteed Issue policy for final expense coverage really means? If so, read this short summary that will answer all your questions.

First, let’s start off with the Basics of each type of plan

• Simplified Issue (Level policy) – Simplified Issue life insurance is a traditional whole life insurance policy that covers you your entire life. There is no waiting period and the plan is effective immediately once the policy is approved and paid for. Premiums generally never increase and coverage will last a lifetime. Keep in mind that these plans will ask a few medical questions to see how your health is but rates are lowest with a Level plan if you qualify.
• Guaranteed – No questions ask insurance policies that are ideal for someone with health issues. These plans are similar to the graded policy with a two-year waiting period but you get the policy almost immediately. No medical questions are asked or underwriting is needed and the plan coverage is usually capped at a maximum of $25,000. The cost of these plans will be higher than a level plan because you can never be denied and they will insure you regardless of your health conditions.

So which plan is better for me? That questions will be best suited for an agent that can determine your health first. If you can qualify for level coverage, you should take that plan first because it will be cheaper and coverage goes into effect right away (after your first payment is made).

Some health conditions below that can qualify for Simplified Issue

HINT [Certain insurance company accepts certain health conditions, it is best to speak with one of our agents to discuss the best company for you since not all carriers will accept these healh conditions]

Some health conditions below that can qualify for Guaranteed Issue

HIV

Active Cancer

Nursing Home/ Hospice Care

Kidney Dialysis

Heart Failure or Recent heart attack/stroke

Dementia / Alzheimer

ALS

Here’s a simple breakdown of both plans

Where do I get started?

You can run a free quote using our Final Expense quoter right on this page to give you a general idea of the pricing. If you are dealing with some health conditions and really not sure what your best options are, please give us a call (646-866-6990) and we can give you an accurate price. We compare 13 different insurance carriers for you to make sure you get the best rate.