Basics on Quick Issue Life Insurance and How it Differs from Guaranteed Issue Life Insurance
Determining the best insurance coverage for now and the future is an important financial consideration. Experts recommend that you review your coverage at least annually to make sure you have enough coverage, but not more than you need. As you get older, your premiums will likely rise because it's more likely that you will die. If you are older and do not have life insurance, but would like to get it, there are term life insurance policies that will cover you.
Simplified, or quick issue life insurance, is basically a "short form" affordable term insurance policy. You will have to answer questions about your medical history, but you will not be required to take a medical exam in order to get this insurance. By shopping around for such insurance, you can save hundreds of dollars, even though you'll be paying higher premiums than somebody younger. Thus, by shopping wisely, you can still get an affordable insurance rate.
Quick issue life insurance is often confused with guaranteed issue life insurance, but they are not the same thing. Quick issue life insurance doesn't require a medical exam, but there will be medical questions on the application. What makes it "quick" is the fast application process.
Guaranteed issue life insurance for individuals differs from quick issue life insurance. Where quick issue life insurance is available to people at any stage in life, guaranteed life insurance is often sold to the elderly and those with serious illnesses. Insurance companies will provide guaranteed insurance to anybody who applies, with no medical questions or exam. However, the premiums will be steep. In exchange for guaranteed coverage, you'll be paying a higher premium rate--that's because the insurance company is taking on a higher risk to insure you without knowing about your health.
Renewing without a Physical Exam
If you are able to get affordable term insurance, you can obtain a policy that with a choice to renew your coverage at the end of the term without taking another medical exam. Or, you can lock in on your affordable insurance rate by getting a "level premium" policy, where your premiums will stay the same for a certain period of time. After the term is up, your rates will increase if you choose to continue the policy.
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