What is Quick Issue Life Insurance?
In life insurance
you need to know what you’re buying, if you don’t you could pay for something
that you don’t want, or have to answer questions that you didn’t think you had
to. If you want to get insurance fast, you have some options, but be aware of
the consequences of getting it. Know what the life insurance that you buy will
provide for you, and your beneficiaries.
The elderly are
targeted for life insurance with quick issue policies. If you or someone you
know is aged, then you and they’ll need to know what that exactly means in
insurance lingo. Quick issue life insurance is often referred to as simplified
issue, and it does require that past and current medical information is given
to the company. However, you’ll not
be asked to go through any type of examination. On the other hand, guaranteed
life insurance doesn’t require either. All you do is write a check, or use your
debit or credit card, and you’ve got a policy of life insurance.
There are a lot of
drawbacks that are with guaranteed life insurance. Premiums are high because
there are no medical questions or physical, and you’ll only get a low face
value policy because there is no statistical data to place you in a health
category for comparison. You’ll end up paying more in premiums than the policy
is worth. Also, just because you buy protection doesn’t mean that it will pay
out either. Insurance companies that fund a guaranteed insurance can back out
of it after several years. All they do is refund all of your money that you’ve
paid because it’s cheaper than paying your life insurance.
The benefits of
life insurance with quick issue insurance will provide you with insurance if
you can’t get it elsewhere because of recently diagnosed health issues, or even
your occupation or government assistance. If you apply for it, you’re almost
always approved, but be cautious because at times you might not be. Also, you
won’t have coverage immediately; it takes up to 2 weeks for you to be insured.
The medical questionnaire that you do have to answer is limited, and just like
with guaranteed, your cost will be higher than an average life insurance.
Here are a few
examples listed below of people that typically apply for quick issue:
Ø
Drug use of any kind,
includes alcohol and illegal substances
Ø
High risk occupations, or
hobbies
Ø
Smokers
Ø
SSI or disability
(government assistant checks)
You’ll need to be
wary too because both types of life insurance might not be offered in your
state in which you reside. A quick issue has certain age restrictions, so you
won’t be able to buy a policy for yourself, or a minor child, if you don’t meet
their age criteria for life insurance.
Be an informed
consumer of life insurance, and in the end you’ll be happier you’re picky about
life insurance.