Simplified-Issue Disability Income Insurance

Simplified-issue disability income insurance is as it sounds. Meaning, a person doesn’t have to go through stringent underwriting for health and finances. To get the plan, an individual simply answers a few questions. Then, based on the answers to those questions, the insurer either will issue them a policy or they won’t. It works much like a group disability plan in that it’s similar to a guaranteed-issue type plan. With a simplified-issue plan, the coverage period only lasts about one to two years. Additionally, this plan type has elimination periods or waiting periods. Typically, these elimination periods can last anywhere from 30 days to 60 or 90 days, and in some cases, 180 days.

Since it isn’t written as an own-occupation type of plan, it’s quick and easy. Because the application process is quick, the insurer can issue the policy quickly. All-in-all, the whole process is hassle-free. So for people who are always on the go like truck drivers, for instance, a simplified-issue plan is ideal. It’s hard to set up a plan if a person travels frequently, which is why simplified-issue is a great option for many people.

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We hope that this information on simplified-issue disability income insurance is helpful for you.

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