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 last 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 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.
Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions. So if you have any questions or concerns, comment below and your question may be the topic of our next video!
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