Learn how simplified whole life insurance works, how to qualify, see sample costs, the best companies, and if a simplified policy is right for you.
What Is Simplified Whole Life Insurance?
Simplified whole life insurance is a policy with minimal health questions and does not require a medical record review or exam. The underwriting is very lenient, which means people with prior health issues can still qualify for a new policy.
They are usually available around age 45 (some companies are lower) and typically have a coverage maximum of $50K, $75K, or $100K. Most have no waiting period, and applications are often approved within 5-10 minutes. You can buy online or over the phone by speaking with a licensed insurance agent.
Since it’s a whole life policy, it’s permanent coverage that lasts your entire life. In addition, the premiums never increase, and it builds cash value.
Upon death, the insurance company will pay the prescribed death benefit to your loved ones, which they can spend on anything, including funeral costs, financial debts, medical bills, or anything else.
How Much Does Simplified Issue Whole Life Cost?
Simplified issue whole life insurance typically costs women $50-$200 monthly for a $25,000 policy, whereas men will pay about $75-$250 per month.
The cost of any kind of life insurance is based on your precise age, gender, health, state of residence, and how much coverage you buy. Below is a whole life insurance rate table showcasing average monthly premiums for $25,000 and $50,000 in simplified life coverage.
$25,000
| Age | Female Non Tobacco | Male Non Tobacco | Female Tobacco | Male Tobacco |
|---|---|---|---|---|
| 40-49 | $43-$54 | $53-$68 | $53-$70 | $75-$90 |
| 50-59 | $55-$73 | $69-$99 | $72-$104 | $90-$136 |
| 60-69 | $76-$120 | $103-$161 | $108-$171 | $144-$232 |
| 70-79 | $126-$228 | $169-$319 | $176-$303 | $241-$424 |
| 80-85 | $241-$324 | $330-$463 | $313-$476 | $450-$639 |
| 86-89 | $423-$682 | $585-$888 | $636-$953 | $979-$1425 |
$50,000
| Age | Female Non Tobacco | Male Non Tobacco | Female Tobacco | Male Tobacco |
|---|---|---|---|---|
| 40-49 | $73 - $98 | $74 - $107 | $98 - $137 | $117 - $186 |
| 50-59 | $99 - $152 | $111 - $167 | $142 - $208 | $193 - $264 |
| 60-69 | $159 - $264 | $174 - $291 | $314 - $427 | $314 - $432 |
| 70-79 | $256 - $456 | $307 - $512 | $394 - $652 | $445 - $895 |
| 80-85 | $483 - $603 | $533 - $676 | $578 - $1105 | $640 - $1297 |
| 86-90 | $25,000 is the limit at this age range See this article | $25,000 is the limit at this age range See this article | $25,000 is the limit at this age range See this article | $25,000 is the limit at this age range See this article |
Simplified Whole Life Pros & Cons
- No medical exam
- Minimal health questions
- No ordering of formal medical records
- Speedy approvals
- People with a challenging health history are still eligible
- Lifelong coverage
- Premiums never increase
- Builds cash value
- Death benefit doesn’t decrease
- Lower coverage maximums (≤ $100K)
- More costly than plans that require a medical exam
- Some plans have a two-year waiting period
- Not the cheapest type of coverage (taking a medical exam lowers your premiums)
Best Companies
Below are three of the best final expense insurance companies that offer simplified whole life insurance.
1 ) Mutual of Omaha
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Mutual of Omaha life insurance rates are usually lower than most other companies. Plus, they will accept applicants with various health issues, such as diabetes and high blood pressure, among other conditions.
Learn more about Mutual of Omaha life insurance for seniors.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness or is under nursing home confinement. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 10 Minutes to 2 Business Days | |
Common health conditions still eligible for no waiting period coverage: Aneurysm Arthritis Asthma Blindness Blood clots > 2 years ago Blood thinners Cancer > 4 years ago Circulatory surgery > 2 years ago Crohn’s disease Depression Diabetes (type 2) Diverticulitis Epilepsy Fibromyalgia Grave’s disease Heart attack > 2 years ago Heart surgery > 2 years ago Hepatitis A or B High blood pressure High cholesterol Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 2 years ago Tumors (non-cancerous) |
|
2) Aetna
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Aetna life insurance is one of very few companies that offer simplified life insurance to seniors above 85. Aetna final expense insurance rates are competitive with most other companies, and nearly everyone qualifies for immediate coverage with no waiting period.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 40-89 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 (varies by age) |
|
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) |
|
| Application Details | Where to Apply: Agencies licensed to sell Aetna products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 15 Minutes-3 Business Days | |
Common conditions still eligible for no waiting period coverage: Afib Aneurysm (if surgically repaired) Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 2 years ago Chronic bronchitis Circulatory surgery > 2 years ago COPD Crohn’s disease Depression Diabetes (type 1 or 2) Diabetic coma > 2 years ago Diverticulitis Epilepsy Fibromyalgia Graves’ disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis > 2 years ago High blood pressure High cholesterol Insulin shock > 2 years ago Lupus Multiple sclerosis Obesity Over 85 life insurance Pacemaker (installed > 1 year ago) Parkinson’s disease Sarcoidosis Schizophrenia Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors (noncancerous) |
|
3) Aflac
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Aflac offers very low prices for seniors over 50, and their underwriting is very favorable to seniors and young adults with pre-existing conditions.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-80 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 (varies by age) |
|
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) |
|
| Application Details | Where to Apply: Agencies licensed to sell Aflac products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 15 Minutes-3 Business Days | |
Common conditions still eligible for no waiting period coverage: Afib Aneurysm (if surgically repaired) Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 2 years ago Chronic bronchitis Circulatory surgery > 2 years ago COPD Crohn’s disease Depression Diabetes (type 1 or 2) Diabetic coma > 2 years ago Diverticulitis Epilepsy Fibromyalgia Graves’ disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis > 2 years ago High blood pressure High cholesterol Insulin shock > 2 years ago Lupus Multiple sclerosis Obesity Over 85 life insurance Pacemaker (installed > 1 year ago) Parkinson’s disease Sarcoidosis Schizophrenia Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors (noncancerous) |
|
When Is Simplified Issue Whole Life Insurance A Good Option?
Simplified whole life coverage is an excellent option for individuals in the following situations:
- Coverage that would pay for end-of-life expenses.
- Have had difficulty qualifying for other types of coverage due to a challenging health history.
- People who would prefer to avoid a medical exam and want coverage quickly.
Simplified issue life insurance is not a good option for people needing a significant policy (over $100K) or those who want the absolute lowest price (premiums are lower if you take a medical exam).
Simplified Issue Vs. Final Expense Insurance
Final expense insurance is a type of simplified whole life insurance. It’s just a marketing expression that refers to a small whole life insurance policy with ultra-lenient underwriting so applicants with serious health issues can still obtain coverage.
Final expense life insurance is also commonly called burial or funeral insurance.
Simplified Issue Vs. Guaranteed Issue Life Insurance
Guaranteed issue life insurance is coverage that has no underwriting of any kind. You don’t have to undergo a medical exam or complete a health questionnaire. You cannot be denied for any health reason.
That is markedly different from simplified issue because, with simplified issue, you must answer health questions.
It’s critical to remember that any policy (regardless of the company) that has no health questions will be a modified plan with a two-year waiting period. If you die during the waiting period for any non-accidental death, the insurance provider will only refund your premiums plus approximately 10% interest.
Frequently Asked Questions
Simplified issue whole life insurance is excellent because the lenient underwriting allows people with pre-existing conditions to obtain a new policy. It’s also ideal for people who simply want to secure coverage quickly and would rather skip the medical exam.
The most significant advantage of simplified issue life insurance is that despite prior health issues, you can still qualify for a new policy due to the relaxed underwriting. Also, you don’t have to complete a medical exam to qualify. That means you don’t have to meet with a nurse who would take a blood and urine sample, weigh you, and measure your blood pressure. Another advantage of simplified issue is that approvals are swift. Most applications are approved within ten minutes.
The difference between “guaranteed issue” and “simplified issue” is that guaranteed coverage does not require you to take a medical exam or answer health questions. On the other hand, simplified issue policies also don’t need an exam, but you do have to answer questions about your health to qualify.
