GI Vs Simplified

[Newlifeagent]

Hi everyone! Have a quick question. Can anyone explain the difference between a guaranteed whole life policy and a simplified whole life policy.
My company has what they term as a simplified policy, but my primary agent calls it a guaranteed. In my pre-licensing classes, I remember discussing this and I dont think the simplified policies are the same as guaranteed. But it seems to be a gray area between the two.
Thanks!

 

[Norwayguy]

Hi everyone! Have a quick question. Can anyone explain the difference between a guaranteed whole life policy and a simplified whole life policy.
My company has what they term as a simplified policy, but my primary agent calls it a guaranteed. In my pre-licensing classes, I remember discussing this and I dont think the simplified policies are the same as guaranteed. But it seems to be a gray area between the two.
Thanks!

True Guaranteed Issue policy would not have any knock questions ie if you are alive and breathing sign here and you will be covered....Simplified issue policies will typically have underwriting questions that if answered no should get the policy issued.

 

[Newby]

Guaranteed issue will accept people with AIDS, Cancer, on Oxygen, Under hospice care, in nursing homes and hospitals, etc.

If your application won't write ANY one of these things it is NOT guaranteed issue.