Frequently Asked Questions

 

Want to Know More About How This Works? 

You will find many commonly asked questions addressed on this page.

If your question is not found here, please contact us. One of our licensed and experienced team members will be happy to help.

Simplis Life

Currently the Simplis Life website offers traditional term and return of premium life insurance products.

Other types of life insurance policies are available through Simplis Life. Contact us at our toll-free phone number, our contact form or through chat. One of our licensed team members will help you choose the policy which best fits your needs.

Simplis Life represents many life insurance companies. We have provided a very simple and easy method for you to begin the process of securing a high quality, affordable life insurance policy. All of the steps necessary to begin your application process (calculate, quote, apply) are incorporated in our Click ‘n Go! technology.

Click ‘n Go! is a fully integrated, online technology portal which allows you to quickly navigate through the steps necessary to submit your online Simplis Life application information. You will start with the calculator to determine your life insurance need, go to the quoter to discover the best policy for your situation, and then finish with the Simplis Life application form to begin your application process.

The Click ‘n Go! tool will auto-populate your information as you move through the process so you will not need to duplicate your work. All of this can be completed in a matter of minutes. Start here:

Click ‘n Go!™

Simplis Life will handle all of your policy service needs, including any changes. One of our licensed team members will be happy to assist you. Simply make your request by phone, email or use the form on our contact page. Simplis Life will always confirm your request, both when it is received and when it is completed.

Click here. A licensed Simplis Life team member will be happy to help, and answer any of your questions.

Security

Your information is yours and will never be sold to third parties.

Simplis Life never stores your information on our website server, nor will we ever share your information with anyone who is not a party to your life insurance application. When your application information is submitted, it is stored in a management system which is protected with life insurance industry compliant encryption.

Yes. When it comes to a life insurance death benefit claim, it is very important that you are identifiable. This means the Social Security number on your death certificate needs to match the Social Security number on your life insurance policy before the life insurance company will approve a claim for your beneficiary.

Simplis Life does not gather your sensitive personal information. However, during the underwriting period of your application, your chosen life insurance company will gather this information directly from you. After all, they are the only ones who will need this information if your beneficiary ever needs to file a claim.

Calculator

Income Replacement / Lifestyle Protection

As long as your policy is not owned by a business and/or the premium paid is not taken as a write off on a tax return, your death benefit will not be subject to income taxes. Therefore, most people can use their net pay for annual income.

This number represents how many years of your income your beneficiary will receive in a lump sum from your life insurance death benefit.

Most people with young children want to financially provide for their family through a life insurance death benefit until the youngest child reaches eighteen (18) years. Some people target enough time for their surviving spouse to graduate from college and have the ability to provide an equivalent lifestyle. Still others prefer to provide financially for their family for as long as possible. Most life insurance companies will approve up to twenty (20) years of income replacement if the Proposed Insured is at least twenty (20) years from Social Security eligibility.

In certain special circumstances, insurance companies will approve more than twenty (20) years of income replacement. Explain your special circumstance in the notes section of your Simplis Life online application.

Full Time Parent / Family Services Protection

In many families one parent acts as the primary caregiver for the children. If the primary caregiver passes away while the children are still young, this may create an additional expense for the services provided by the primary caregiver. This protection is designed to pay for those expenses.

Additionally, the surviving spouse/parent will want to significantly reduce their time away from home to be with their children immediately after the loss of the other parent. A career change may also be necessary in order to accommodate the change in family dynamic. An adequate life insurance death benefit can financially provide for these options.

The USDA (US Dept. of Agriculture) is responsible to report the average cost of raising a child in the United States. Housing represents the largest category of expense in raising a child; it is also the most variable expense in different regions of the country. We removed housing in our calculation because it is represented in the Debt Payoff section, under Mortgage Balances; however, we added some housing expense back into our calculation to account for other expenses not represented in a mortgage payment.

Our final calculation came to approximately $10,000 per year as an average annual expense to raise a child in the United States.

You can review the most recent USDA report.

Our calculator provides a manual override option if your child’s annual cost varies from our calculation. The slider on the Simplis Life calculator allows you to choose any annual cost between $0 and $50,000 per year, per child.

Debt Payoff

Add up all of your mortgage debt from your properties and enter that number in the calculator if you want all properties to be paid in full from your death benefit.

Good question. Your current income provides you with the ability to make regular payments on your loans. So why would you want to provide both Income Replacement and Debt Payoff to your family?

 

Consider this. Upon your death, your income will be transformed from a regular paycheck earned over time, to a lump sum of cash received by your beneficiary from the death benefit of your life insurance policy. This cash will need to find a home, such as a bank account, or an investment. If, for any reason, the investment of the lump sum death benefit is reduced in value because of an unforeseen event, such as an economic crisis, your family’s home could be jeopardized. Most people want their family’s lifestyle to be protected and their home to be secure. It is usually advisable to provide enough life insurance protection for income replacement and mortgage payoff for the family home. Other debt payoff is less important to most people, but can be included in your death benefit.

College Funding

College expenses vary, depending on which college your child attends, whether it’s in-state or out-of-state, scholarships, etc. Keep in mind a life insurance company will use your stated income as a guide to determine if you are eligible to provide this protection and how much protection they are willing to cover. Generally, you can be approved for up to 25% of your stated income. So, if your stated income is $80,000 per year, you can be approved for up to $20,000 per year for College Funding/Higher Education Protection for Dependents. We have included a link on our calculator which will provide you with tuition expense for many colleges throughout the United States.

Quoter

Life insurance companies are required to offer you the best rate possible based on the information they gather. This information includes, but is not limited to, health and medical, lifestyle (such as tobacco use), build (height & weight), driving record, and family health history (generally parents and siblings). Each insurance company has a slightly different way of looking at the information gathered. If you are in good general health, you don’t take any prescription medication and you have no more than two (2) moving violations in the past three (3) years, you will likely receive a preferred rate. Again, the life insurance company will always offer their best rate for your situation. It is important to understand that your actual premium may be more or less than your quote.

Some life insurance companies treat non-cigarette tobacco use as a special category. A person who uses tobacco products with a pipe, cigars, e-cigarettes/vaporizers, nicotine patch or chews tobacco, and doesn’t smoke cigarettes can receive a non-tobacco rating. If you use tobacco, but don’t smoke cigarettes, please notate this information in the Comments area of your Simplis Life online application information form. Your Simplis Life account manager will help you select the best company for your situation.

Everybody’s situation is different and individualized. Generally, the younger you are the more likely you will need life insurance protection for a longer period of time. Most people want protection during their working years to protect their loved ones from loss of income.

We have found that most people report a higher overall satisfaction rate with longer term policies. The longer the term, the less likely it will be to revisit this need. Also, most people experience some health decline over time which can impact your ability to lock in a favorable rate after your initial term expires. However, longer term policies are more expensive. If a longer-term policy is affordable this is generally the best solution. If it is not affordable, choose a shorter-term policy for now to protect your loved ones.

The AU badge stands for Accelerated Underwriting. When you see this badge next to a life insurance company logo in the quote results, it means that company supports the accelerated underwriting program. Accelerated underwriting can substantially reduce your time for an approval and does not require a medical exam, making this approach less invasive.

No. If you are eligible, the accelerated underwriting program allows you to receive the same rate as full underwriting. During the underwriting process your chosen life insurance company will have access to your medical records, driving record and other relevant information which will help them determine an accurate rate for you without blood and urine samples.

Application

About as long as it takes to wash a small car, or brew a pot of coffee.

Most people can complete the calculator, quoter and application form within ten (10) minutes by using our Click ‘n Go! technology.

Shortly after your application information is submitted to Simplis Life, your assigned account manager will contact you to confirm the coverage amount and the company you selected to ensure we handle your application information correctly. If you don’t answer we will send you an email. You may call us back or respond to our email for confirmation purposes.

Your Simplis Life application information will be held for three (3) business days. If we do not receive confirmation from you within that timeframe, we will delete your information and advise you regarding the cancelled status of your request.

After we receive your confirmation, we will forward your application information to your chosen life insurance company’s processing center through a secure network. If the life insurance company requires additional information, you will be contacted by one of their representatives.

Simplis Life will update you throughout the underwriting process regarding the status of your application. Your updates will be sent to the email address you provide.

When you click the submit button your application information is fed into a secure management system. We never store your information on our website server. Once your application is complete, it is forwarded through a secure network to the appropriate life insurance company to begin the underwriting process. From start to finish, your information is protected by state of the art security features supported by the life insurance industry.

When you submit your Simplis Life application information, you are communicating your desire to move forward with an application for life insurance. You will receive a call from your assigned account manager who will confirm the coverage amount and type of policy you have chosen. This is not a sales call, we only need to confirm the coverage information we have received from you. Your application information is then forwarded to the life insurance company you selected.

Each life insurance company has their own unique application requirements, which may involve additional information. Your account manager is familiar with each life insurance company’s application requirements and will advise you accordingly.

Some life insurance companies have developed accelerated underwriting programs which are designed to make it easier and quicker for you to be approved. (see How long will it take? Under FAQ Underwriting Process.)

This is the person(s)/business/charity/trust which you select to be the first one to receive the proceeds from your death benefit. You may have one or many Primary Beneficiaries. You can also select your estate to be your primary beneficiary.

If your primary beneficiary predeceases you, the death benefit of your life insurance policy will be paid to your contingent beneficiary.

Underwriting Process

Life insurance companies gather information that is relevant and necessary to accurately rate the risk they are taking. They also gather information that will be necessary for your beneficiary to make a successful claim.

Simplis Life never stores your information on our website server, nor will we ever share your information with anyone who is not a party to your life insurance application. When your application information is submitted, it is stored in a management system which is protected with life insurance industry compliant encryption.

Accelerated underwriting is a program supported by some life insurance companies to shorten the time frame necessary to approve an application. Participating companies support this program at varying levels. If you are eligible you will not need a medical exam, which makes this approach less invasive. All participating companies reserve the right to require any applicant who might otherwise be eligible for the accelerated underwriting program to submit to full underwriting.

Life insurance companies vary in their support of the accelerated underwriting program. Generally, if you are between eighteen (18) and sixty (60) years of age you may be eligible. Your Simplis Life account manager will be familiar with your chosen company’s accelerated underwriting rules and will advise you accordingly.

Every life insurance company is different. Approval can take as little as one (1) day, or as long as eight (8) weeks. Simplis Life will help you find the lowest price while maintaining the best underwriting experience possible for your situation.

You may be eligible to participate in the accelerated underwriting program if the life insurance company you have chosen supports this program. This significantly shortens the time frame for an approval, and is often less invasive. The Simplis Life quoter identifies these companies with the Accelerated Underwriting badge (AU) next to the logo of each life insurance company which participates in this program.

Your coverage begins as soon as your new policy is issued by your chosen life insurance company and your first premium payment is received. Your policy will be issued when the life insurance company completes their underwriting process and approves your application.

Simplis Life will send you an email notification when your policy is issued. Some life insurance companies offer temporary life insurance during the underwriting period if certain conditions as met. Your Simplis Life account manager will be familiar with the requirements of your chosen life insurance company’s temporary binder.

Once your application is approved, we will notify you by email. We will then forward your policy to you through our e-delivery system (if supported by your chosen life insurance company), or through the US mail to the address you provide on your application. Please advise us of any address or email change during the underwriting process.

Tips & Strategies

Each company has set its own limits on the amount of coverage they will allow under the accelerate underwriting program.  If a company’s independent limit does not allow you to secure the amount of coverage you need, you may apply with more than one company which offers accelerated underwriting.  In most cases, you may secure the amount of coverage you need without a medical exam.

Include your spouse’s college funding need in the “College Funding/Higher Education Protection for Dependents” section of the Simplis Life calculator.

Support for dependents maxes out at age eighteen (18) under “Full Time Parent/Family Services Protection” in the calculator.  To add additional protection, you may either increase the “Child’s Annual Cost” slider, and/or adjust the “College Funding/Higher Education Protection for Dependents” area of the calculator to include this annual cost.

You can use a laddering technique to build your life insurance coverage.  For example, you may need $1.5MM now, $1MM ten (10) years from now and $500k twenty (20) years from now.  You can apply for three (3) separate $500k policies in 30 year, 20 year and 10 year terms.  As time goes by, the shorter term policies will automatically terminate leaving you with reduced coverage (and reduced premium) over the remaining years of the longer term policies.  No need to fill out more than one Application Information form.  Simply explain your situation in the comments section of your Application Information before you click “Submit”.  Your Simplis Life account manager will take it from there.