Getting lifetime coverage with some insurance plans is a real hassle and requires a lot of efforts. In some cases, a lot of paperwork, blood test, and medical exams may be required. However, simplified elite is a lot different. No reference is made to medical health during the application; however, the plan is designed for people whose state of health is relatively good.
Simplified elite life insurance has two options, namely: whole life (cash value) and T100 (no cash value). For each of these options, the insured must be between 18 and 80 to be eligible for the plan. The maximum face amount depends on your age, it is $500,000 for people below 61 and $350,000 for people between 61 and 80.
Options and Features Available in the Simplified Elite Life Insurance
The major difference between the two plan options is the minimum face amount for each option. For the Whole Life option, the minimum face amount for insured less than 61 is $10,000 and it is $5,000 if the insured is 61 and above. The minimum face amount is $25,000 irrespective of the Insured’s age in the T100 option.
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