Life insurance with no medical exam
A busy work and life schedule may not allow you to take a medical exam for insurance. Another deterrent could be traumas surrounding your blood being drawn for tests or a potential health issue. If this is you, you may need life insurance that does not need you to undergo a physical medical exam.
Life insurance medical exams- Are they necessary?
Usually, before getting traditional life insurance policies, one must undergo a basic medical exam. A proper medical exam is a compulsory part of the life insurance application and it is also part of the underwriting process. Your health status or condition and medical history determine the health categorization that you will get and the amount of money that you will pay for the life insurance.
The exam is short and convenient and it takes approximately 30-40 minutes. Besides, you can discuss this with the examiner at your meeting appointment. If the medical exam shows that you are in perfect health, then the insurance company will offer you cheaper premiums.
But, medical exams are not for everyone! You can get life insurance without going for rigorous medical exam tests. If you are scared about the life insurance medical exam, you can avoid it easily and go for the life insurance with no medical exam policies.
How the No Medical Exam Life Insurance Works
No exam life insurance covers you under two main conditions. First, when you cannot qualify for a traditional life insurance policy with a medical exam, you can take the no exam life insurance. Second, if you want life insurance without any medical exam.
Remember that term life is cheaper than whole life. When you take a term life policy that does not require an annual health check, you will get excellent value for it. If you compare term life and whole life, you will find that a term life policy is cheaper than a whole life plan
The Meaning of No Medical Exam Life Insurance
Generally, the insurance policy does not require lengthy and rigorous medical exams. Some of the policies guarantee coverage for people who are not eligible for the insurance, otherwise, the premium may be lower as the policy will require an examination. Coverage for no exam life insurance is lower than the insurance policy which requires a physical exam. Besides that, coverage is longer and requires no insurance premium.
How much does a no-exam life insurance policy cost?
It depends on whether the insurer offers a no examination coverage policy or not, the premiums will be based on your income. Permanent life insurance will be cheaper to purchase as the premium is more likely to be paid for in cash and other components. In addition, your coverage amount is a factor in your payments. The more you want death benefits, the greater their premiums will increase. Policies that are not backed by medical experts can impact your payments. Insurance companies may analyze your medical history for more information. Therefore, if they find that you have a pre-existing health condition, they may lower increase or lower your policy cost depending on the seriousness of the condition. You should also note that simplified issues often have fewer premiums.
Which is the best life insurance without medical examination?
It is important to look into the cost of purchasing coverage before examining the difference between whole life and term life. You should also compare the rates of term life insurance and see the one that best suits your needs.
For example, example a term life insurance quote is always better than whole life because life insurance is designed solely to compensate for the loss of income after a person has passed on.
As you live, you need to know that the situation is ideal and the reality is that death comes at any time. Therefore, life insurance either term life or full life helps prepare you and your loved ones for that period before and after your death. The insurance premiums can help them prepare for your send-off and also leave them with something small for survival.
Who qualifies for a No exam life insurance policy?
If you are too busy with work and school life, you can go for the no exam life insurance. You understand well that your schedule does not allow you extra time and you know the need for having a life insurance policy.
If you have an issue with your health and need to bypass it, the no medical exam allows you to bypass any medical checks. You can easily get covered at your convenience.
However, you should understand that the premiums for the no-medical exam insurance are higher and coverage amounts could be restricted. Therefore, you need to weigh both options and consider your amount of salary before considering the no medical life insurance policy.
Types of No-exam life insurance
Our company offers alternatives to all our clients. The simplified issue and guaranteed issue are the two types of life insurance that do not need a medical exam. You need to understand their details since it will make you the best decision for the no-exam policy. If you find that the premiums are too high and your salary is low, you can take the following alternatives.
Guaranteed Issue Insurance
You may fail to meet the qualification for the simplified issue life insurance or traditional policy, and you may want to consider a guaranteed issue life insurance policy. Pre-existing health conditions and unaffordable premiums are some of the reasons that may lock you out of the traditional policies and the simplified issue.
Moreover, older people might consider guaranteed issue life insurance, a type of whole life insurance with no medical exam.
Guaranteed issue policies have higher premiums in comparison with the other policies since they are capped at $25,000 or less. In addition, the guaranteed policy has graded death benefits which means that if you pass on during the first two or three years after policy issuance, your beneficiaries can receive a compensation equal to only paid premiums plus interest.
Guaranteed Issue is the best if you are looking for the following:
A means to cover your final needs– Guaranteed issue coverage amounts are lower in comparison to other categories of life insurance, but you can opt for it as a way of paying off your needs. Guaranteed issue life insurance can be a good option for: Older people in fair or poor health who want to leave behind cash to pay for their final expenses. In addition, research has shown that many people use guaranteed insurance as a form of final expense insurance. Your children and other beneficiaries can also get a small legacy if you opt for the guaranteed issue.
Absolutely No-Questions-asked coverage– Guaranteed issue coverage simply translates to the “no-questions-asked” coverage. When you apply for guaranteed issue life insurance, there is no medical exam. It ensures that you are covered regardless of your age or health status. The best part of the guaranteed coverage issue is that it lasts for the period that you pay the premiums. If you have terminal illnesses such as cancer or cardiovascular diseases, the guaranteed issue can assist your family to cater to their needs including paying for your send-off package.
Simplified issue life insurance
The simplified issue policy offers you a detailed questionnaire with open and close-ended questions. You are supposed to fill in data concerning your medical history, your family’s medical history, and health information.
Notably, the simplified issue life insurance does not offer you an exam. In as much as you do not need to do any medical exam, the medical examiner also needs you to provide them with details of your past medical records to ensure that they have sufficient information.
In comparison with the traditional policy with a health exam, the simplified policy offers higher premiums. You can also get term life or whole life coverage depending on your policy.
A simplified Issue is best if you are looking for the following:
Coverage with pre-existing health issues– If you are concerned with your current health status such as diabetes, it is hard for you to get the traditional policy because of the prevailing medical exam. In such a case, the best option is the simplified issue coverage since it will protect you along with your family.
Quick Approval– Simplified issue has been designed for a fast approval process. You do not need to be anxious as you wait for weeks before the traditional policies are approved. It takes a few hours to get the simplified issue insurance.
Convenience– Everyone wants something that is highly convenient to their lifestyle. A recent study found that 47% of Americans would prefer to buy life insurance through a simplified process.
What Can Lead to the Nullification of a Life Insurance Policy?
Before choosing any policy, bear in mind that your truthfulness would make a difference between paying for your beneficiaries and making everything null and void. If our insurance company realizes that you failed to disclose details about your health status after your death, your policy could be nullified and your beneficiaries will not get any death benefits.
Factors to Consider when choosing the right no-exam life insurance company
You can opt for the best insurance company without a contract that suits your needs first and determine how much your death benefit should cost. This type of policy offers both temporary and permanent protection so it should be a consideration that suits your situation well.
For example, a long-term life is best, whereas a permanent policy can be a perfect fit for anyone interested in investing some or all their premiums. You must ensure that there are no insurance premiums for non-evaluation tests. Once you know what kind of coverage you want, then narrow the selection to companies that offer coverage at that amount.
Other Factors to consider;
- Companies that offer living benefits at no extra cost
- Offer online quotes easily
- Offers different coverage tiers
- No health questions
- Has AM Best Rating of A for operational performance and financial capability
- Flexible payment options
- Full refund if you cancel the plan within 30 days
- Has a convenient life insurance calculation for all applicants
Frequently Asked Questions
What is no medical exam life insurance?
You get this kind of insurance when you do not take any medical exam. You just fill out a questionnaire and you get your policy. You can get full life or term coverage, but this depends on the company that you have chosen.
Who is eligible for no medical exam life insurance?
Anyone looking for life insurance coverage is eligible for a no medical exam life insurance. The best thing about no medical exam life insurance is that it can insure seniors and healthy individuals. It also adds a protective layer to people suffering from terminal illnesses such as cancer and cardiovascular diseases.
Are there differences between the simplified issue insurance and guaranteed cover insurance?
Yes. The simplified issue insurance demands that you should fill out a questionnaire about your health conditions, medical history, and your family’s medical history. While the guaranteed acceptance life insurance is similar to no medical exam coverage in that you don’t need to take a physical exam, blood, and urine tests in order to apply.
Can I get a no medical exam life insurance policy?
You can get the no medical exam life insurance when you need it. However, you need to know that the coverage can be limited and the rates rely on the coverage that you receive and your choice of plan. The advantage of this insurance is that it is convenient and quick. It also takes a short time for approval meaning that if you have a busy work schedule, then this is the best choice for you.
Can my life insurance benefits be voided if I fail to disclose my medical condition?
Yes. All insurance companies demand that one must disclose their medical conditions as they fill the no medical life insurance. If you withhold that information, the insurance company can avoid paying your benefits to your beneficiaries in the event of your death.