Life Insurance No Medical Exam:
There is nothing more important than providing for financial security for your family after you are gone through life insurance. As you know, in most life insurance applications, the applicant is expect to fill quite extensive medical self-reporting forms, provide blood samples and, more often than not, the medical exam includes internal exams. Then what if you did not have to go through all of that? Well, that’s where the life insurance no medical exam comes handy.
It helps you to obtain a type of insurance without ever having to go through the medical check-up, which allows anybody to get it much faster. When you need immediate insurance or you have complicated health issues that may make it impossible for you to be approved for a normal life insurance policy, life insurance no medical exam might just be perfect for you.
In this article, let us have a detailed, more detailed, detailed step by step look at life insurance no medical exam. In this gist, I’m going to provide my reader with an understanding of how it works, for whom, its benefits and drawbacks, various categories and the best American providers. At the end of this guide you should be able to learn about this kind of insurance plan and its usefulness to you and your budget. Let’s get started!
Life Insurance No Medical Exam
No medical examination life insurance is a type of life insurance policy that lets you exempt you from having to undergo through a medical examination. In normal life policies there are physical exams, when one is healthy he/she goes through test to determine his/her state of health to determine the approval of the policy and the payable premium. This step is completely eliminated with life insurance no medical exam. However, insurers depend on other strategies to determine the risk which may involve responding to some simple health questions, checking your prescriptions or your driving history.
The idea behind no medical exam life insurance is to reduce the time spent on application, make the whole process less invasive, and stressful and to give an opportunity to people with health issues who would have a great difficulty passing a traditional life insurance medical exam. This option has particularly been of benefit to those people who have no time or no enthusiasm to being nominated for any medical check up or those people with medical conditions that would prevent them from accessing any normal policies.
How does life insurance no medical exam work?
While a medical exam is not mandatory, life insurance no medical exam policies must find some means of determining the risk the company will undertake when insuring you. That is where underwriting comes into play. There are generally two main types of underwriting processes used for life insurance no medical exam: Simplified Issue and Guaranteed Issue. Each of these have its different rules, pricing and coverage limits.
Simplified issue life insurance
In simplified issue life insurance, underwriting simply implies reading and answering a short set of questions on health. Here you won’t be required take medical examination but the insurance company will need to assess your health. Some of the questions might include:
– Are you a smoker or consumer of tobacco products?
During the past 5 years, have been you admitted to a clinic?
Have you been prescribed any medicines via your health practitioner?
Have you ever been often diagnosed with diseases together with heart disease or diabetes?
The answers to these questions give the insurer information on whether to open your policy and at what rate. What is interesting is that simplified issue policies are more expensive than traditional ones but are still cheaper in comparison with the guaranteed issues that will be described in the following section. The maximum face amount of simplified issue policies can also be greater sometimes up to $500 000.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance goes a little further in this category. An important thing which is characteristic of this kind of policy is that there are no health questions included. In most cases, you are going to be approved without a hitch even if you have a poor credit rating as long as you are within the required minimum and maximum age of between 45 and 85 years.
Since the insurer does not know anything about your health, guaranteed issue polices are expensive and have low limits to the extend of coverage. This average coverage range for guaranteed issue policies ranges between $5,000 and $25,000 and is sold as final expense insurance to pay for the funeral and other expenses on the policyholder’s demise.
It is normally issued to older people or those who are in poor health to qualify for any other life insurance policies. It guarantees approval and indeed there are many such polices come up with tied death benefits and this means that if a person dies after for instance within couple of two or three years of taking the policy, the beneficiaries only gets part of the amount of death benefits or even the amounts of the premiums as stipulated.
What People Should Look at Life Insurance No Medical Examination?
Life insurance no medical exam is beneficial; however, not everyone requires it. It’s now time to define who might be interested in this type of policy.
Consumers with a Chronic Illness
Every person who wants to get a life insurance policy knows that there are certain diseases that raise the issue – diabetes, heart diseases, hypertension, and more. Often you’ll find that specific insurers simply reject your application. It seems however that life insurance no medical exam can become a rather good option in such cases as it does not require as close a look at your health as does the regular approach.
Patients Requiring Quick Coverage
If for instance, you find yourself in a situation where you need life insurance fast, for example, due to the fact that you are about to secure a loan that requires you to provide life insurance as security or before departing for a long journey, life insurance no medical exam will help because the approval time is very short. Getting approved with the traditional life insurance takes weeks or even months whereas with no medical exam policies approval can be done in a few days or at most within 24 hours.
Those who do not want to go under a medical check up
Some people may become stressed or inconvenienced when thinking of undergoing medical examinations. Some people are just very uncomfortable with needles, or are very busy to set an appointment, or have a general distaste for doctor visits; and with life insurance no medical exam, this step is eliminated. This is especially helpful to people who have no time to spend visiting a doctor or people with certain disorders which they prefer to keep to themselves.
Older Adults
For older individuals who have gone without health insurance all their adult lives, they may have been rejected because of pre-existing conditions, but life insurance no medical exam policies can provide options including the guaranteed issue. These coverage amounts may not compared with the vast hotel of the actual coverage but they do give families a sense of comfort in knowing that some of the end cost of a loved one will be handled.
Life Insurance No Medical Examination
However, there are many categories of a life insurance no medical exam policies that exist in the market already with unique features and pros. But depending on the desired result, one should understand the differences in order to select the proper one.
Term Life Insurance No Medical Exam
Term life insurance gives the insurer cover for an agreed number of years, for instance ten, twenty or thirty years. If you die, the nominee shall be entitled to the sum assured or the amount in the policy. If the tariff is not paid for the mishap, you die, there is no pay out and the policy expires. Quite as it sounds, term life insurance no medical exam policies are insurance policies made available to healthy people who may not wish to undergo through a medical examination. They are more expensive than their whole life equivalents, but it is possible to get policies with much higher coverage (up to $1 million, depending sub-type).
Whole Life Insurance No Medical Exam
Whole lifestyles insurance is a sort of permanent insurance wherein an individual can pay charges to the insurance company till the time she or he lives. These contracts also have a cash surrender component that grows annually and can be borrowed against or received in full. In general, whole life insurance no medical exam policies are going to cost more than term life policies but do offer the feature of build up cash value as well as the guaranteed coverage for the lifetime of the policy holder.
Final Expense Insurance
Funeral Insurance also known as burial insurance is in fact a type of whole life insurance that is particularly directed towards aiding families to pay for any burial, funeral or final expenses that may be incurred. Typically, these policies provide fewer dollars at death, between 5000 and 25000$, but do not necessarily need a medical survey or lot of the documentation. Final expense insurance is usually issue and that means that you cannot be declined because of your health.
Life Insurance No Medical Exam: Advantages and Disadvantages
While considering no medical exam life insurance, there are some facts to consider, and thus, it might be best to ask, is no medical exam life insurance right for me?
Pros
- No Medical Exam: The largest selling point of life insurance no medical exam is that you do not need to under go a medical check up of any sort and this in essence saves you much time, stress and discomfort.
- Faster Approval: With no medical check, the approval process takes shorter time than expected, and it usually takes even less than 24 hours or few days at most.
- Accessibility: It is especially suitable for those clients who could be rejected by the insurance company based on their health conditions or age, life insurance no medical exam opens an opportunity of getting an insurance policy without having to undergo through a medical examination.
- Convenience: The application process is relatively quicker and much of it can be done online meaning that no physical meetings or large volumes of paper works are required.
Cons
- Higher Premiums: Premiums for life insurance no medical exam policies are generally slightly higher than for traditional forms of coverage because the insurer is accepting more liability without full medical histories in hand.
- Lower Coverage Limits: Such low cost plans normally have lower limits than traditional ones and guaranteed issue policies promise even lower limits for no medical exam.
- Limited Options: As we have already noted, the no exam life insurance market has expanded over the past few years; however, there remains still fewer plans here than with the ordinary life insurance.
Providers for Life Insurance No Medical Exam in the USA
When doing existence coverage no clinical exam it’s far very crucial to make sure which you have selected the proper issuer. Below are some of the first-rate regarded groups that offer this type of coverage inside the United States of America.
1. Haven Life
This channel provides an application form that usually takes little time to complete like Haven Life. For those who meet the requirement, they offer term life insurance with no medical exam. You can apply online, and should the coverage be approved the same can begin shortly thereafter.
2. Ethos Life
Ethos Life sells its_policy called the simplified issue term life insurance product with limits up to $1 million and without a medical exam needed for the policy. Their strategic goals are in offers’ cheap tariffs with simple and fast registration.
3. Mutual of Omaha
Whole life insurance is offered by Mutual of Omaha in a guaranteed issue basis and you would not need to take an actual physical examination. The existing policies they offer are intended for people within 45 to 85 years of age making them suitable for seniors seeking final expense insurance.
4. AIG Direct
AIG Direct policies include term insurance as well as whole life insurance no medical examination required. Guaranteed issue whole life policy is our financial solution for clients with health issues or those who need the policy for final expenses.
5. Bestow
Bestow only offers term life insurance no medical exam policies. Their claims process is all done through the website, and and they provide limits of up to $1.5 million, which makes them ideal for anyone looking for higher limits on their policies.
Contact Info:
| Provider | Website |
|---|---|
| Haven Life | havenlife.com |
| Ethos Life | ethoslife.com |
| Mutual of Omaha | mutualofomaha.com |
| AIG Direct | aigdirect.com |
| Bestow | bestow.com |
These are some of the top providers of life insurance with no medical exam in the USA.
Conclusion
Therefore, life insurance no medical exam is the best solution for people of any age who do not meet the requirements for a standard life insurance policy or those who want to avoid underwriting. Even though premiums may be comparatively higher and insurance coverage limit comparatively lower the convenience makes it a worthy proposition for many. When you decide to go for any of the policies, compare your choices before choosing a suitable policy.
FAQs
1. Is no medical exam life insurance costlier than normal life insurance?
Yes, a life insurance no medical exam is always costly compared to other more standard policies mostly because the insurer assumes more risk in line with the policy.
2. How soon can one get life insurance no medical exam?
The no medical exam policies for life insurance approval is generally faster than the approval for ordinary life insurance policies. Sometimes, it takes only a few days or even one day to get the approval to open your account.
3. Life insurance with no health questions if I have a pre-existing condition.
Indeed, high majority of the no medical exam term life insurance policies, including the guaranteed issue ones are developed for those with health issues.
4. Simplified difficulty as opposed to guaranteed issue: What’s the distinction?
Simplified difficulty lifestyles coverage allows you to answer a few questions on your health, while assured trouble life insurance does now not permit any questions about your health or a medical exam about your fitness status.
5. Are there lifetime limits to this policy: life insurance no medical exam?
Not, they are, but it necessitates having coverage limits for life insurance no medical exam policies to be lower than those of traditional policies. National policies, especially guaranteed issue, normally have lower limit rejections.
