Life insurance comes in different types to provide financial coverage to policyholders as per their requirements. However, insurers themselves have to fulfill some fundamental requirements to acquire life insurance policies and one of them is the medical exam. There are some companies that demand medical evaluation for certain life insurances, except some policies. So if you’re wondering how to acquire a life insurance without medical exam then we’ve the answer. Let’s find out!
What is No Medical Exam Life Insurance?
First, you need to fully understand what no medical life insurance is before getting into the process of, how to get one. A life insurance without medical examination is the one in which you are not asked to provide any medical assessment. The standard requirements for medical examination involve health screening including blood tests, urine samples, and a review of medical history.
No medical life insurance policies exempt you from these medical assessments if you find it troublesome qualifying for a traditional life insurance policy. Securing this assessment speeds up the overall process and your road to acquiring your life insurance becomes easier. This depends on your age, policy type, the company you’re buying life insurance from and if you have pre-existing medical conditions like diabetes or epilepsy, have an unhealthy lifestyle, or considered overweight with a high Body Mass Index.
Choosing the Right No-Medical Insurance Policy
Based on Types
This is where your answer is. The best way to acquire a life insurance without medical exam is to go for the policies that don’t require one. These include:
- Simplified Issue Life Insurance
This policy allows you to skip your medical assessment upon answering some health-related questions and share your medical records. Although, the premiums are costly for this policy than a standard one but coverage is also available for longer than with a short-term policy. This policy is suitable for young individuals with a clean slate of health as the waiting duration significantly lessens.
- Guaranteed Issue Life Insurance
This policy is for insurers whose application got rejected due to health issues. With guaranteed life insurance, they can get financial coverage without being questioned about their health. However, they will still require to meet age limits and their coverage may be substantially more pricey and restricted.
- Group Life Insurance
The employee benefits package that the companies provide also includes group life insurance. Mostly these policies don’t require a medical exam, particularly if you’re enrolling during open registration or the initial offering period. The amount that group life insurance covers is generally lower than individual policies; however, it proves a convenient and an economical option for acquiring no-medical life insurance.
Based on Requirements
It is important to know precisely what your requirements are and then search for the suitable policy. Let’s have a look at different policies developed for different individuals:
- Simplified Issue Life Insurance
Relatively healthy people who want ease in application process as well as coverage amount can find simplified life insurance policies suitable. These policies can be acquired more quickly than conventional policies and also provide higher coverage limits than guaranteed issue policies.
- Guaranteed Issue Life Insurance
Those denied traditional coverage can find guaranteed life insurance the best alternative but, with higher premium and lower coverage limits. However, it’s better than having nothing whatsoever.
- Group Life Insurance
Employees seeking to take maximum benefits from employer-sponsored benefits can find this policy perfectly fitting. Although coverage amounts might be lower than individual policies, they are at least economical and can be acquired without hassling for medical assessment.
What Benefits Do You Enjoy with No Medical Life Insurance?
No medical life insurance yields several benefits. Let’s have a look at them:
- Perfect Alternative: People who can’t qualify for conventional policies due to health problems can find no medical life insurance the best alternative. This especially stands for guaranteed issue policies that ensure that everyone can acquire some degree of coverage, irrespective of their medical history.
- Fast Processing: As stated earlier, fast processing period is the major benefit of a no medical exam life insurance. When we talk about fast, we’re talking about days, not weeks or months. This advantage breads several other benefits.
- Instant Coverage: People who need instant coverage in times of crisis or life changes such as marriage, buying home, baby birth, or paying off debt can opt for this life insurance policy.
- Privacy: People who wouldn’t like to disclose their privacy can benefit from this sort of life insurance in relation to the traditional ones.
What is The Cost of Life Insurance without a Medical Exam?
Several factors influence the price of no-medical life insurance policies and make them costlier than the traditional ones. Let’s look at the few other factors for these policies:
- Premiums: No medical exam life insurance policies typically have higher premium than the traditional ones. The precise amount depends on numerous factors such as your smoking status, age, gender, and policy type. Guaranteed issue policies generally have the highest premiums as there is no health screening.
- Coverage Limits: No medical exam policies provide lower coverage than traditional policies. For instance, guaranteed issue policies might provide coverage from $25,000 to $50,000 while simplified issue policies might cap at $500,000. The coverage amount that group policies usually provide depends on your salary i.e., 1-2x your annual pay.
- Age & Health Dynamics: Although no exam policies don’t demand a medical assessment, however, your general health and age can still influence the rate. This means that younger and healthier aspirants will typically pay lower premiums than older folks or those with known health problems.
How to Choose a Policy That Fulfill Your Requirements?
Before considering a policy, you need to:
- Examine Your Requirements: Deliberate your financial compulsions, such as car expenses, a mortgage, kids’ education, and daily living expenditures that your legatees would require to satisfy these requirements after you’re gone.
- Compare Policies: Before deciding on a no medical exam policy, compare different ones in terms of perks, premiums, and coverage limits. You can search for reliable insurers with strong credentials to ensure they can disburse claims when required.
- Read the Fine Print: It is vital to read thoroughly and understand the policy’s terms and conditions and choose the one that matches your requirements which wouldn’t always be the case. For instance, some no medical exam policies provide graded death benefit, meaning if you expire during the first few years of the policy, your heirs might only receive a share of the death benefit.
- Consult an Advisor: If you’re finding it hard to decide on a policy that is ideal for you then perhaps consult with an insurance broker or a financial advisor, for they can help you finalize the suitable policy that fulfills your needs and aligns with your budget.
A Few Words!
Hope you’ve learned a great deal about the no medical life insurance policies and how to acquire them. If you need more help then don’t hesitate to reach out to the diligent insurance agents of Pryor Enterprises INC. for consultation and guidance. To connect with reliable life insurance companies that fulfill your coverage needs, call us at +1 661-587-4767 or email markpryor86@gmail.com and we’ll help you with the process of finding and finalizing a suitable policy.