No medical exam life insurance
Life insurance is a great way to protect your loved ones from financial hardship in case something happens to you. But what if you don’t want to go through the hassle of taking a medical exam to get coverage? Or what if you have a health condition that makes it hard to qualify for traditional life insurance? Don’t worry, there is a solution: no medical exam life insurance.
No medical exam life insurance is a type of life insurance that does not require you to take a physical exam or provide blood or urine samples as part of the application process. Instead, you only have to answer some health questions and provide some personal information, such as your age, gender, height, weight, and smoking status. The insurance company may also check your medical records, prescription history, driving record, and other sources to verify your information and assess your risk level.
No medical exam life insurance can be either term or permanent. Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. Permanent life insurance provides coverage for your entire life and may also have a cash value component that grows over time. The amount of coverage you can get with no medical exam life insurance varies depending on the type of policy and the insurance company, but it usually ranges from $5,000 to $500,000.
Who Should Consider No Medical Exam Life Insurance?
No medical exam life insurance can be a good option for people who:
- Want to get coverage quickly and easily
- Don’t like needles or medical tests
- Have a busy schedule or live in a remote area
- Have a pre-existing health condition or a family history of health issues
- Have been declined for traditional life insurance in the past
- Want to supplement their existing coverage or fill a temporary need
- Have a dangerous job like commercial fishing and underground mining. The same holds true for hobbies like skydiving and bungee jumping.
- Funeral insurance: You don’t need a million-dollar insurance policy to cover burial expenses. A policy with a $25,000 or $50,000 payout is likely to prove sufficient. However, there are not many traditional life policies with death benefits in that range. So using no medical insurance to cover burial expenses makes sense especially when you are over the age of 50 and traditional insurance have higher quotes.
However, no medical exam life insurance may not be suitable for everyone. Some drawbacks of no medical exam life insurance are:
- Higher premiums: Because the insurance company has less information about your health and risk level, they may charge you higher premiums than if you took a medical exam.
- Lower coverage: The amount of coverage you can get with no medical exam life insurance is usually lower than with traditional life insurance. You may not be able to get enough coverage to meet your needs.
- Limited options: Not all insurance companies offer no medical exam life insurance, and the ones that do may have different eligibility criteria, policy features, and exclusions. You may have fewer choices and less flexibility with no medical exam life insurance.
- Waiting period: Some no medical exam life insurance policies have a waiting period of two or three years before they pay out the full death benefit. If you die within the waiting period, your beneficiaries may only receive a refund of your premiums or a partial benefit.
How to Apply for No Medical Exam Life Insurance?
Applying for no medical exam life insurance is simple and fast. You can do it online or over the phone in minutes. Here are the steps you need to follow:
- Contact us: We do the heavy lifting for you. We gather your requirements and then shop around and compare quotes from different insurance companies that offer no medical exam life insurance. We will review the coverage amount, premium rate, policy term, and other features and benefits of each policy.
- Choose a policy: Pick the policy that best suits your needs and budget. Make sure you understand the terms and conditions of the policy, including the exclusions and limitations.
- Fill out an application: Complete an online or phone application with your personal information and health questions. Be honest and accurate with your answers, as any misrepresentation or omission could result in your policy being cancelled or denied.
- Get approved: The insurance company will review your application and check your records to determine your eligibility and risk level. Depending on the policy and the company, you may get approved instantly or within a few days.
- Pay your premiums: Once you are approved, you will receive your policy documents and start paying your premiums according to your chosen payment method. You can pay monthly, quarterly, semi-annually, or annually by credit card, bank transfer, or cheque.
No medical exam life insurance is a convenient and accessible way to get life insurance coverage without taking a physical exam. It can be ideal for people who want to avoid needles or tests, have health issues or busy lifestyles, or need coverage quickly. However, it can also be more expensive, less comprehensive, and more restrictive than traditional life insurance.