Can You Buy Life Insurance With No Medical Exam? If you are looking to buy life insurance one of the mistakes that most people make is the fact that they do not get it early enough. One of the best things to do in getting life insurance is to get it early enough when you are still Hail and hearty.
The fact of having to go through a medical examination when you are already old does not spell good news for your premium rate, is there a chance to buy life insurance with no medical examination? This is the question in most people’s minds looking to get Life insurance when they are already advanced in age and we will answer this question in this article today.
Can You Buy Life Insurance With No Medical Exam?
It is very necessary that with a life insurance policy, there is always a medical examination to be undergone. The reason for this medical examination is because it is what will be the mind how long you are going to be paying premiums and how much you are going to be paying for premiums. This is why most people are scared to go for life insurance when they are old.
When you are advanced in age you are at more health risk than a young person which is why old people tend to pay more on insurance premiums than younger people. People that are young and in good health can easily find ship coverage however if you are old and not in so much good health is difficult. The only option is to go for no medical exam life insurance coverage.
What Is No-Medical-Exam Life Insurance
Just as the name suggests no medical exam life insurance coverage simply does not require you to undergo any form of medical exam to get coverage. A normal traditional life insurance policy requires a medical exam just as we have seen above but a no-medical exam life insurance does not require a medical exam as the name suggests.
As part of their underwriting process, you need to undergo a medical examination for standard life insurance but for no medical life insurance, it is not necessary. Your height weight blood pressure or even your cholesterol level is of no interest to a non-medical-exam life insurance company. So some companies might want to skip this process to gain more customers.
Types of No-Exam Life Insurance
If you have decided to go for the no medical exam insurance policies then you should know that they are three types of no medical life insurance that you need to know about. You need to know about the in detail so that you can decide for yourself which of them to go for. Below I have listed and explained the three types of no-exam life insurance.
Accelerated underwriting life insurance
This is a policy that does not require you to complete any medical exam of refugium to give you insurance quotes. However, you are definitely going to answer a few questions that are more in debt than a normal person here for the insurer to determine your coverage. There are several algorithms that might be used to figure out if you are qualified for this package.
Simplified Issue Life Insurance
In simplified issue life insurance there is also no medical examination needed however you are going to fill out a short question now about your health. However, the insurance company might also do their own research on You by checking various records you have easy medical records and others this process is very fast and you can get coverage the same day.
Guaranteed Issue Life Insurance
With a guaranteed issue life insurance policy, you also do not have to undergo any form of medical check-up or exam however there is an age restriction. If you are not within the age range that is accepted by a guaranteed issue life insurance you will not be given coverage. The ages that are given this type of coverage range from 50 to 85 years.
Pros and Cons of No-Medical-Exam Life Insurance
They are both advantages and disadvantages of having no medical exam life insurance and today we are going to consider them both below.
Pros
- One of the most important reasons for getting no medical exam insurance is the fact that they are usually very fast in giving coverage. Some have been recorded to give show Discovery even on the same days and some in a few days,
- Most have no medical exam life insurance because they do not have medical exams it is very much possible for users to apply online.
- As a result of the no medical exam policy coverage may now be available to those that have underlining medical conditions.
Cons
- As a result of having no medical coverage exam, the premiums are usually very high and more costly to afford.
- There is also a limited amount of coverage that you can get with a no medical exam life insurance policy a normal life insurance policy.
- With certain types of no medical exam life insurance policy is an age limitation.
- The condition of your health is also going to be determined when applying for this type of life insurance because they will answer the second question about your health.
These are some of the pros and cons of going for the no-exam life insurance policy.
Who is the no-exam life insurance policy for?
There are many scenarios where the no exam life insurance policy actually works for example if you are looking to get insurance coverage quickly or you simply did not want to undergo medical exams for personal reasons. Also if the medical exam will result in you getting denied then you should definitely go for a no-exam life insurance policy.
FAQs
Should I get no medical exam life insurance?
The answer to whether you should go for a no-medical-exam life insurance coverage is totally dependent on you. If you do not need more than two million in coverage then you can simply go for the no medical exam life insurance policy or if undergoing the medical exam for normal life insurance will result in you getting denied.
