Are you interested in purchasing a life insurance policy, but you are concerned that your health will make it impossible for you to get a policy? Fortunately, with the help of no medical life insurance, even those with health issues such as cancer or high blood pressure can still the coverage they and their family deserve.
What is No Medical Exam Life Insurance?
Just as the name implies, no medical exam life insurance is a form of life insurance coverage that does not require undergoing a medical exam. For those who are suffering from certain medical conditions, who smoke or who are extremely overweight, no medical exam life insurance can make it possible to obtain coverage without fear of being turned down. No medical exam life insurance is also a more convenient option for those who simply don’t have the time to schedule an appointment with a medical professional in order to obtain coverage.
What Types of No Medical Exam Life Insurance Policies are Available?
In general, there are three different types of no medical exam life insurance to select from. These include:
- Simplified issue life insurance – does not require a medical exam, but requires the application to verbally provide information to medical questions.
- Guaranteed issue life insurance – does not require a medical exam or answering of questions.
- No one can be turned down.
- Graded benefit life insurance – does not require a medical exam or answering of questions, but the purchase process is a bit more complicated than guaranteed life insurance. These policies are typically purchased by those who are late-middle-aged or older.
How Long Does it Take to Purchase No Medical Exam Life Insurance?
One of the benefits to purchasing no medical exam life insurance is that it can be put into place rather quickly. In fact, it typically takes just a few days to get a policy issued. With traditional coverage, on the other hand, it generally takes four to six weeks after application for the policy to become effective.
Is No Medical Exam Life Insurance Expensive?
While no medical exam life insurance does cost more than traditional insurance coverage, the ultimate cost of the policy is determined by the life expectancy of the person who is covered. With a traditional policy, your life expectancy is determined according to your aid as well as your overall health. Since this type of policy does not require a medical exam, the insurer must calculate your life expectancy without the benefit of having this important information. Therefore, in order to minimize the insurer’s risk, the company will charge more for the policy.
Guest post by Lauren Miller
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