Understanding No Medical Exam Life Insurance and Why It’s Right For You
March 16, 2022
As you get older, the idea of life insurance becomes a constant presence in your life. Ensuring your loved ones are taken care of after you pass is undoubtedly essential, and many people turn to life insurance for the solution.
Unfortunately, the world of life insurance can be very tricky to navigate, as you deal with premiums, pre-existing conditions, medical background checks, and much more.
No medical exam life insurance is a way to bypass all that hassle. In this article, we will break down everything you need to know about no medical exam life insurance and determine if it is right for you. Afterward, you can visit Insurist to get a great deal on no medical exam life insurance.
What Is No Medical Life Insurance
Life insurance companies often require a medical examination to determine their risk in covering an individual. Generally, life insurance policies cover you for life or just a year.
By gathering medical information and asking the applicant to undergo a complete medical examination, the insurer can better understand the chance that an individual will die during the insurance period. Taking the exam on a yearly basis can be a hassle for many people, so they turn to no medical exam life insurance.
Standard life insurance policies require the life insurance applicant to answer a long medical history survey, complete a physical exam, and answer questions about your current lifestyle and how it affects your health.
The application process may also force you to get proof of attendance from physicians and submit blood, saliva, and urine samples, which can take a long time to process, leaving the applicant uninsured.
However, with a no medical exam life insurance policy, coverage can begin without an examination. Offering many people peace of mind as they don’t have to go long periods without being insured and can avoid nerve-wracking medical examinations.
Types of Life Insurance
1. Group Life Insurance
Another source for life insurance is through your employer or organizations you are a part of. If you have started a new job recently, you have probably been asked if you are interested in signing up for the company’s life insurance policy.
Typically, organizations offer short-term life insurance, meaning you have to reapply annually. However, some companies and organizations provide perpetual life insurance as long as you remain employed or a member.
The death benefits of group life insurance are capped at a certain amount or dependent on wages. For example, your employer may limit your coverage to twice your annual salary.
An organization may limit your short-term life insurance to $ 100,000 and a permanent life insurance policy to half that amount. In that case, you are sacrificing a bigger payout for the security of perpetual coverage.
Group life insurance usually does not require you to fill out a health checkup or pass a health checkup. However, Group Policy is not always transferable, so your coverage ends when you leave your job or organization.
2. Simplified Issue Life Insurance
Simplified life insurance does not require laboratory testing or a medical examination. Qualification for this type of coverage is based on a series of questions you have to answer regarding your health. If your answers meet the insurer’s requirements, you will more than likely receive coverage.
However, be aware that insurance companies tend to charge loftier premiums for simplified spending policies because they take on a higher risk for a policyholder who dies during the insurance period.
3. Guaranteed Issue Life Insurance
Guaranteed life insurance is a type of full life insurance that does not require a medical examination or health issue. Most insurers offer a life insurance guarantee only to seniors, usually between the ages of fifty and eighty, although age limits may vary by carrier.
However, some organizations offer guaranteed group coverage of this issue to individuals under the age of fifty.
Guaranteed Issue Life Insurance builds overtime allowing the departed to pay off debts, cover funeral expenses or pay medical bills. However, Because applicants do not have to answer health questions or undergo a medical examination, insurance companies usually limit the amount of the premium in the event of death to the first couple years of insurance.
If the insured person dies during this period, the entitled person can receive only the minimum benefits or a refund of the premium paid.
Does Everyone Qualify for No Medical Exam Life Insurance?
Not everyone is entitled to life insurance without a medical examination. Insurance companies often only offer non-testing insurance to people who do not use tobacco products.
Typically, tobacco use makes life insurance more complex, and tobacco users usually pay high premiums. However, if tobacco users stop using it, their chances of getting life insurance and getting a reasonable rate will increase over time.
Your age range may also prevent you from qualifying for life insurance. For example, providers usually offer a life insurance guarantee only to seniors, typically individuals aged from fifty to seventy-five.
How Do I Sign Up For No Medical Exam Life Insurance?
If your employer offers group membership, you may already be entitled to life insurance without an exam.
Employers can pay part of the premium for group life insurance of their employees, and other employers pay the premium in full. Even if you are already covered by a life insurance policy you can still add on a company life insurance policy on top.
Many private and government organizations and associations offer their member’s life insurance without testing. Veterans can purchase life insurance through the federal Veterans Affairs office.
Several new life insurance companies are using the internet and mobile software to provide lightning-speed approvals. Some allow you to request a quote, request coverage, make a decision, and purchase insurance within minutes.
Don’t Wait On Life Insurance
Life comes at you fast, and you need to be prepared for yourself and your family. Life insurance can be incredibly beneficial to your loved ones, and with no medical exam life insurance, you have no reason to wait to sign up for a plan.
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