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Life Insurance without Any Medical Examination

Life Insurance without Any Medical Examination
Some insurance policies will require individuals to have a medical examination before being insured. Most term and whole life insurance policies ask potential clients to have the exam to provide the insurance companies with information on pre-existing medical issues. However, there are some policies that do not require this examination.A basic term life insurance policy will have a few differences if it allows you to omit the medical examination. For instance, some companies will offer you more insurance coverage with the examination. If you choose to forgo the examination, you may have to accept a lesser insured amount to cover your personal needs. However, the basic policy without an exam is still similar to other policies. For example, you will list a beneficiary to receive the funds if you die within the term of the policy. A term life policy offers individuals a chance to select a certain time period for the insurance. The insurance will not pay benefits to the beneficiary if the term is lapsed and not renewed.

Another difference between a policy with a medical examination and one without is the price. If you choose not to have an examination, you can plan on paying more for your insurance premium. With a medical exam, insurance companies have a general idea of your life-expectancy risk, which can lower your insurance cost. Insurance companies consider you a potential risk of having a shorter life span if you do not provide them with proof of good health. Therefore, the insurance companies will charge you more for your insurance premium to override the risk of a shorter life cycle.

No medical examination insurance does offer benefits for some individuals. For instance, it takes less time to acquire the insurance coverage. Policies with medical examinations can take up to six weeks to be approved. The process for obtaining a policy with no medical examination is easier and faster. This benefit appeals to many people who may be concerned about their death.

The no medical exam insurance is an excellent choice for individuals who have known health issues such as high blood pressure, diabetes or high cholesterol. These individuals could be turned down for insurance coverage if they had to endure a medical examination. In addition, these pre-existing conditions could result in higher insurance premiums. Companies that do not require medical examinations will not ask questions about your pre-existing conditions. Therefore, you will not be turned down for health reasons.

The cost is higher for no medical exam insurance since the coverage depends on certain facts. Some facts that insurance companies will consider are your age, whether you are smoker or a non-smoker and the length of the term for the policy. Another problem with no exam insurance is finding one to meet your personal needs and budget.

Guaranteed Issue Life Insurance, Graded Benefit Life Insurance and Simplified Life Insurance are three types of no medical exam insurance coverage. With a Guaranteed Issue policy, applicants will not be required to answer questions related to their health, and coverage is guaranteed for all applicants. With the Graded Benefit plan, you will be asked a few health questions, and your beneficiary will not receive the full policy benefits if you died during the first few years of the policy. However, this coverage is ideal for individuals who desire insurance but do not qualify for a regular policy. The Simplified Issue Life Insurance policy requires applicants to answer health questions, and then the application is processed without blood tests or medical examination.

No medical examination insurance is ideal for individuals who may be denied coverage due to their health. In addition, it is ideal for those who do not want to wait a long period of time for insurance coverage.

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