Life Insurance with No Medical Exam
By Victoria Trix
There are situations when an applicant for life insurance will want to research options for life insurance policies that do not require a medical exam. These are typically situations where the applicant has already been determined as uninsurable or is reasonably sure they will be in a high-risk category due to age, medical conditions, obesity or even recently determined health situations that make the applicant uneasy about submitting to a health exam. There are insurance options for the type of applicant who wants no medical exam to be required, although they are limited in policy scope and payout.
High Risk Is Assumed
When researching no-exam life insurance, realize most insurance companies that provide these types of policies already assume that you are high-risk, and their premiums are automatically elevated over standard rates to compensate for what they consider to be the health risk level of most of their policyholders.
If you have any uncertainty about whether you would be considered high-risk, there is no cost to talk to a life insurance agent and get a quote for comparison. As a matter of fact, it is always advisable to secure quotes from several life insurance companies before accepting a policy offer, as different underwriters will classify and rate their applicants differently, and the premium rates will therefore differ between companies.
Simplified Issue Life Insurance
There are generally two options for individuals who want to purchase life insurance but want to avoid taking a medical exam. The first is Simplified Issue Life Insurance, which only requires you to answer of some medical questions. However, the acceptance of your application is not guaranteed, and the insurance carrier can deny you a policy based on any negative medical history they deem as high-risk.
Guaranteed Issue Life Insurance
The other option for purchasing life insurance without a medical exam is to elect coverage through a Guaranteed Issue Life Insurance, which is the most expensive form of life insurance when compared to the same beneficiary claim payout level of other policies.
Applicants who are considering a Guaranteed Issue Policy have typically been declined for all other forms of life insurance, but still feel the need for life insurance to cover final expenses at the time of their death. Most policies of this type are available in $1,000 increments, are capped at a maximum of $15,000 and are intended to only cover the cost of funeral expenses and a few additional outstanding bills, shielding family members from having to take on any additional burdens at the time of the insured’s death.
A Matter of Convenience
One of the benefits of no-exam forms of life insurance is their convenience. Most no-exam policies can be purchased online without having to meet with an agent and without answering pages and pages of medical questions. Simply by filling out the online application and mailing in your initial premium, you will be covered for as long as you continue to make your premium payments and fall into the age limitations of the policy.
Articles in the Life Insurance Medical Exam series
- About Life Insurance Medical Exams
- The Typical Mobile Medical Exam
- What the Insurer is Looking For
- How Exam Results Impact Policies and Rates
- Preparing for Your Life Insurance Medical Exam
- Life Insurance with No Medical Exam
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