No Medical Exam Life Insurance
Common Misconceptions About No Medical Exam Life Insurance
Every person who has people dependent on them should be insured. Having a life insurance
policy is the only way that you can be sure that your loved ones will be financially secure
after you have passed on.
One of the chief hindrances to getting life insurance is invasive medical questions that you
will have to answer. Even if you are a healthy person, you may not feel comfortable with
sharing your medical history with a third party.
Even if you are OK to share your medical information with a third party, being able to answer
medical questions usually involves getting several invasive tests done that include needles,
probes and being scanned by several different medical devices. Furthermore, this all takes
time which is a precious commodity today.
Due to the above reasons, no medical exam life insurance is a viable option, and today
several companies offer this type of life insurance. No medical exam life insurance for
seniors is becoming particularly popular, nowadays. Here, we take a closer look at the
different aspects of this category of life insurance, and if you like what you see, we can help
you get it.
Medical Underwriting Pros and Cons
One of the most critical steps in life insurance processing is the process of medical
underwriting. Most life insurance companies have their in-house underwriting department.
However, there is an upside and downside to medical underwriting.
Pros
- You can get a reasonable rate.
- Even if you have a health issue, underwriting can give you ordinary rates by adding
an exclusion. - Underwriting defines what activities in which you can or cannot participate.
- Underwriting takes away the risk of your not being able to provide for your family in
a more far-reaching way than if you were to have a life insurance policy without
underwriting.
Cons
- You may be required to undergo annoying and invasive tests.
- Medical underwriting involves some extra costs, especially in the case of ‘loaded’
policies which is an additional cost you will have to pay for the period of the term
even if there is no claim on the plan. - There is a possibility of your policy getting declined if you aren’t able to meet the
minimum health requirements stated by the underwriters. - There is a subjective element to medical underwriting as underwriters make a decision
based on evidence, where the decision can vary subjectively. In a unique experiment,
the CEO of a renowned insurance company submitted six identical applications – he
received three approvals and three denials! - You don’t know how much premium you are eventually going to have to pay until the
underwriters have completed underwriting.
No Medical Exam Life Insurance Explained
Whole life insurance no medical exam policies give you the advantage of instant approval,
thereby saving time and giving you a clear indication of the kind of premiums you are going
to have to pay. However, you could end up in spending a bit more on monthly or annual
premiums, but there are more advantages than disadvantages.
In simple words, a whole life insurance no medical exam no health questions policy is one
where you just fill in an application form, sign on the dotted line, pay your first premium and
poof! You are covered!
Although more expensive than underwritten life insurance no medical exam life insurance for
seniors policy is faster to obtain and covers vast areas of protection. More companies are
offering more whole life insurance no medical exam policies than you can imagine, so
apparently, there are different rates and variations for the coverage that carriers are offering.
Ensure that you shop around to get a good deal. A reliable insurance agent will be able to
help you get the best advantage.
Benefits of No Medical Exam Life Insurance
You have probably heard about whole life insurance no medical exam no health questions
policies but you were maybe put off by the sort of things that were people said about them.
There are many misconceptions but let us give you clarification on some of the points.
Eligibility Criteria
Don’t be so sure that you will be denied due to pre-existing medical conditions or lifestyle
issues. Some companies will accept your application without a medical exam even if you
have a health problem or lifestyle issues like smoking or even if you are overweight.
Cost Factor
Although more expensive than standard life insurance policies you aren’t going to be paying
double or triple for a life insurance no medical exam no health questions policy. You would
probably end up paying $10 to $15 more on a monthly basis, which you could consider is the
price you are paying for convenience for an affordable term life insurance no medical exam
policy.
Availability
Whole life insurance no medical exam no waiting period policies are offered by several
companies. However, you need to shop around a bit to get a good deal, as rates may differ, as
well as the amount of cover being offered. You would do well to get the help of a competent
insurance agent to get the best deal for you.
Waiting Periods
It is annoying to complete all the formalities of applying for a life insurance policy and then
having to wait indefinitely for the policy to go through. With a life insurance no medical
exam no health questions policy, due to the absence of medical underwriting, the approval
process takes much less time and can vary from 10 minutes to 20 working days at the outer
limit.
Online Applicationsy
Another useful feature of whole life insurance no medical exam policies is that you can apply
online which is awesomely convenient. This facility is much better than having to visit a life
insurance office, lugging all your documents with you and probably having to make follow-
up visits later on.
Why Would I need a whole life insurance no medical exam no health
questions Policy?
Here are a few valid reasons:
- You need a policy in a hurry like in the case of taking a mortgage on a property
- You hate needles and medical procedures
- You are young without any health issues. In such a scenario, the necessity of going
through a medical exam seems meaningless - You are not comfortable sharing your medical history with a third party
Why Would I need a whole life insurance no medical exam no health
questions Policy?
Here are a few valid reasons:
- You need a policy in a hurry like in the case of taking a mortgage on a property
- You hate needles and medical procedures
- You are young without any health issues. In such a scenario, the necessity of going
through a medical exam seems meaningless - You are not comfortable sharing your medical history with a third party
Available Types of No Medical Exam Life Insurance
You will be surprised at the vast range of insurance you can get under the heading of whole
life insurance no medical exam no health questions policies. Here are a few of them:
- Term Life Insurance
- Whole Life Insurance
- No Medical Exam Life Insurance for Seniors
- High-Risk Life Insurance Based on High Health Risk
- High-Risk Life Insurance Based on High Activities Risk
Requirements of No Medical Exam Life Insurance
Here are a few of the things that you will need to do before you put in your application for
your life insurance no medical exam no health questions policy:
- Assess your life insurance needs
- Keep your identification documents handy for proof of age and identity like a
passport copy, driving license, including evidence of address like your latest
utility bill - Make a self-assessment of your current health condition, listing out any
underlying health issues that you may have or had in the past - List out any possible lifestyle constraints like smoking, drinking, adventure sports
and so on - In case you are engaged in a profession that exposes you to any particular hazard,
health or otherwise, you should have that information accessible as well - Keep your credit/debit card or EFT information ready
By reading this article, you would now probably be more aware of the various aspects of
affordable term life insurance no medical exam policies and what it entails. You can shop
around and check out different carriers and what they have to offer and even apply online.
However, before you take that final step of buying no medical exam life insurance, it may be
a good idea to get some expert advice before shelling out your hard-earned money.
To let me help you in this matter, please fill out my contact form or call me on 800-549- 2272
for more details.