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  No Medical Exam Life Insurance

Buying Life Insurance Without Medical Exam Required

When you apply for life insurance, it is common for the insurer to require you to complete a medical exam before you are approved. While a majority of standard life insurers require the completion of a medical exam, some life insurance companies offer specialized policies called no medical exam life insurance. If you are currently applying for coverage, it is important to understand the difference between policies that do and do not require a medical exam before policy issuance. Read on and learn everything you need to know before submitting your application.

Why Do Insurance Companies Require Medical Exams?

Life insurance is all about measuring the risk of mortality. Individuals with higher mortality rates have a larger likelihood of passing away while they are young. One way to uncover pre-existing conditions that can affect an applicant's mortality rate is to require a medical exam. If anything is uncovered before the policy is issued, the insurer has the right to offer sub-standard rates to recoup for the added risk. Individuals who are found to be healthy may receive preferred or super preferred ratings.

The Basics of No Medical Exam Life Insurance

Life insurance policies that allow applicants to forgo a medical exam are typically term policies. This means that the insurance will offer a level death benefit for a specified period of time. The premiums will also remain level until the term expires. This period of time can vary based on the policy, and most terms last between 1 and 30 years in length.

Like the standard term policy, a no medical exam policy will pay your beneficiary the death benefit on your plan if you pass away within the term and your policy is active. Most life insurance policies that do not require medical exams and will pay out for accidental death and death resulting from illness. It is important to review the specific requirements of the policies you plan on applying for to understand what the plan will cover. It is important to select a plan that offers a sufficient death benefit and a long enough term before you settle on a plan that will suit your needs.

What is the Major Difference Between Traditional Life and No Medical Exam Life?

There are a few major differences between policies that require a medical exam and policies that do not. One of these differences is the amount of coverage that you can purchase. Because insurers are taking on more risk when they allow an applicant to forgo an exam, they may offer smaller death benefits ranging between $10,000 all the way up to $500,000.

Another major difference is associated with price. When more risk is present, premiums will be higher. For applicants who are in excellent health, it is a wise idea to complete a medical exam so that they can receive lower and more competitive premiums.

Who is No Medical Exam Life Insurance Right For?

No medical life insurance may not be for everyone, but for the right applicant this could be the best type of policy. If you are looking to obtain coverage quickly, applying for no medical exam insurance is faster and easier. The coverage will start almost immediately after the application is reviewed and approved.

Another benefit of insurance that does not require a medical exam is that the company will not ask about pre-existing conditions. For individuals with conditions that will typically make them ineligible for coverage, this could be the most practical alternative. If you have been declined for cover in the past, applying for an unconventional policy suited for high-risk applicants may be your only option.

You must consider the pros and cons of no medical exam life insurance before you decide which policy is best for you. Some important factors to consider include your age, your health, your hobbies, your budget, and your long-term goals. Choose the appropriate coverage, start quoting premiums, and choose a plan that will fit your requirements.


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