No Medical Exam Life Insurance
Life Insurance is an essential element of human life because it serves as a medium of protection from financial burden in case of medical emergency or the event of death. However, many people fail to buy such policy because of the fear of visiting a doctor, lack of time to meet doctor’s appointment or health condition that might be a reason for rejection of insurance policy.
Insurance policy options are available for life insurance with no medical exam. Such kinds of policies are an affordable and efficient alternative to traditional plans that offers an ability to get life coverage with any blood, urine or any other physical test.
Reasons for preferring No Medical Exam Life Insurance
Life insurance is undoubtedly a tedious and tiring process when you go through the traditional way. It takes days and week to get the report and then either get qualified for the policy or get rejected. This dilemma until the final report is one of the critical factors that have increased the market for insurance policies without physical exams.
Some of the other reasons why many people opt for such policies today are:
• A quick and convenient approach to qualifying the process.
• Diagnosed with any medical condition in the previous years.
• Any of your parents has died at the age of 60 years.
• Addicted to smoking or drinking for the past few years
• You are not eager to have much death benefit.
• You are engaged in risky hobbies or a tiring job.
Types of No Medical Exam Life Insurance
Primarily, two types of life insurance do not require any physical exam:
1. Simplified Life Insurance: This policy is available both for the term and whole life for adults between the age group of 18 and 75 years. To attain this policy, you have to fill out a series of the health-related questionnaire, and then after verifying the medical history, the insurance company insures your life with coverage of around $ 100,000 with a limit of $ 150,000.
2. Guaranteed Acceptance Life Insurance: This policy is available with a guarantee to anyone who applies for the same. There is no questionnaire, no medical test and no verification of medical condition. This kind of life insurance policy is generally taken by people who are between the age group of 45 to 75 years with death benefits of $ 5,000 to $ 25,000. The only disadvantage of this is high premium and low coverage amount. You get guaranteed rate for the complete life of the policy, but all you have to do is keep a record and stay alert to pay your premiums on time.
Pros and Cons of No Medical Exam Life Insurance
It is evident that life insurance with no physical exam is one of the best alternatives to traditional policies in case of age factor or health disorders. Life insurance with no physical exam does have its advantages and disadvantages. To take a deeper insight into this type, here are some pros and cons of no medical exam life insurance.
No medical exam life insurance advantages are:
• People with the fear of needles and injections. Most of the people who fall into this category avoid any medical treatment or examination and opt for this type of insurance policy to secure the life of their families.
• There are cases when a person is sure of experiencing death sooner or later. On the other side, there are cases when you are awaiting settlements decision. Under such circumstances, you need to opt for a policy that gets approved at the earliest.
• The entire process of applying and approving is quick, efficient and secure. It is a hassle-free and stress-free process.
The disadvantages of no medical life insurance are:
• The price you pay for qualifying a no medical exam life insurance is comparatively higher than the traditional policy. In this case, the companies are not sure of your health conditions and are taking a higher risk on you and hence you are held responsible for paying the price for the same.
• There are some restrictions on how much death benefit you can insure your family with finances in the long run. You may need to purchase coverage that is not enough for future protection of your family.