There’s no denying the importance of having life insurance coverage when you have loved ones to protect. For the most part, obtaining life insurance is rather simple. It requires making the decision to purchase it, seeking a life insurance agent to assist you, and figuring out how much you need. The one part about the […]
Affordable Life Insurance With No Medical Exam
The No Exam Term Life Insurance is surely the most asked about life insurance plan today.
There are a lot of known insurance companies which are actually offering this insurance where the insurance buyer doesn’t need any physical exam.
To be true, there are many of the insurance buyers who didn’t like going through the exams, and there will be many like them in the future.
Having a great life insurance plan, with great deals, without a health checkup wasn’t possible even few years ago.
However, this new insurance policy makes it a reality, and that’s exactly why it has become a hot topic in the insurance market.
Different No Exam Term Life Insurance plans
One of the most popular ones of these kinds of life insurance policies is the guaranteed issued life insurance. This is one of the costliest life insurance plans you can find in the market, but it requires no health exam before the approval of the insurance policy. You don’t even have to submit your medical report to get this policy. All you have to do is to answer few medical related questions, and if your answers are satisfactory then your insurance application will be approved. The most commonly asked health questions for the guaranteed accepted life insurance are:
- Are you HIV positive?
- Do you use tobacco or smoke?
- Are you officially declared to be dead within 24 hours by doctors?
- Are you currently in any hospital or any kind of health facility?
Limitations of No Exam Life Insurance
However, the problem with this particular No Exam Term Life Insurance policy is that it has many limitations. This policy is not only costlier than most of the other similar ones, but it is also one that doesn’t provide value for money. The death benefit of guaranteed acceptance life insurance is particularly limited for the survivors. If the insurance owner dies within the first three years of buying this life insurance policy then his or her beneficiaries will get only the interest and premium. For this reason, guaranteed accepted life insurance is not considered as one of the popular ones.
Simplified Issue Life Insurance
On the other hand, the Simplified Issue Life Insurance is another policy that can be considered as one of the most used life insurance plans that require no health exam. Getting the approval for this insurance policy is tougher than guaranteed accepted life insurance. For this, the insurance company will ask you few questions and will look at your medical records.
There is no need for any medical test, but the medical records have to be satisfactory for the insurance company. There are some strict regulations that you have to maintain in order to get the approval for insurance application.
Here are few things the insurance company will like to know about before granting you the Simplified Issue Life Insurance:
- They make sure that the yearly premium is of a pre-fixed amount of money
- You need to be employed and must have a regular job. You have to maintain minimum 30 hours of work every week to be considered as regular in your job. You have to be active for at least 6 months on the job you have
- If you are unemployed, or even retired, then they want to make sure that if you are physically fit and mentally sound to be able to get a full time job
- They will also want to know if you have disabilities which are older than 30 years. if you are disabled in any way then you have to mention if the disabilities are effecting your daily life. you need to mention if you get disability benefits
- If you have been diagnosed for AIDS by a medical professional in last five years then you have to let them know that too. They also ask you if you suffer from any issue related to AIDS
- They will ask you if you are using any kind of drug, without a prescription from a medical practitioner
- You also need to inform them if you are terminally ill, or going through radiation or any other kind of therapy for cancer through last one year
- They will also provide you a list of activities, like walking, eating, bathing, and toileting, and ask you if you need assistance with any two or more of it
Coverage from No Exam Term Life Insurance
One thing you must understand about a No Exam Term Life Insurance policy is that it provides less benefits and coverage than a normal life insurance policy. For both kinds of life insurance policies with no physical test mentioned here, the coverage is rather acceptable than good.
However, different insurance companies have their different coverage and offers for this kind of insurance. You can get coverage of up to $350,000, which you can increase by adding two separate policies of this kind. That can take the coverage up to $500.000, but you will have to pay higher each month for the policy.
The Cost for No Exam Term Life Insurance
There are few No Exam Term Life Insurance policies which are cheap, at least according to their promotional campaigns, but only when compared to other insurance policies that require no health checkup. If you compare even the cheapest of these policies with the regular life insurance policies, you will say that you have to pay at least double each month when it comes to no exam policies. However, there is a clear justification for their limited coverage and higher monthly premiums for you. They are taking huge risks by approving your life insurance application without a physical checkup. They have the right to take guards.
Know if you are right to get No Exam Term Life Insurance
If you have enough time for your life insurance application approval then a regular life insurance plan is better for you. However, if you are in a hurry then you must go for this no exam life insurance policy. It will get you the insurance policy, which is needed for many different loan approvals or legal paperwork. If you are ready to pay higher premiums for the facilities associated with No Exam Term Life Insurance then it will surely work for you.