What people don’t realize is that there are such policies that allow you to not only get a term life insurance quote without going through a medical examination.
Just like any other type of application like bank loans, employment, group or organizational memberships, etc, purchasing life insurance requires the individual to meet certain physical and medical requirements.
Note: another form of life insurance that doesn’t required a medical exam is called Guaranteed Issuance or Acceptance Life Insurance.
On the medical aspect, a certain type of life insurance policy may require the insured to be of perfect health during the time of the issuance of the policy to ensure that the applicant is not taking advantage of the financial benefits when the eventualities finally occur.
This is one of the uncertainties that most individuals have in mind (particularly senior citizens); their physical and health condition may not be acceptable and fit for issuance of their desired insurance plan. But for term life insurance quote, this uncertainty and hesitation is eliminated, hence, an insurance policy may be awarded to the applicant in an instant.
Understanding the logic behind instant issuance of term life insurance even without the need for medical examination
Those who are not familiar with the insurance industry may wonder why insurance companies would sell term insurance policies even without subjecting the insured to any medical examination. The reasons may be explained in simple terms and can be understood by going through basics of term life.
Term life insurance quotes offered are based on the concept of risk spreading and pooling among a large number of insured individuals. This means that when you buy term insurances or even insurances in general, the risk that two or more persons will die among the group of insured individuals is rare or minimal. To simply state, the insurance company will not expect that all these insured individuals will eventually die at one time.
Next, we will have to inject the “term” aspect. Term life insurance quote in Illinois will translate to the issuance of a life insurance policy that will only be effective within a predetermined “term” or date range. Some popular term insurance policy lengths are 10 year term policies, 20 year term policies and 30 year term policies.
Combining the concept of risk pooling and the provision of a term, a life insurance company won’t expect that all or a number of insured individuals will die simultaneously or within the policy’s time frame. Majority of those insured often outlive the term or expiration of their term insurance plans. With these considerations alone, insurance companies no longer need medical examinations of insurable individuals for them to be profitable.
Other benefits of availing term life insurance quote aside from medical exam exemption
Though its insurance coverage is not perpetual like those whole life insurances, no medical life insurance has it’s benefits.
- Extremely fast turnaround. Most insurance providers that don’t require a medical exam have a 24 hour turnaround.
- Get to avoid the doctors office. Afraid of shots or getting your blood drawn? Then no medical exam life insurance is your new best friend.
- It provides the benefit of covering the life of the insured only when it’s needed. Among popular examples of these instances are; when you are applying for travel insurance, or a mortgage redemption one, when you’re already a senior citizen, etc.
- They provide higher amounts of coverage or benefits even at smaller or cheaper premiums.
- This type of insurance also provide all other insurance benefits like the provision of financial proceeds in the instant of death, medical expenses cover (dependent on the type of term insurance or the contract’s provision), etc.
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Types of No exam Life Insurance
As mentioned above, these type of policies generally issue rather fast. Here are a few of the different types that exist:
- Guaranteed Issue/Acceptance Life Insurance –No health questions are required. Simple and quick.
- Graded Benefit Life Insurance – This type will involved some basic health related questions. The big downside to these type of polices is that if something happens to you within the first 2 years of the policy being issued. You won’t get the full payout (unless it’s an accident that takes your life). You just get return of premium plus a stated interest rate.
- Simplified Issue Life Insurance – This just requires you to complete an application with health related questions. The application is underwritten, but a medical examination or blood work is not required.
Please note:If you need a quote for a non-medical exam life insurance policy you will need to contact our office to get a quote.