No Medical Life Insurance: A solution for those who find it difficult to insure
Life insurance is a key way to ensure a family’s well-being in the event of a tragedy. Unfortunately, however, traditional term life coverage is not an option for many people for a number of reasons. Over 30,000 applications for traditional term life coverage are denied each year. People can find themselves denied traditional life protection for anything from a chronic illness to working in a dangerous job. The good news is that there is another option for these people: no medical life insurance. This is a type of lifetime coverage that does not require you to pass a medical exam for your application to be accepted. There are two types of non-medical insurance policies: simple life insurance and guaranteed life insurance.
A simple problem insurance plan
When you apply for a simplified insurance policy, you do not need to be examined by a doctor. However, you may need to complete a questionnaire about your health and history, which usually includes anywhere between three and 12 questions. These may include questions about any chronic medical conditions you may have, whether you’ve been denied traditional insurance in the past, if you have regular activities that put you at risk (such as smoking or a high-risk occupation), and more. Generally speaking, the higher the number of questions on one of these applications, the lower the premium will be and vice versa. It is important to note that the face amount of a simplified issue policy is often limited to $150,000 dollars.
Guaranteed Life Insurance
The Guaranteed Issues insurance plan does not require applicants to undergo a medical examination or complete a health questionnaire. As a result, these policies are very popular for people with serious illnesses. However, the downside of these policies is that they are much more expensive and have much lower coverage amounts for non-accidental deaths – usually around $25,000. On top of that, with many guaranteed issue policies, if you die within the first two years, the payout your beneficiary receives will be limited to return of premium. However, guaranteed issue policies are often the only option for the seriously ill, and as no medical condition information is required to apply for one of these policies, very few applicants are turned away; the most common reason for rejection is if the applicant is over the maximum age limit, which is usually 75.
Who Should Consider Lack of Medical Life Protection?
This type of life insurance is a great option for a wide variety of people. If you have been refused for traditional insurance in the past or are likely to be, such as if you suffer from a chronic illness, work in a high-risk job or have previously been convicted of drink driving, life insurance policies that exclude medical examinations are still an option for you. In addition, many people feel uncomfortable undergoing a medical examination for personal, religious, or other reasons. These people may feel much more comfortable with a simplified insurance policy.
How can you not buy medical life insurance
There are several ways to purchase this type of life protection. The first is to purchase the insurance from direct agents who are employed by and work for specific insurance companies. Or you can purchase a policy from an insurance broker. Brokers are independent, but unlike agents, they sell the products of multiple insurance companies. These are the main sources from which you can buy life insurance without a medical exam. Learn more about the rules and get free no medical life insurance quote today.
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