.jpg "No medical exam life insurance")
No medical exam life insurance also known as guaranteed issue life insurance is a type life insurance policy that does not require a medical exam health questionnaire qualify for coverage. This type policy is designed for individuals who may have difficulty obtaining traditional life insurance due health issues other factors.
In this article we will explore what no medical exam life insurance is who it is suitable for advantages disadvantages this type policy.
What is no medical exam life insurance?
No medical exam life insurance is a type life insurance policy that does not require a medical exam health questionnaire qualify for coverage. Instead policy is issued based on limited information provided by applicant such as their age gender smoking status.
This type policy is typically offered as a term life insurance policy which means that it provides coverage for a specific period time such as 10 20 30 years. The death benefit is paid out policy beneficiaries if insured dies during term policy.
Who is no medical exam life insurance suitable for?
No medical exam life insurance is suitable for individuals who may have difficulty obtaining traditional life insurance due health issues other factors. This type policy is typically offered individuals who are between ages 50 80 although some insurance companies may offer coverage younger individuals.
No medical exam life insurance may be a good option for individuals who:
Have pre-existing health conditions that may make it difficult qualify for traditional life insurance.
Have a history smoking tobacco use.
Are overweight have a high BMI.
Have a dangerous occupation engage in hazardous activities.
Need coverage quickly do not want go through lengthy underwriting process required for traditional life insurance.
Advantages no medical exam life insurance
There are several advantages choosing a no medical exam life insurance policy including:
No medical exam required: The biggest advantage no medical exam life insurance is that there is no medical exam required qualify for coverage. This means that individuals who have pre-existing health conditions other health issues that may disqualify them from traditional life insurance policies may be able obtain coverage.
Quick approval: Because there is no medical exam required no medical exam life insurance policies can be approved issued quickly. In some cases coverage can be approved within a matter days.
Easy application process:
The application process for no medical exam life insurance is typically very simple straightforward. Most insurance companies only require basic information such as applicant's age gender smoking status.
Guaranteed acceptance:
No medical exam life insurance policies are typically guaranteed issue policies which means that applicants are guaranteed be accepted for coverage as long as they meet age requirements.
Disadvantages no medical exam life insurance
There are also several disadvantages choosing a no medical exam life insurance policy including:
Higher premiums:
Because no medical exam life insurance policies do not require a medical exam health questionnaire insurance company assumes more risk when issuing policy. This increased risk is reflected in higher premiums compared traditional life insurance policies.
Lower coverage limits:
No medical exam life insurance policies typically have lower coverage limits compared traditional life insurance policies. This means that individuals may not be able obtain as much coverage as they would like need.
Limited coverage options:
No medical exam life insurance policies are typically only offered as term life insurance policies which means that coverage is only provided for a specific period time. This may not be suitable for individuals who need permanent life insurance coverage.
No cash value:
No medical exam life insurance policies do not typically have a cash value component which means that policy
.jpg&description=No medical exam life insurance){kind=link}