No Medical Exam Life Insurance
Most of the life insurance policies require the applicants to undergo medical examinations that will help the company to obtain an overall idea about the health conditions of the applicant. The health status of the applicant is directly linked to the risks associated with issuing a life insurance to that person. A policy issued to a person with a bad health condition is more risky, as compared to that of a person in good health. So, a medical examination is inevitable for a life insurance policy applicant. In such cases, many people fail to get qualified for a life insurance policy due to bad health, detected during the mandatory medical check up. There are others, who do not either have the time or desire to undergo these procedures. No medical exam life insurance policies or guaranteed issue life insurance are ideal for people who belong to both these categories. Let us take a look at the various aspects of no medical exam life insurance.
What is No Medical Exam Life Insurance
As mentioned above, there are many people, who avoid traditional insurance policies due to the tedious and cumbersome procedures like, medical exams or due to dread of rejection on the basis of medical condition. No medical life insurance schemes are aimed at such people. Most of the insurance companies have introduced such schemes that do not need the applicant to undergo medical exams or physical check ups. As far as the age limit is concerned, it may vary with the company and in general, it can be said that the age limit for these schemes range between 40 – 45 to 80 – 85. However, it has been observed that people above the age of 75 are usually not encouraged.
Most of these policies are found to be no medical exam term life insurance, as they are offered for a stipulated term. You may come across no medical exam whole life insurance policies too. You may apply for these policies online and may also be required to answer few questions about your health. While the basic structure of these policies may be similar, some features may vary from one company to another. So, it is better to conduct a study about such policies offered by different companies and then choose the best.
No Medical Exam Life Insurance
Now you have a basic idea about life insurance no physical exam policies. The main advantage of this type of policy is that you are not required to undergo medical exams, so as to get qualified for the policy. Another is that most of the applications are not rejected on the basis of age or illness. It is also one of the most convenient forms, as you can apply and get qualified for the policy through online transactions. Term life insurance no medical exam policies are found to be more popular than the whole life insurance versions.
However, there are some drawbacks too. Even though, there is no requirement of medical exam in these policies, some insurance companies may ask for that at a later stage or may even strip of the benefits at a later stage. It has also been noticed that these policies are more expensive, as the risks associated with them are high. In other words, you may have to pay higher premiums, as compared to traditional policies. Some of these policies offer only graded benefits for the first two or three years. In case of death of the policy holder, the beneficiaries will get only a part of death benefits. Even the death benefits are offered after the initial two years, with exemption to death caused by accident. In some of these policies, the death benefit amount is also limited.
To summarize, no medical exam life insurance policies can be beneficial for those who want to skip the procedure of medical exam that is required for traditional policies. However, make sure to understand the terms and conditions of these policies, especially those with whole life insurance. All you have to do is search on the Internet and compare the available life insurance no medical exam policies and choose the best. Apply for it online and you will get a life insurance quote from the company stating the details of the policy. You may accept or reject the offer.
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