The typical medical exam required by life insurance policies consists of a series of questions about your health and medical history. It is followed by a paramedical expert documenting your blood pressure, weight, and height. You may be needed to provide urine and blood samples for testing. However, with the different types of no-exam life insurance, you may not need tests.
Understanding what they both provide and the differences between them will assist you in selecting the finest no-medical-exam life insurance policy.
Types of No-Exam Life Insurance
There are two major forms of life insurance without a medical exam requirement: simplified issue and guaranteed issue.
Simplified Issue Insurance
Simplified issue insurance needs you to complete a full health and medical history questionnaire. Additionally, you must grant access to your prior medical records. You will not be required to have a medical exam; your questionnaire responses and medical records are sufficient.
This kind of coverage has higher premiums than typical policies that need a medical evaluation. Depending on the findings of your examination, the coverage limit might range between $25,000 and $300,000. Depending on the policy, simple issue insurance may provide either term or permanent coverage.
Guaranteed Issue Insurance
You still have choices if you don’t qualify for simplified issue life insurance owing to pre-existing conditions or exorbitant rates. You can consider obtaining a guaranteed issue life insurance policy.
There is no medical exam required for guaranteed issue life insurance applications. Only a few inquiries regarding your health information and medical history are required for guaranteed-issue plans.
The death benefit of this insurance is often set at $25,000 or less, resulting in higher premiums. The package also have plans like graded death benefits. This type of benefit occurs if you pass away during the first two or three years following the policy issue. Your heirs may only get a sum equal to premiums plus interest.
