Insurance No Medical Exam Life Insurance
Medical tests are a health assessment that are meant to highlight health issues that may increase or affect in any manner the insurance rates that are applicable to you.
When comparing various life insurance quotes and coverage, you will notice that a majority of insurance providers require a medical checkup prior to issuing a policy. The medical examination ensures that an individual does not have any pre-existing medical conditions. While most insurance providers require a medical exam, some providers offer policies that do not require a medical checkup.
Policy Basics: Term life insurance policies that allow consumers the option of forgoing a medical exam have a few key differences as compared to basic insurance. Learning how this policy differs from usual policies that require an exam makes it easier to take a decision about whether the policy is appropriate for your needs. Some companies provide up to $ 250,000 of life insurance and others as much as $ 500K of life insurance without completion of a medical checkup.
The policy is similar to any other term life insurance policy. The beneficiary is issued a death benefit amount if the policy holder dies within the specified term. The death benefit issued to the beneficiary depends upon the selected policy amount as well as conditions agreed. In most cases, a term life insurance policy issues death benefit irrespective of the cause of death, unless a specific requirement such as accidental death is mentioned. However, death should occur within the specified policy term.
The main difference between a policy that requires medical exam and policy that does not medical checkup is the price. Policies that don’t require medical exams cost more than other policies because of the potential risk of certain medical conditions or other health complications that can shorten one’s life expectancy. The cost of insurance without medical examination often depends on factors like age, and length of the term selected.
Benefits of Insurance with No Medical Exam: 1. A no medical exam insurance policy has some key advantages. Making a decision about an appropriate policy begins with learning about the advantages and disadvantages of the policy.
2. People who opt for insurance without a medical checkup will find that the process is a lot simpler and quicker. Once the paperwork is filled out, the final cost is normally issued within a day or two and after the paperwork is complete, coverage starts. The advantage of a short wait is quite appealing for people concerned about death or worried about their families in case of a sudden accident.
3. Besides the convenience of a shorter waiting time for coverage, this policy is excellent for people who have been denied insurance due to any existing health disorders. Pre-existing conditions like high blood pressure or diabetes can result in denied coverage or perhaps higher coverage cost. Insurance providers consider such individuals to be a higher risk because of medical conditions that may shorten life expectancy.
Despite the advantages of getting coverage without medical examination, there are also a few drawbacks. The main disadvantage of this kind of insurance is the additional cost. Another drawback is finding an appropriate policy that covers all your personal needs. Each policy is different and may not cover all your requirements.
Life insurance policies don’t always require a medical examination. The key is to find a policy that covers most, if not all your needs, and fits perfectly in your budget.