Facts Regarding No Exam Life Insurance

Life insurance is a product that people buy as a way to provide financial security to their families. It is a written contract between the insurer (insurance company) and the insured (policyholder) which guarantees financial compensation of a specified amount in case the insured has an unfortunate incident and loses a life. There is a set of processes to be followed when applying for life insurance. Some of them include filling an application form detailing personal health-related information along with taking medical tests. Based on the results of the information the insurer will then check your eligibility for coverage and premium to be paid.No Exam Life Insurance

What is No exam life insurance?

While purchasing life insurance there is paperwork to fill out all the details regarding your health. Insurance companies expect the applicants to get medical tests conducted with a health practitioner where they will take blood and urine samples and ask questions related to your health. If you have major health problems either the premium will be high or the application will be rejected. But many life insurance companies do not require such medical check-ups and such insurance are called No medical exam life insurance,  to get more information about No medical exam life insurance you can check this post https://simplelifeinsure.com/no-exam-life-insurance/ which has a list of such insurers who provide NO exam life insurance.

Types of no exam medical insurance: 

  • Guaranteed issue
  • simplified issue

These are provided even to older people with health issues or for people who are finding it difficult to obtain a life insurance policy. 

Guaranteed issue life insurance: This is also called guaranteed acceptance life insurance and these do not require a medical exam and the insurer does not check the applicants’ health history. They may have to answer simple questions about their 

  • Smoking habits
  • About having AIDS or HIV
  • If they are currently hospitalized or require care facility
  • About any terminal illness

Simplified issue life insurance: This is also a type of insurance that requires no medical exam but the insurer shall check the medical records and ask questions. If you have major health concerns your application may be rejected. Learn more about these insurance types before investing in any of them.

Advantages of No exam life insurance

Though the premium for these term insurance policies is higher when compared to others, there are many advantages of buying a no exam life insurance and should be opted by people:

  • Having concerns about specific medical tests
  • Are unwilling to get examined by health practitioners like lab technicians and nurses
  • Who are unwilling to wait for the underwriting process completion
  • Are looking for an insurance policy in a quick time without having to wait for weeks

Though there are certain advantages of purchasing a no exam life insurance there are some factors to consider like taking into account the death benefits it provides, the amount of premium one needs to pay when compared to having an insurance policy with medical examination, the type of policy and most importantly the insurance provider as the companies claim payment reputation and its financial strengths. So choose wisely and carefully while shopping for a no exam life insurance.