For many people, the thought of having to undergo a medical exam turns them off when it comes to buying life insurance.
There are all these doubts that the insurance company may not approve the application because of something they find in medical exams. So, how do you get life insurance with no medical exams?
Getting a life insurance policy without undergoing a medical exam is possible. There are a couple of different policies out there that allow this.
Usually, no exam life insurance policies only require you to answer a few health questions upon your application.
Still, there are a few qualifications you need to meet to be able to get approved. What those qualifications are depends on the insurance company.
Guaranteed Issue Life Insurance and Simplified Issue Life Insurance are some examples of no medical exam insurance. It usually only takes a few minutes to a few days to get your application approved.
However, it is important to keep in mind that not everyone will qualify for these types of life insurance policies. There are certain parameters such as age limit.
Moreover, these types of life insurance doesn’t accumulate a cash value. Your beneficiaries will only get a guaranteed death benefit in the event of your untimely death.
For Guaranteed Issue Life Insurance, the death benefit usually goes from $5,000 to $25,000 depending on the insurance provider. On the other hand, Simplified Issue Life Insurance can offer up to $250,000 death benefit. Needless to say that it is more difficult to get approved for the latter.
Additionally, the monthly premiums for these types of life insurance are also higher than usual. Simplified Issue Life Insurance is cheaper compared to Guaranteed Issue Life Insurance.
Keep in mind that these types of life insurance policies are only for those who are “uninsurable” otherwise. If you are in perfect health and at the right age, it is almost always better to get a whole life or a term life insurance.
