When you decide to look into getting life insurance, what is the first thing that deters you from moving forward and getting a policy? For many people, the answer to that is they don’t want to do the medical exam. Well, I’m here to tell you that now, you can get affordable life insurance with no medical exam! And I can help you do that. Keep reading.
Many insurance carriers still require medical exams for coverage, but there are many that don’t. Reach out to your life insurance agent and inquire about companies that issue these types of policies. No medical professional has to come to your home to draw blood or collect urine or any kind of physical exam. These carriers use records from life insurance policies you’ve applied for in the past, prescription databases, and medical billing information to ascertain your health risks. You complete a questionnaire regarding health history and other risks, such as social habits and occupation. You may also have to complete a phone interview with personnel from the carrier. If the underwriter determines you meet the qualifications for the policy, it will be approved.
The healthier you are, the easier it is to obtain life insurance without a medical exam. Folks with minimal health issues can obtain higher coverage and a lower cost. For older applicants, insurance coverage with no exam tends to be geared toward covering final expenses, therefore, affordable coverage tends to be for lower death benefits.
For those who have serious medical conditions and want to be covered for at least their final expenses, some carriers have life insurance with no medical exam or health questions. These are called guaranteed issue policies. However, policies like this do come with a 2-3 year waiting period. This means that if the policy owner passes away during the waiting period, the beneficiary will receive the premium paid into the policy only and not the death benefit, unless the death was considered accidental. In the case of an accidental death, these policies will pay the full death benefit to the named beneficiary.