Medical exams can disqualify applicants from being able to attain insurance with the providers they want. This doesn't mean, however, that all forms of insurance are out of the question.
No Exam Types
There are 3 types of insurance that are generally regarded as the forms of insurance that don't require a medical exam. These types are:
Simplified Issue Life Insurance
With this type of insurance, there is no medical exam and instant approval for applicants. The application is much shorter than other life insurance policies and most people are instantly approved. The premium amount is generally more expensive than full underwritten policies for similar amounts of coverage. With this and all other forms of life insurance, applicants must be careful to provide valid and accurate answers to all of the eligibility questions. Just because it is easy to attain the coverage, doesn't mean they don't conduct a full investigation after you die. Be honest, it means the world.
Guaranteed Issue Life Insurance
This type of life insurance is provided to applicants without the need for a medical exam. Applicants can get a quote instantly online and can complete the process from the comfort of their own home. Although this type of life insurance doesn't require a medical exam or tests, you should answer all the medical questions accurately and to the best of your ability. When it is time to pay the award amount after the insured dies, they will be looking for discrepancies in the information you provided. Be sure to answer all questions completely honest and without error. This type of life insurance is also four to five times higher than normal life insurance rates because the issuance of the policy is guaranteed after you answer a few questions.
Graded Benefit Life Insurance
This type of insurance is a whole life insurance policy. The death benefit can not be granted until 2 years after the policy goes into effect. So if a insured person dies before the two year point, the death benefit won't be awarded to the beneficiary. Should the person die before the 2 year mark, the premiums will be refunded in full but nothing else. The interest rate will usually fall between 7 and 10 percent. If an insured person dies in an accident, instead of through natural causes, the face amount of the policy will be paid in full. The premiums for this type of life insurance are not set to change and neither is the face value. With no medical exam or health questionnaire, this type of insurance may be suitable for older people with health problems who are expected to live for more than 2 years after the policy has been put into effect.
Those are the three types of insurance that are generally regarded as no exam life insurance policies. People who apply for these types of life insurance policies are usually in less than perfect health but expected to survive for more than two years. Traditional whole and universal life insurance policies usually have high pressure salesmen that get really big commissions if they make a sale with you. This is why most insurance companies try and get you to sign up with them in the first place, making promises that they know they can't keep.
Be an Informed Consumer!
There are sample questions you can find on the Internet that will get you started in knowing exactly where you stand with the insurance companies. Just because a policy doesn't have a physical exam doesn't mean you will automatically qualify. If you have a terminal health condition or other form of illness, this criteria could automatically disqualify you anyway.
It's always best to get an insurance policy underway before you have any major problems. This will ensure that you get the policy you want at a fair price and will continue to get coverage no matter what problems you end up going through. Most people wait until it's too late to qualify for their life insurance policies, bogged down with health problems that would make a doctors head spin.
Exclusions
Some exclusions will always apply to no exam life insurance policies. People who wish to take out a policy without being bothered with a medical examination will need to understand these. Gender also plays a role in the rate of the premium amount to be paid. Women live longer than men and the mortality table statistics reflect this. Term life insurance without an exam means that if you die within the terms you are paying premiums, you will receive the death benefit. If the policy expires before the insured dies, a new policy will have to be drawn up. There aren't many term life insurance policies without a health exam because term life insurance usually carries attractive premiums. The reason for this is simple. The chances of someone dying during the premium terms is very low. The next time a policy needs to be drawn up, term life insurance usually requires a medical exam to determine eligibility.
There is no guarantee that you will qualify for no exam life insurance but the chances are much higher that you will. With this increased chance of acceptance, you will also pay a higher premium amount. Up to four to five times higher than the usual going rate! Do yourself a favor and have all your information ready to answer for the questionnaire. This will ensure that you have accurate and complete information. If the insured dies while you are covered under the insurance plan, you can almost be certain that an investigation will be performed. This means if you lie, you get nothing. It's much more in your interest to tell the truth and receive something, rather than lie to qualify and receive nothing at all. Hopefully, the insurance company you choose to do business with will be a reputable one, standing to pay their claims and award amounts when they are honestly due. Good luck.