A medical exam is required for most life insurance policies, such as term life insurance. This test assists the insurance provider in accurately assessing risk and determining your premium. If you have a major medical condition, you might think life insurance is out of the question, but this isn’t always the case.

There are two types of non-medical life insurance policies available. A no-exam life insurance policy, such as a simplified issue or guaranteed issue, could be ideal for you and your family.

What happens during a life insurance medical examination?

Medical exams are offered at no cost to you by your insurance carrier. The exam will be performed at a location of your choice, such as your home or workplace. In addition, you’ll receive a copy of the results for your records. The exam lasts roughly 30 minutes and comprises the following:

• Taking your height and weight measurements
• BMI Calculation
• Pulse and blood pressure readings
• Blood and urine samples are collected.

Additional tests, such as an EKG, may be performed by the technician in some instances. This is especially common among applicants over the age of 50 or for those seeking higher coverage quantities. If you’re in good health, a traditional policy with a medical exam can help you receive better rates, and many insurance companies are attempting to make the procedure as simple as possible. It’s possible that you’ll be able to bypass it entirely in some circumstances. No-exam insurance, on the other hand, can help you acquire the protection you and your family need if you have health conditions that affect your rates or eligibility.

There are two types of no-examination life insurance policies. Simplified issue and guaranteed issue are two types of life insurance policies that don’t require a medical exam. Understanding what they both offer and how they differ will help you make an informed decision about whether no-medical exam policy is right for you.

1. Simplified issue

A simplified issue policy requires you to fill out a lengthy questionnaire on your health, medical history, and medical history in your family. You’ll also have to give them access to your previous medical records. You will not be required to have a medical examination; all that is required are your responses to the questionnaire and your medical records. Premiums are greater for this type of policy than for a traditional policy with a health assessment. Simplified issue insurance can be written for term or whole life coverage, depending on your policy.

Simplified issue is the best choice if you’re looking for:

• Convenience: Simplified insurance is a fantastic choice if you don’t want to bother with a medical exam. According to a recent survey, 47% of Americans would like to purchase life insurance through a simplified method.
• Quick approval: You can get insured right away without having to wait weeks for processing and results because there is no medical exam. This could be useful if you need coverage quickly, such as for a forthcoming trip.
• Health issue coverage: Controlled diabetes or a gastrointestinal disease can make life insurance approval more difficult. Simplified issue is intended to assist those who may not be eligible for traditional policies in obtaining the coverage they require to safeguard their family.

One reminder: When applying for insurance, it’s critical to mention any medical issues. Your coverage could be canceled if the insurance company discovers you didn’t report something after you died. Your beneficiaries will not receive the death benefit you arranged if this occurs.

1. Guaranteed issue.

You still have options if you don’t qualify for traditional or simplified issue life insurance because of pre-existing problems or costly rates. A guaranteed issue life insurance policy may be a good option for you. There is no medical exam required to apply for guaranteed issue life insurance. Guaranteed issue insurance just asks you to answer a few questions regarding your medical history and health facts.

The premiums on this insurance are typically more in comparison to the death benefit, which is normally capped at $25,000 or less. Many policies include graded death benefits, which means that if you die during the first two or three years of policy issuance, your dependents may only get the premiums plus interest.

Guaranteed issue is the best option if you’re looking for:

• There will be no questions asked when it comes to coverage. – Guaranteed issue lives up to its name by ensuring coverage regardless of your health or age. It is a sort of lifelong insurance that will last as long as you pay your premiums. If you have a critical illness, such as cancer or heart disease, a guaranteed issue can aid your family after you die.
• A means to take care of last-minute requirements. – Many people utilize guaranteed issue as a sort of final expense insurance because the coverage amounts are smaller than with other types of life insurance. It can assist you in covering funeral costs and related medical fees, as well as paying off end-of-life debts. Guaranteed issue might also help you leave a small inheritance to your children or grandchildren.

Who needs life insurance that doesn’t require a medical exam?

People who want life insurance but are afraid about not qualifying due to their age, health, or other factors may want to consider no medical exam life insurance. If any of the following apply to you, you may wish to explore a no-medical-examination insurance policy:

• You’re worried that your health will prevent you from being approved for an exam-based coverage.
• Because of your health rating, premiums for an exam-based policy may be higher.
• You need life insurance right away and don’t want to wait for a medical test.
• You’re getting on in years, yet you still want to safeguard your loved ones financially.

You may be able to add riders to simplified issue or guaranteed issue policies, such as an accidental death benefit if you die in an accident or a premium waiver for disability if your health deteriorates to the point that you are unable to work or pay your premiums. If you can’t get other life insurance and don’t want to burden your family with funeral and burial fees after you die, a no medical exam life insurance policy can be utilized to cover ultimate expenses.

Resources:

https://fidelitylife.com/learn-and-plan/learning-center/why-do-i-need-a-medical-exam/about-no-exam-life-insurance/#:~:text=Most%20life%20insurance%20policies%2C%20like,insurance%2C%20require%20a%20medical%20exam.&text=There%20are%20two%20types%20of,for%20you%20and%20your%20family.