Many people today are enrolling for life insurance policies so as to secure their loved ones once they die. When approaching various insurance companies, a medical examination report is often considered a necessity for one to purchase a policy. This is so because, insurance companies need to access the risks involved in insuring an individual. But good news is that now it is possible to get life insurance without a medical exam.
If you have been looking for the right senior life insurance company but scared of the medical exam, do not worry since today there are several viable “non-med” alternatives for you. Though this is the case, there are some insights on the same that you need to bear in mind.
Who buys life insurance without a medical exam?
Of course the truth is that not everyone qualifies for this type of insurance; otherwise everybody would be applying for the same. The following clientele are considered as the right candidates of life insurance without a medical exam. It covers through different age sets including the senior members provided they fall under these categories.
- People with a white coat syndrome- these are individuals who get stressed up when it comes to medical examination leave alone getting poked with a needle when drawing blood for tests.
- Excessively busy individuals who don’t find time to get a medical exam
- Individuals that are in a hurry to get insurance policy especially in a case whereby the individuals intend to collateralize a loan
- Individuals in need of a smaller amount of life insurance
- Individuals having chronic health conditions that are not under control such as diabetes
- When applying for an accidental death coverage which may be caused by other accidental means outside the health condition of an individual.
- Individuals involved in highly risky occupations or participate in highly risky hobbies and find it hard to get life insurance that uses a complete underwriting process irrespective of their healthy status
- Individuals that are too old and suffering serious ailments and wish to have their final expenses such as funeral and burial expenses catered for.
The truth however is that, in order to get appropriate life insurance that achieves personal goals like funding your children education and other future plans when you are gone, submitting to the medical tests is the best option; unless you fall under the categories listed above.
Types of No Medical Exam Insurance
There are basically two types;
- Guaranteed issue life insurance– in this type of insurance, you are only required to answer four basic questions;
- Do you smoke?
- Are you hospitalized or in a care facility?
- Are you suffering from HIV and AIDS?
- Have you been declared terminally ill?
This type of policy will provide enough protection but it is quite expensive in comparison to other forms of life insurance.
- Simplified issue life insurance– this type does not need any medical examination but the insurance companies will have to ask you detailed medical questions and may need to have a view of your medical record. In cases of specific medical issues, you may be denied this type of insurance cover.
Finding the best No medical exam life insurance
Mostly, no medical exam life insurance is sought in a hurry but that does not mean, you do not need to do your homework well. Try to get quotes from various insurance companies that offer this type of policies for comparison to ensure you are fully satisfied with the required premiums and benefit amounts you expect for your needs and crucially what you can afford.
Speak to a trusted independent insurance agent to guide you through because chances are high that they have more experience and know-how on matters to do with insurance.
If the question on whether you can get senior life insurance without medical exam has been troubling you, now you know the conditions under which this is allowed. If you happen to fall under any of the categories listed, no matter the age or gender, you can apply for the insurance policy without having to undergo the medical examinations.