Non Medical Insurance
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Non-medical life insurance assumes no medical test when issuing a policy as opposed to a traditional policy where medical tests are required (e.g. blood test, blood pressure, etc.). If there are no tests, insurers see the risk higher and thus often would collect higher premiums for these types of policies. At the same time, there is often a coverage limit on these policies in order to minimize insurance risk. It is also referred to as no exam life insurance and can ease the pain of buying life insurance.
- Simplified issue life insurance: This policy requires no medical exam but still has a number of health-related questions. Typically, the longer is health questionnaire, the lower the insurance premiums. A typical policy limit is $150,000 and if you were denied life insurance in the past two years, this policy may be not available for you.
- Guaranteed issue life insurance: This policy has neither a medical exam, nor health questions to answer. It is available even if you were declined for a policy during the last two years. Typically, the Guaranteed Issue Life Insurance coverage (face amount) will be limited to $25,000. There are also a few limitations in terms of payouts, in case an insured dies within the first two years.
- If you have some health problems you are already aware of and are afraid if you undergo medical exam, you won’t get Insurance.
- If you’re hard to get insurance based on your previous stats.
- If you have a dangerous job or participate in hazardous or extreme sports.
- If you don’t want to go through medical exams and want to directly apply for Insurance.
- If you just want your coverage fast without hustle.
- Non-medical life insurance usually has a number of exclusions to benefits like pre-existing conditions are almost never covered. An individual who knows they have stage four cancers cannot sign up for non-medical life insurance, then die from cancer and have their beneficiaries collect on the policy.
- There may be other exclusions too, including suicide. If a claim is ever put on the policy, the insurance company will likely take longer to make a disbursement while they work to determine whether or not there has been fraud. With a non-medical life insurance policy, the investigative work happens at the time a claim is made rather than at the time the policy is taken out, so receiving benefits can take some time.
- NO WAITING TIME
Many business people need life insurance when they apply for a business loan. Most lenders require that the loan is insured to secure the loan to ensure that it can be re-paid. Even many personal loans may require that you be insured with a life insurance policy before they will approve you. The problem is that many people simply can’t afford to wait several weeks to get approved for a traditional life insurance policy.
- CONVENIENCE
Life is busy these days; people are tied up with different commitments. So if anyone wants a policy within 1-2 days then the simple convenience of applying, completing a brief questionnaire is quite appealing because these policies are very handy and easy to obtain.
- HEALTH ISSUES
You could be engaging in a high risk occupation or hobbies. You may have a serious health issue which can result in a very expensive premium or be declined altogether so no medical-exam life insurance might be your best option.
- NO NEEDLES
Some people are not very comfortable about with a needle, and a no-medical exam policy lets you avoid having to undergo this uncomfortable dilemma.A non-medical exam life insurance policy does not require blood to be drawn. This is a great option for those with a fear of needles.
- EXPENSIVE
Life insurance with no medical exam is more expensive than life insurance policies that require taking a medical exam. The life insurance company is taking a greater risk by insuring without labs and full medical underwriting. Most life insurance companies that offer life insurance with no medical exam automatically give the insured a Standard risk class.
- LIMITED COVERAGE
A non-medical exam policy is fast and easy, but there are limits on the amount of coverage offered. The total coverage varies from one company to another, but you can expect coverage in the region of $100,000 and no more than $350,000.The amount of coverage may be a bit more if the life insurance is tied to your mortgage.
- LIMITED DEATH BENEFIT
Life insurance with no medical exam has limited death benefit amounts. Most companies that offer life insurance with no medical exam have a maximum death benefit amount of $500,000. If you require more than $500,000, you will need to go with traditional medical exam coverage policy.
- LIMITED ISSUE AGE
Life insurance policies without a medical exam generally have shorter issues ages and limited term lengths of policy issued than traditional medical exam coverage. For example someone who is at the age of 61 looking for 30 year term life insurance with no medical exam would only qualify for a 15 year policy.