No Medical Exam Life Insurance
For many people, getting life insurance can be a difficult process. Not only is it time-consuming, but it also often requires medical exams and tests in order to prove your eligibility. While most people have the luxury of time and money for such procedures, there are those who do not. A no-medical exam life insurance policy that allows you to get the coverage you need without any of the hassle and costs associated with traditional policies.
With a no-exam life insurance policy, you can receive up to $2,000,000 of insurance coverage without undergoing any medical tests or exams. That means you can get the protection you need for yourself and your family in a matter of days, not weeks.
What Is No Medical Exam Life Insurance?
Medical underwriting is a common requirement for most life insurance policies. This involves going through a series of medical tests and exams to determine your eligibility for the policy. Exams such as blood work, lab tests, x-rays, and other screening processes can be lengthy and costly.
No medical exam life insurance eliminates the need for medical underwriting by allowing you to get coverage without going through this process. This means that you get the protection you need in a fraction of the time it would take for traditional policies.
But it’s important to know that because there’s no medical underwriting with no-exam life insurance, the price will very likely be higher than with traditional policies. The price also varies depending on the preferences of the insurer, and whether you or someone you want to enroll for life insurance doesn’t want to disclose any medical information.
How Much Life Insurance Can I Get?
The amount of coverage you can get through a no-exam life insurance policy varies depending on the insurer. Depending on the insurance company, you can get up to $2,000,000 in coverage without providing any medical or physical information.
For most people, no-exam life insurance is the best option for getting quick and easy coverage that can protect their families in case of an unexpected event. Safe Wealth Plan can connect you with a licensed agent that can help you get the protection you need.
Types of No Medical Life Insurance
Unfamiliar with no medical exam life insurance? In general, there are two types of no-exam life insurance. To give you a better understanding, we have outlined the main features for each type:
This type of life insurance plan offers guaranteed coverage and is typically available to almost everyone, regardless of their medical condition. Because there is no medical underwriting, guaranteed-issue policies are usually more expensive than other life insurance plans. However, they cover people who may not be eligible for traditional life insurance policies.
Simplified issue policies allow you to get coverage without going through a long and drawn-out medical underwriting process. However, there are usually more restrictions in place when it comes to the amount of coverage that is available and who can qualify. To see if you are eligible, you will be asked a number of questions about your health, medical history, and way of life. Having a bad medical history doesn’t mean you don’t have a chance to qualify for this type of plan. Simplified issue is still a good option for people with a less-than-perfect medical history.
What Is Instant-Approval Term Life Insurance?
Now that you understand the basics of no-exam life insurance, it’s time to take a look at instant-approval term life insurance. This type of policy is designed to provide you with coverage without the long wait times associated with traditional policies. Accelerated underwriting uses a set of guidelines to assess your eligibility and provide you with an instant decision.
Insurance providers often use technology such as telemedicine, data analysis, and automated underwriting to quickly determine a customer’s life insurance eligibility and how much it would cost. They will gather data and use it to calculate the risk of covering the customer. This drastically reduces the wait times associated with traditional policies. Some of the data that will be collected include:
- Medical records
- Driving records
- Prescription records
- And some information about previous life insurance applications
What are Group Life Insurance Plans?
If you are an employer or someone who is looking for group life insurance plans, no-exam life insurance might be the perfect solution. The rates for group life insurance tend to be lower than individual plans, and, typically, no medical exams are required. The coverage amount is often based on a multiple of your salary or other criteria set forth by the employer or organization.
Also, you or your employer can buy extra insurance that isn’t part of the group plan, and you don’t have to give any medical information. It’s a great option for those who want to supplement their existing coverage but don’t have the time or energy to go through an underwriting process.
Ideal Candidates for No Medical Life Insurance
Just like with any other kind of life insurance, the best person for no-exam life insurance is someone who is healthy and has no or very few pre-existing medical conditions. This is because they are less likely to be turned down for coverage and can take advantage of the low premiums that come with these plans.
Even if you think you are not a good candidate, there is still a chance that you can get coverage. However, to lessen the risk of being declined, it is advisable to provide more detailed information about your medical history and lifestyle, or if you can, pursue coverage with a medical exam.
Contact Safe Wealth Today
Know that you can always be turned down for a life insurance policy that doesn’t require a medical exam. However, there are ways to increase the chances of being approved.
Safe Wealth Plan can connect you with a licensed agent that can help answer any questions and walk you through each step of the process. Contact us today.