When you buy life insurance, you purchase a guarantee that in case of an illness, accident, or other harmful event indicated in the document, you will receive the appropriate help and reimbursement for the treatment. The budgets and the list of services that are provided in case of damage to your life are always set by the company and, in most cases, depending upon the condition of your health. Hence, if you are young and healthy, you have nothing to worry about: any insurance provider will be lucky to cooperate with you. In this case, traditional life insurance suits you the best. The company will go through your medical records, learn the history of your illnesses, and after you undergo a full medical examination, the insurance provider will give you the premium.
Since most life insurance companies require their clients to go through a medical exam, you may have trouble if your health condition is weak or you have a bad medical history. That is why traditional life insurance is far from suitable for everyone. If you are in a poor health condition, such policies may be extremely costly. But this is not the only option. Today there are many alternatives to traditional health insurance, for instance, life insurance without an exam. Let’s dive deeper to weigh all benefits and pitfalls.
Most life insurance companies require a physical examination of their potential clients before providing them with insurance policies. The aim of an exam is to help the insurance provider to accurately assess all risks associated with the client’s health and establish their remuneration rate. In case there are severe problems with your health, you may be afraid that life insurance is prohibited for you. However, there is a simple way out no-exam life insurance.
You can choose between two types of life insurance available with no physical examination: simplified or guaranteed. Understanding what they both offer and the differences between is the essential thing in making an informed decision about which policies will work best for your needs.
If you choose a simplified-issue policy, note it will require your answers to a detailed questionnaire of your medical history and your family. Naturally, the company may request your medical materials and all records of previous illnesses. The bright side is that you don’t have to undergo an actual physical examination. You only need to fill in a questionnaire.
If you are not eligible for traditional or simplified options, either because of pre-existing illnesses or premiums not available to you, there are still good alternatives to choose from. One of those is a guaranteed life insurance policy.
This type of life insurance doesn’t require the undergoing of a medical examination. The Guaranteed Release Policy only entails answering several questions about your previous illnesses and current health status.
Who Needs a No-Exam Life Insurance?
So, how to make sure that a no-exam life insurance policy is the right option for you? Medical exam life insurance may not be an option for people interested in insurance but who are concerned that they are inadequate due to their age, health, or other concerns.
You may want to consider an insurance policy without a medical examination if:
- Due to your current health condition, you will not be approved based on the policy that requires an exam.
- Policies that require an exam have higher premiums for people with poor health.
- You need a life insurance policy right away, and you would rather not wait for a medical examination.
- You are elderly but would like to offer financial assurance to your family.
There is a possibility to supplement riders to simplified issuance or guaranteed release policy, such as an accidental death benefit, or waiver of disability premium in case your health worsens with time to the condition that you won’t be able to work or pay your premiums.
A life insurance policy without a medical clearance can also be used to cover final costs if you cannot get other life insurance and desire to avoid overwhelming your family with funeral and expenses associated with it.
Life insurance provides the most valuable thing you have: life, health, the ability to earn money, a confident future. This is an instrument of financial protection that guarantees long-term material support to you and your loved ones making it possible to protect yourself from the consequences of an accident, avoid financial troubles and maintain a decent standard of living for your family in the event of an accident.
With the help of life insurance, you can create a financial reserve for retirement, accumulate capital to achieve various goals. It guarantees the receipt of funds regardless of the assistance provided under the government reimbursements and/or social insurance system. And if you have pre-existing health conditions or there is an immediate need to get the insurance, no exam life insurance can provide you with suitable policies.
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