When you are getting life insurance, most companies will require you to have a medical exam. No medical exam life insurance allows you to get life insurance without the company knowing your medical issues or health status. This can be a great way to get insured if you are unable to get insured otherwise. It can also be a good option if you do not want to deal with the inconvenience of a medical exam.
It is important to note that no medical exam life insurance policies are the same products as those that require a medical exam. Most of the application process will remain the same as well. The main difference is whether you have to get a medical exam or not.
How to do it
If you are interested in getting no medical exam life insurance, there are several necessary steps to take.
First, you need to find several life insurance companies that offer no medical exam life insurance. Not all companies have policies that can be obtained without a medical exam.
Once you find a company, it is a good idea to get quotes from multiple companies. Make sure they offer everything you are looking for in a life insurance policy. Each company can offer something different in their policy.
From that point, you can compare the companies and what they offer. You should consider the quote and decide what the best option is for you personally. Do not simply choose the first option you find or the cheapest one. You should search for the best life insurance policy for your needs.
It is very important to find life insurance that fits your needs. Life insurance is very personal. One type of life insurance is not the right choice for all people so you will need to do some research.
You may choose to get life insurance through an independent agent. This is a good idea because an independent agent represents multiple companies rather than one. You will be able to get the guidance you need and find the right policy without feeling pressured by an agent working for commission. You might find an independent agent with experience in no medical exam life insurance who can help you. There are also websites out there, like Over50lifeinsure, that allow you to shop for no exam life insurance quotes online.
Companies that offer it
Many companies offer no medical exam life insurance options. It is somewhat easy to find a life insurance company that allows you to skip the medical exam. Keep in mind that no medical exam life insurance is not available for all policies.
These are some of the life insurance companies that offer no exam life insurance policies:
- American Amicable
- American National
- Principal Financial Group
- John Hancock
- Pacific Life
- Banner Life
- Fidelity Life
- Phoenix Life
- North American Company
- Gerber Life
- Haven Life
- Mutual of Omaha
- Lincoln Financial Group
Be sure to compare the different companies and what each of them offers. You will likely be able to narrow down your options and find the best one for your needs.
Differences between simplified issue and guaranteed issue
Two types of no medical exam life insurance are simplified issue and guaranteed issue. Though neither of them require a medical exam, there are some differences between the two.
With simplified issue life insurance, the insurance company will ask you some medical questions. This is in place of a full medical exam. In addition, the company might ask to see your medical history records. In some cases, you can be rejected. This simply depends on what the company will accept and what your health issues may be. Simplified issue life insurance means that it is simple for you to be insured. The process is less complicated with simplified issue than other types of life insurance.
With the guaranteed issue, you are guaranteed to be insured. This is ideal for anyone who may have been denied coverage in the past due to health problems. If you get guaranteed issue life insurance, you will have to answer a few questions. These include:
- Do you smoke?
- Are you terminally ill?
- Do you have AIDS?
- Do you have HIV?
- Are you in a hospital?
- Are you in a long-term care facility?
This helps the insurance company to determine how great of a risk it is for them to insure you. The more serious your health conditions are, the more likely the death benefit will need to be paid out.
Always work with a pro
One of the best things you can do for yourself is to work with a pro. This way it will be easier for you to navigate the process and learn which company may be your best option.