Life insurance is an essential way to ensure the well-being of one's family in the event of a tragedy. Unfortunately, traditional life coverage is not an option for many people for a multitude of reasons. Over 30,000 traditional life insurance claims are denied each year. People can find themselves shunned by the protection of traditional life for everything from chronic illness to dangerous work. The good news is, there is one more option for these people – no medical life insurance. This is a type of life insurance policy that does not require you to have a medical exam in order for your application to be accepted. There are two types of policies without medical insurance: simplified issue life insurance and guaranteed issue life insurance.
Simplified insurance scheme
When you buy simplified issue insurance, you don't need to be examined by a doctor. However, you may need to complete a questionnaire about your health and history, which usually has between three and 12 questions. These may include questions about chronic health conditions you might have, if you've been turned down for traditional insurance in the past, if you have regular activities that put you at risk (such as smoking or a job at home). high risk), and more. Generally speaking, the higher the number of questions on any of these apps, the lower the premium will be, and vice versa. It is important to keep in mind that the face amount on a simplified issuance policy is often limited to $ 150,000.
Guaranteed Issue Life Insurance
The Guaranteed Issue Insurance Plan does not require applicants to undergo a medical examination or complete a health questionnaire. Therefore, these policies are very popular with people with serious illnesses. That said, the downside to these policies is that they are much more expensive and have much lower coverage amounts for non-accidental death – typically around $ 25,000. On top of that, with many guaranteed issue policies, if you die within the first two years, the payment your beneficiary will receive will be limited to a return of premium. Despite this, however, guaranteed issue policies are often the only option for those who are critically ill, and since no health status information is required to apply for one. of these policies, very few candidates are rejected; the most common reason for a refusal is if a candidate exceeds the maximum age limit, which is typically 75 years old.
Who should not consider any medical protection?
This type of life insurance is a great option for a wide variety of people. If you have been refused for traditional insurance in the past or if you are likely to be, for example if you have a chronic illness, work a high risk job, or have ever been convicted of driving under the influence, the police life insurance policies that exclude medical exams are always an option for you. Additionally, many people are uncomfortable with having a medical exam, for personal, religious, or any other reasons. These people may feel much more comfortable with a simplified insurance policy.
How to not buy medical life insurance
There are several ways to buy this type of life protection. The first is to buy the insurance from direct agents, who are employed and work for specific insurance companies. Or you can buy a policy from an insurance broker. Brokers are independent, but unlike agents, they sell the products of multiple insurance companies. These are the main sources from which you can purchase life insurance without a medical exam. Learn more about the policy and get a no medical life insurance quote today.