There are many good reasons for purchasing a life insurance policy. We know that life insurance is essential in the protection of our family and us from financial burden and stress in the event of our death. While life insurance policies require a medical exam to be cheaper, there are several reasons a non-medical exam life insurance may be the best option for you.
If you’re unable to qualify for fully underwritten life insurance but are in need of coverage, non-medical exam life insurance is your best option.
Term policies are the cheapest form of non-medical exam life insurance. Non-medical exam policies offer term lengths from 10 to 30 years and can be purchased until you turn 75.
Non-medical life insurance is ideal for those looking to get life insurance quickly such as those who are applying for a loan or a divorce decree requirement. Also, people who are not a fan of medical offices can find this option best for them.
WHAT IS A MEDICAL EXAM?
A medical exam is one of the underwriting processes to classify applicants based on how risky they are to insure. It determines the final premium amount for the policy.
The medical itself doesn’t take long about 20 or 30 minutes usually. It can be scheduled at home or work on your time.
The paramed nurse will measure your weight and height, take your blood pressure and pulse, and collect blood and urine samples. This is to thoroughly check your current health situation. The paramed nurse will also confirm the answers on the health questionnaire as part of the life insurance application.
The paramed nurse will also review your personal and family health history. In some cases, an EKG is required to test your heart, especially if you are 50 years old or older. Most insurance companies also conduct a prostate-specific antigen test on male applicants over 50.
A non-medical exam life insurance policy skips this step. It saves time in the application process, and your family is protected that much sooner.
WHO SHOULD USE NON-MEDICAL EXAM LIFE INSURANCE?
- People who suffer from Needle Phobia. More than 10% of people suffer from an extreme fear of needles and injection. No one enjoys getting pricked with a needle anyway. If you are one of these people, non-medical life insurance is just for you.
- If you need life insurance coverage fast. Many people need their life insurance approved as soon as possible. Typically people waiting on approval for small business loans, divorce decree requirement or any other court-ordered life insurance policy. Life insurance with no medical exam and no waiting period can be approved within 15 minutes to 10 days.
- If you have multiple “minor” health issues. Minor health issues can result in your coverage being rated (will increase your premium). A no exam insurance policy uses brief medical history check to approve your coverage so you can qualify easily.
- You haven’t seen a doctor in two to five years. You don’t know if your lab work will be normal or not. If you’re one of those people who believe you are a picture of good health and haven’t seen a doctor within the last few years, you may be shocked to see your lab results! If this sounds like you, then you may be good to opt for non-medical exam insurance.
- You don’t want to wait. Taking the medical exam is a big hurdle for most people. With no medical exam life insurance, the process is quick and easy. Since there’s no need for a medical exam, the approval is faster (typically 1 to 7 days).
CAN ANYONE QUALIFY FOR NON-MEDICAL EXAM LIFE INSURANCE?
Since it’s a non-medical exam life insurance policy, anyone can qualify for non-medical exam life insurance, that’s the biggest misconception.
The truth is you have to be in fair health condition to qualify for a non-medical life insurance policy.
You will have to answer a series of health questions on the application form.
The insurance company underwriters will review your medical record from the Medical Information Bureau. They will also check the Pharmacy Database and Motor Vehicle report. You will get approval if all of those come back within the life insurance company’s underwriting guidelines.
High risk or people with the pre-existing condition can be declined for immediate coverage, but they can qualify for “graded death benefit” that has a waiting period before the policy is enforced.
Guarantee issue life insurance is an option for high risks. There are no health questions so anyone can qualify but the cost is relatively high for smaller death benefits.
TYPES OF NON-MEDICAL EXAM LIFE INSURANCE
Simplified Issue Term Life Insurance is non-medical exam insurance and an application with few questions that easy to answer. It offers pure death benefit only. The death benefits range from $50,000 to $500,000. Ages 21 to 70 can apply. It is available in 10, 15, 20, 25 and 30-year term lengths.
Simplified Issue Universal Life provides the policyholder with death benefit protection and cash value component. The death benefit ranges from $25,000 to $500,000. Ages 21-65 can apply. The cost and death benefit is fixed for life. This is the best life insurance without a medical exam for seniors.
Level Death Benefit Whole Life means that the death benefit is the same even when the insured dies right after purchasing the policy (or many years later).
The monthly premium and death benefit are fixed for life. You can apply up through age 80. It has smaller death benefits in the $5,000 to $50,0000 range. It is easier to qualify for people with type II diabetes, hypertension, and cholesterol medications.
Graded Benefit Whole Life is designed for people who are in less-than-perfect health. An individual who may not qualify for level insurance coverage can purchase a permanent policy.
Health issues which may be approved include Type 1 Diabetes, stroke, substance abuse and history of health disease. These policies provide lifetime coverage at a fixed rate. The cost is higher, and the death benefit is reduced during the first two years.
Rapid Decision Senior Whole Life is usually purchased by seniors between the ages 50-85. It is designed for those seeking pure protection with value accumulation and final expense protection. The death benefit ranges from $10,000-$25,000.
Guarantee Issue is a no health question asked policy. It is available to any applicant starting at age 40. You can be approved regardless of your health. People with a pre-existing condition will not be denied coverage.
The death benefit is available in the $5k-$25 range. The death benefit is graded and can be helpful to pay for funeral services.
These types of policies are the best option for those who need coverage quickly due to business or court requirement. Some of the non-medical exam insurance companies can approve your policy in less than 48 hours, and some as soon as 15 minutes.
Time is the most significant advantage of a non-medical exam insurance policy.
When you have a severe pre-existing condition, your choices are limited. For this reason, you may want to select a life insurance company that does not require a medical exam. You only have to answer some health-related questions, and your application is good to go.
If you’re unable to qualify for fully underwritten life insurance policy but need coverage, non-medical exam life insurance is your best option.
At Life Wealth Win, we want to help you find the most affordable insurance coverage for you. We are here to help you shop for the right company at the best price possible.
Call us at (888) 435-4342 if you have questions about non-medical exam life insurance or any other type of life insurance coverage.