Nobody enjoys taking medical exams for life insurance. It appears to be an annoyance if you are in good health.
You’re undoubtedly concerned about the influence of the results on the rate at which you will be charged if you are not in good condition. That is why a no medical exam term life insurance is so appealing.
However, the disadvantages of skipping the exam may not always exceed the advantages.
A life insurance medical exam often includes checking your blood pressure, weight, height, as well as providing urine and blood samples and maybe undergoing additional tests.
The results are used by insurers to determine if you are eligible for coverage and to determine your premium rate.
In the absence of a checkup, insurers must rely on other information which includes your medication history and answers to the questionnaire (concerning your health), to estimate the risk of insuring you.
Life insurance policies without a medical exam have a wide range of prices. Some are designed for people who are ill and wish to avoid medical concerns while others are designed for healthy, young people who want speedy enrollment.
Can I Get Life Insurance Without a Medical Exam?
You must be scared that a medical exam will affect your chances to get life insurance, there are some policies available that don’t require an exam.
Some life insurance policies like term life insurance will need a medical exam. The medical exam aids the company to scale the risk and setting your premium.
In a case where you have a bad medical condition, you think that life insurance is not for you, but that’s the opposite.
There are two life insurance policies accessible without a medical exam and we know one of them as a no-exam life policy.
Why Life Policies?
Most people know what life policies are, but they are not sure if they need it or not because it can be confusing. Because of that, they choose not to get one or worse they do not get one at all.
Families should consider life policies because when the breadwinner dies, the policy taken helps provide for the family and also pay off debts. Here are the reasons we should take up a policy:
- Provide income: one of the important reasons why people take up policy is to make sure their family won’t face a crisis if the breadwinner passes away suddenly. If you are the head and breadwinner of your family, you should consider taking a life policy for yourself and your family. Life policy is not just important for a family; it is also important for an unmarried individual.
- It aids to cover bills and debts: when you die leaving behind debts and loans, it won’t disappear just because you died, someone will have to pay for it. In the case where you are married, your wife and kids will have to face the music but if you are single, your parents or siblings will face the music. Your policy can also aid in funding funeral services and burial.
- It helps relieve stress: When a family member passes away, it’s an emotional and stressful period for that family. Though your life policy can’t solve every issue, it can offer respite for the family.
How Much Does Life Insurance Cost?
They base the rate for an insurance policy on two factors which are mortality and interest.
There is another factor that should not be ignored which is the expense, and this is the amount the insurance company adds to the cost of the chosen policy to cover the cost of selling insurance, investing the premium and also paying claims.
A group of people focuses life insurance on the allocation of risk of death. You should know the sum at risk to portion the share to each member of the group. Interest is also used to calculate the premium.
Some companies invest their premium in bonds, real estate, stocks, mortgages, etc hoping they will earn a certain rate of interest from the investment.
You should also take expenses incurred from operating the insurance company into consideration. Expenses such as salaries, agents’ compensation, rent, legal fees, postage etc.
The company also considers expense loading which is the amount charged to cover each policy’s cost of operation. Some companies charge more and some charge less depending on their daily operations and the rate at which they get things done.
How are Life Insurance Costs Calculated?
Insurance companies look at different factors when calculating insurance premiums. Such factors are:
- Age: insurance companies see this as an important factor because the younger you are, there is the unlikelihood that you will need medical care. So the younger you are, the cheaper your premium will be. As you get older, your premium gets more expensive and the likelihood of you needing medical care.
- The type of coverage: Generally, there are several options when buying an insurance policy. The broader your coverage gets, the costlier it will get.
- The amount of coverage: The lesser the coverage you choose, the cheaper the premium will be no matter what you’re insuring.
- Personal information: in this case, it all depends on the type of life insurance you choose. The insurance company will take a look at your health history, smoking status and things that may affect your life and health.
How Does No Medical Exam Life Insurance Work?
Nomedicalexamtermlifeinsurance is a type of insurance policy that you can purchase without passing through a medical examination.
Most people choose this type of insurance because it is less stressful and does not take up much to purchase. This option was created because of those with an already existing condition.
This type of insurance appears to be more expensive when compared to standard life insurance, this is because the insurance companies do not have enough data to assess your health, also people who are healthy always choose the standard life insurance option.
There are two types of nomedicalexamtermlifeinsurance which include simplified issue life insurance and guaranteed issue life insurance.
Simplified issue life insurance does not need a medical examination by a medical practitioner.
However, you will be given a questionnaire to know some basic things about your health such as your name, age, if you’ve been diagnosed with any sickness in the past, if you’ve been admitted to the hospital in the past and if any company has ever turned down your life insurance policy.
You can either buy simplified issue life insurance as a whole life policy or term policy.
Guaranteed issue life insurance does not need a medical examination nor does it require a questionnaire, but they limit it to a lower coverage which is around $25,000 for deaths not caused by accidents.
In guaranteed issue policies, if you pass away within two years, your next of kin will receive benefits that are equal to the premium paid on your policy.
Normally, when you purchase this kind of insurance, your coverage continues as long as you make payments.
What are the Best Life Insurance Policies Without a Medical Exam in 2022?
In 2022 there are two best life insurance policies one can take up without medical examination and they are simplified issue life insurance and guaranteed issue life insurance.
These policies are very good options for those who think that their health background is a barrier for them taking up life insurance.
When it comes to simplified issue life insurance there is no need for checkups from a doctor but you will have to fill up a questionnaire for them to know your background.
In the case of guaranteed issue life insurance, you don’t need the medical examination and the questionnaire. Simplified issue life insurance is in two types – whole life policy and term policy.
Below is more on each type of nomedicalexamtermlifeinsurance
1. Guaranteed Issue Life Insurance
Kicking off our list of best life insurance policies without a medical exam is guaranteed issue life insurance.
These are small whole life insurance policies that usually cost $25,000 and are provided to aged people as burial insurance to cover expenses such as the cost of their funerals.
There are no health-related questions and the application procedure is simple. If you’re between the ages of 45 and 85, you’ll most certainly get approved.
They made these policies in such a way that, unless you die of natural causes during the first few years of the policy, your life insurance beneficiaries will not receive the full death benefit.
Instead, they get a percentage of the premiums you paid, let’s say 110%. This type of life insurance policy is more expensive for healthy people.
2. Simplified Issue Life Insurance
The next entry on our list of best life insurance policies without a medical exam in 2022 is simplified issue life insurance.
This life insurance policy would require you to answer a questionnaire when applying for it. These questions are usually about your past medical history, height, weight, etc.
Further data could be needed by the insurer too. The simplified issue life insurance covers many types of insurance including whole life and term insurance.
Usually, the maximum coverage amount is $500,000 or less and is more expensive than an insurance policy with a medical exam.
3. Group Life Insurance
This life insurance policy is usually gotten through your employer or issued by companies to their employees.
The company usually pays for the cost of the insurance and they calculate the rates for the group as a whole. The standard amount paid by the employer is usually small.
This type of policy is mostly for people who want cheap life insurance policies without a medical exam.
4. Instant–approval Term Life Insurance
During application for this type of insurance, you will be required to answer a few health questions and the insurer gathers further health information from you which will be used to compute the risk of insuring you.
This type of insurance policy costs higher because insurers require larger data from you and are basically for people in need of a quick application.
However, there is no estimated price for this insurance policy. There’s no doubt it should be on our list of top life insurance policies without a medical exam in 2022.
5. Accelerated Underwriting Life Insurance
Accelerated underwriting life insurance is affordable and requires no medical exam, that is why it deserves a spot on our list of top life insurance policies without a medical exam.
It does not mean this life insurance policy is for everyone even though it does not require a medical exam.
What are the Best Life Insurance Companies Without a Medical Exam in 2022?
Some life insurance companies offer no medical exam and the best life insurance companies without a medical exam are reputable companies with good reviews.
Check them out below
1. HAVEN LIFE
This life insurance company provides customers with term life insurance policies and offers an easy online application process.
Its life insurance policies are affordable and easy to handle.
2. JOHN HANCOCK
Are you looking for an instant issue life insurance company with lots of perks? Then you should consider John Hancock insurance company.
They provide benefits for a healthy lifestyle as well as a simple underwriting policy.
3. LINCOLN FINANCIAL GROUP
One interesting thing you should know about this life insurance company is that it offers accelerated underwriting, and it is very easy to get a policy from them than from other life insurance companies.
4. GLOBE LIFE
They do not require a medical exam. However, for life insurance, they offer the highest coverage amount and have the lowest monthly premium. This insurer offers customers full coverage when they purchase a policy.
Although their rates are relatively high, they stand out because of their coverage benefits.
You should consider this life insurance company because they offer good coverage benefits.
FREQUENTLY ASKED QUESTIONS (FAQs)
The insurance companies test for your blood pressure, height, weight, and pulse. Your urine sample will be collected too, although this is dependent on your age and the company.
Yes. Provided you have a financial need for it, you can buy more than one policy.
You can. Group life insurance is available for those looking for a cheap life insurance policy without a medical exam.
A no medical exam term life insurance is a life insurance policy that does not require a medical exam before applying.
There is no fixed cost for life insurance. The cost of insurance is dependent on the kind of policy you want to get.
There’s no doubt that losses are inevitable in life and the extent to which these losses affect our lives differs, that is why we have something called life insurance.
This helps alleviate the financial burdens we face at different phases of our lives.
There are different types of life insurance policies – there are no medical exam term life insurance policies and there are policies that require a medical exam. This gives you the flexibility to choose the one that suits you.
There are several life insurance policies and companies as well, however, we have highlighted the best life insurance policies without a medical exam and the best life insurance companies.