Afraid of Medicals?
Are you afraid of needles? Blood pressure a bit on the high side? Could do with losing a few pounds? These are all reasons why many people are worried about having a medical when taking out life insurance. In fact it concerns some people so much that they won’t even consider life insurance due to this reason. The good news is that you can take out life insurance with no medical exam.
Insurance companies will provide life insurance up to certain limits with no requirement for a medical exam. These limits can vary from insurance company to insurance company, but typically the maximum of cover would be between $250,000 to $500,000. These should be checked when applying for the policy.
Types of Insurance
No medical life insurance is also known as term life insurance. This means the life insurance policy is valid for a period of time, the term. This term can run from 1 year to 30 years. At the end of the term the policy expires. It can be taken out again, but the premium will be recalculated based on the age at the time plus any other changes that may have occurred. The policy can be issued as a guaranteed acceptance insurance. These do not require a medical and your medical records are not inspected. Typically only a few medical questions are asked.
The other type is simplified issue life insurance. With these policies more detailed medical questions are asked and your medical records may be reviewed.
The only way to know for certain how much the cost would be, is to request a quote. It is important that when looking for quotes that you obtain at least three different ones to compare the prices and check the benefits.
Whilst it maybe appealing to obtain life insurance with no medical exams, it is important to remember that you will pay for the privilege. The insurance companies charge a premium for this benefit to cover their risk. There is of course the benefit that you have life insurance in place which cannot be overlooked.