A No Medical
Exam Life Insurance policy means people can receive real coverage, without having to provide blood and urine for testing.
A no exam life insurance policy means that there is no examination to determine the exact state of health for the policy holder.
Not exact matches
Sometimes «no medical» can
mean no money: If you are having difficulty getting
life insurance (e.g. due to particular
insurance pre-conditions such as diabetes or heart attack history), you may choose a no medical
life insurance policy (no medical
exams are required).
This
means another health
exam, and of course your age will be a factor in determining the cost of a new
insurance policy — even though term
life insurance is cheaper than permanent
life insurance, you'll naturally pay more for a term
policy today than you would have 5, 10, or 20 years ago, and if you're above a certain age you may have trouble getting a term
life policy at all.
This
means that there is no blood and urine testing to worry about — and because of the no medical
exam process, oftentimes, an applicant who has certain health issues will still be able to qualify for coverage, such as with a guaranteed issue
life insurance policy.
Guaranteed
means you will not be required to take a medical
exam or answer medical questions in order to have this kind of
life insurance policy underwritten.
With that in mind, as the name implies, a no
exam life insurance policy will not require you to undergo the paramedical examination — which
means that you won't have to worry about rolling up your sleeve, turning your head, and feeling woozy afterward.
Also, with most term
life insurance policies there is a conversion option which allows you to convert the
policy to a permanent
policy with no proof of insurability (
meaning you don't need to take another
exam).
Buying a traditional term
life or whole
life policy usually requires a
life insurance medical
exam, which
means a health care professional reviews your answers to medical questions, takes a blood and urine sample, listens to your chest, and wraps a blood pressure cuff on your arm.
What this
means is you have to be assisted by a
life insurance agent to complete a no medical
exam life insurance policy and there are also no medical
exam life insurance policies for diabetics!
Many, but not all term
policies sold today, are convertible which
means you can automatically convert the
policy to «Permanent»
life insurance without having to undergo a medical
exam (you must convert before the expiry date outlined in the
policy).
As mentioned above, the typical, fully underwritten
life insurance policy (
meaning you're completing an
exam and giving access to your records) takes 4 to 6 weeks.
Simplified issue
life insurance is a type of «no
exam policy,» which
means you don't have to get a medical
exam during the application process.
This
means another health
exam, and of course your age will be a factor in determining the cost of a new
insurance policy — even though term
life insurance is cheaper than permanent
life insurance, you'll naturally pay more for a term
policy today than you would have 5, 10, or 20 years ago, and if you're above a certain age you may have trouble getting a term
life policy at all.
A conversion option is typically included and allows the owner of the term
policy to covert all or a portion of the term into permanent coverage, such as universal
life insurance, without proof of insurability — that
means no health questions or medical
exam.
The problem is, most types of
life insurance require a medical
exam before the
policy is issued, and that could
mean weeks added to the application process.
If a senior applies for a no medical
exam life insurance policy, it
means that a medical examination will not be necessary as a criterion for qualification.
If you've been declined for
life insurance coverage, there could be a
policy that is willing to give you no
exam coverage, but just because you've been rejected in the past doesn't
mean that a no
exam plan is your only option.
Before we cover the 3 best companies for a $ 500,000
life insurance no medical
exam policy, let's briefly review what no
exam life insurance means for you.
Convertibility allows you to convert your term
policy to one of the company's permanent
life insurance products with guaranteed insurability (that
means not taking another
exam).
The NWL Rapid Issue, NWL Graded Death Benefit, and the NWL
Living Benefit Term
life insurance products are simplified underwriting
policies,
meaning that no medical
exam is required for approval.
Term
life insurance policies do offer you the option of Renewability, which
means you may renew your current
policy when it expires, without having to take a physical
exam to prove you are healthy and qualified.
This product is a simplified issue which
means that the company will require you to answer some health and lifestyle questions but doesn't require you to take a medical
exam which is what makes them one of the fastest online
life insurance policies out there.
Since there's no medical
exam, it
means almost anyone can qualify for final expense coverage, and so the cost of final expense
insurance can be as high as 20 times the amount of a fully underwritten term
life insurance policy.
Most term
life insurance policies require that you take a medical
exam which
means that any decline in your health is likely going to show up in the results.
Every standard
life insurance policy means you will have to undergo some form of medical
exam to be approved for a
policy.
The nice thing about term
life insurance is that most companies have a conversion rider that you can add,
meaning that you will have the option to convert your
policy to permanent coverage later on in
life without having to retake a medical
exam.
Which
means that you'll have a really good chance at qualifying for either a traditional term or whole
life insurance policy that will require that you take a medical
exam or a no medical
exam life insurance policy which will allow you to «skip»
exam!
These are
life insurance policies which are not going to require that you take a medical
exam or answer any health - related questions which
means that even individuals with really serious health conditions can qualify!
This is because, most simplified issue
life insurance policies, in addition to not requiring one to take a medical
exam will often not request medical records from your primary doctor, which
means that underwriters reviewing your simplified issue
life insurance application will have less information to base their decision on.
Your situation, don't fret, there are «alternative»
life insurance products out there that won't require one to take a medical
exam or answer any health - related questions which
means that there is still a really good chance that you will be able to qualify for these types of
life insurance policies (see guaranteed issue
life insurance policies).
However, the
policy remains as a standard no
exam term
life insurance policy which
means that a death benefit will be set.
Not only does skipping the medical
exam make your
life easier, it
means that the decision and
policy being put into effect happens very fast when compared to waiting months, with the old ways of underwriting term
life insurance.
Many mortgage
life insurance policies have simplified underwriting, which
means you don't need to undergo an extensive medical
exam to qualify.