Life Insurance No Medical Exam
Once you decide to sign up for life insurance, you will need to understand what is required. How do insurance companies decide what your individual premium should be? Most will ask for a medical examination that includes a blood sample and a urinalysis to analyze the potential risk you pose to them. Insurance companies reduce their risks by understanding the existing condition of the person who they are going to provide coverage to. Younger, healthier people are likely to get lower rates, because they are likely to live and pay into the plan longer. The higher health risk you are, the higher premium you will be charged.
If you do not want to undergo a medical exam, it is possible to buy a life insurance policy without one. However, toweHowhis type of policy is a little more costly than other policies, as the company has no insight into the state of your health. Some insurance companies will provide “no exam” options, which still require filling out a health questionnaire. On the other hand, the guarantee issue life insurance option requires nothing but the payment of your premium and a simple application. However, without being able to analyze the risk you present to the provider, they will have to assume the more expensive side.
There are benefits to take into consideration if you do not wish to undergo a medical exam:
Are You Considered High Risk?
For those people who are looking into high risk life insurance and have preexisting conditions, and will most likely pay a high premium anyhow, choosing to not undergo a medical examination may prove to be more cost-effective. No exam may also be beneficial to those who are advanced in age, or near death and in need of a plan quickly. For those people denied coverage by insurance companies, a no exam plan may be the only option.
Answering questions via a questionnaire can be more convenient and comfortable than undergoing a medical exam. You can quickly fill out the information they require and submit it for review. Whether the reason you do not want an exam is because you prefer to keep your medical information private, or just find an exam inconvenient, this route offers an alternative.
Shorter Turn around Time
Often times the process of undergoing a medical examination includes waiting for the insurance company to get the results, and then waiting for them to analyze your risk. This can take 4 to 6 weeks. Without this process, life insurance can often be approved much more quickly.
Guarantee Policy Option
If you do not want to fill out any paper work about your medical history, you have another option. You can opt for a guarantee plan policy. This is a policy which only requires a guarantee of your signature and for you to make your premium payments each month.
No matter what your current health and life circumstance, there are life insurance options that can provide you coverage. If you are a high risk to companies, in a hurry, or prefer not to undergo a medical exam, you are not alone and can look to “no exam term life insurance” plans or the Guarantee plan option.