Obtaining a life insurance is probably one of the most important decisions you will make in your life. Not only because it directly affects your future, but you are making your life easier and more secure.
Great, you decide to get a life insurance for yourself. Oh no, you’ve hit a wall, you suddenly realize that a medical exam is a must.
So, you ask yourself, how to get no medical exam life insurance? Luckily for you, there are some alternatives.
How to get no medical exam life insurance?
As we’ve already said, obtaining a life insurance requires a medical exam. On the other hand, obtaining a life insurance without a physical exam can be tricky, but it is doable.
If you are interested in getting no medical exam life insurance, it usually means one of three things. You really hate doctor appointments, you have a condition that keeps you away from applying to traditional life insurance policies or you really need your insurance as fast as possible.
There are two possible ways someone could obtain a life insurance without a medical exam.
- Simplified issue policy
- Guaranteed issue policy
If you buy either one of these, you won’t have to take any sort of physical exam and you won’t have to test your blood or urine. But, there is a catch, not hard, though. All you will have to do is answer a series of medical questions and if you pass, you’ll be able to obtain your brand new life insurance policy without taking a medical exam. Simple as that.
How much life insurance can I buy without a medical exam?
Not many companies in the U.S. offer life insurance without taking any sort of medical exam. Although some do, to apply for them, you need to have the right mix of current age, health history, and income.
There are some general guidelines you should follow when taking into consideration no medical exam life insurance.
- Infants – age of 21: from $5,000 up to $50,000
- From age of 21 up to age of 65: from $50,000 up to $350,000
- From age of 65 to age of 75: from $5,000 up to $50,000
Of course, you should also take in consideration the cost of obtaining the life insurance without taking a physical exam. When a life insurance company wants to insure you without you taking a prior medical exam, they are basically taking a massive risk and because of that, your premium is higher.
In most cases, these types of insurances can cost you up to 3.5 times as much as a policy that does require a medical exam.
Now, the question is, is it worth the extra cost?
That solely depends on you and how much you hate needles. Also, you should take into consideration another thing as well. Say you already decided for a life insurance with a medical exam. In this case, you run the risk of being declined. Perhaps you have a medical condition you was not even aware of.
So, when deciding for and against medical exam, you should keep in mind these bits of advice.
Different types of no exam life insurance
When asking around, you will find 5 most common types of life insurances without any medical exam needed.
Rapid decision senior whole life
When an individual dies, he gets death benefits anywhere from $10,000 up to $25,000. This type of life insurance is usually purchased by senior citizens between the ages of 65 and 85.
Simplified issue Universal Life
In this case, you will receive death benefits anywhere from $25,000 up to $250,000. This is probably one of the most common no medical exam life insurance as you can apply for it if you have anywhere from 21 and 65 years.
Guaranteed issue policy
When taking a guaranteed issue policy, the doctor asks you no medical questions whatsoever. This type of life insurance is mostly purchased by people who are in poor health and they simply couldn’t qualify for any other life insurance.
Graded Benefit Whole Life
If you decided to this type of life insurance policy, you coverage is at fixed rate and as you could have guessed, the cost is high. These policies are generally purchased in the $5,000 up to $25,000 range.
Simplified issue term life insurance
You get death benefits ranging from $50,000 up to $350,000. As with Simplified issue Universal Life, you apply if you anywhere between ages 21 and 65.
When taking a life insurance without any physical exam, you are the done that should now why is it important and what kind od life insurance you need.
Since there are tons of different life insurance types, you have to look at your own situation. Think of life insurance as an investment.