If you want life insurance but don’t have the time for a doctor’s visit, don’t like having your blood taken, or have health issues, you should check into non-physical exam life insurance. It is possible to purchase life insurance without seeing a doctor. For example, no tests are normally required when purchasing life insurance via a group plan at work.
If your company does not provide life insurance coverage as part of your benefits package, or if you wish to supplement what they provide, you may purchase it on your own. In such instances, you may still be allowed to apply for insurance without a physical.
What is life insurance that doesn’t require a medical exam?
If you undergo a physical and it is discovered that you already have a health concern, you may be required to pay higher rates or potentially be denied coverage. Suppose you want life insurance without a medical exam.
In that case, you may complete an application on your laptop or tablet and obtain a price for a policy on the websites of numerous insurance providers. However, life insurance that does not need a medical evaluation is frequently more costly and provides less coverage.
If you get life insurance without a medical exam, you should know that your policy will almost certainly include a waiting period. For example, your death benefit may not be paid in full until you have owned your insurance for two years. However, if you die before the waiting period, numerous life insurers will refund at least 110% of your monthly payments.
There are several types of no-examination life insurance.
Life insurance with a medical exam is available in simplified issues, assured acceptance, or group life insurance.
Life insurance issued simplified.
Life insurance plans with a simplified issue require applicants to complete a brief health questionnaire to provide a basic picture of their health. Typically, an insurance provider will only pay out up to $500,000.
Without a medical exam or lab testing, anyone over 75 may purchase simple term life insurance plans from New York Life for up to $100,000. Permanent or life insurance plans may be purchased up to the age of 75 without a medical examination or lab testing. This insurance may provide coverage of up to $50,000.
Guaranteed acceptance insurance
Policies that guarantee acceptance are often more costly but might be enticing since they are available to anybody. Life insurance with assured admission is also known as last expense or guaranteed issue insurance. It is frequently utilized to pay for a funeral and additional last expenses. Most companies provide guaranteed problem entire life insurance up to $50,000. However, others provide less.
Collective life insurance
Group life insurance is often provided via an employer-sponsored plan as part of a company’s benefits package. This policy protects a variety of persons. As a result, group life insurance normally does not need a physical exam, and the premium is usually cheaper.
How to obtain Life Insurance Without a Exam
Several options for obtaining life insurance coverage do not involve a medical exam. Some insurance firms, like MetLife, market similar services via their affiliations with different financing and alumni organizations. There are various methods for locating and purchasing no-examination life insurance:
Many insurance firms sell guaranteed life insurance on television. These plans are intended to assist in paying funeral expenses and other debts. Colonial Penn is one firm that often offers this kind of protection. You may call the number on the screen and ask questions to determine your eligibility and establish payment arrangements.
You may find this coverage by searching Google or another search engine for guaranteed supply whole life insurance. Then, a list of firms that provide this coverage will appear. Then you may get estimates from each insurance provider and contrast them to see which provides the greatest coverage at the lowest cost.
Using an agent
This kind of life insurance is widely available via insurance brokers. They should be able to supply you with numerous quotations so you don’t have to perform your research.
Life insurance firms, such as Colonial Penn, distribute many flyers that consumers may fill out and return to them to get coverage. You may simply need to provide your contact information to the life insurance company for someone to call you.
What does no-exam life insurance cost?
It’s vital to realize that no-exam coverage normally costs more than the same level of protection as having a medical exam. Most non-medical exam life insurance plans may cost double as much as those with medical exams.
Because your insurance company is taking a risk when they provide you with a policy without understanding your medical history or how healthy you are today, the insurance provider passes on the increased risk to you at higher rates. Most of the time, getting inexpensive life insurance without a doctor’s visit makes the most sense if you have a health concern that a physician will reveal.
Smokers, for example, may be able to get less expensive coverage if they opt for policies that do not require a physical test. However, if you are typically healthy, having a physical examination as part of the health insurance underwriting process may frequently help you receive cheaper coverage.
To begin your search for the best policy for life coverage without a medical exam at a price that suits your budget, the Insurance Info Institute suggests obtaining quotations from at least three insurers. So you can evaluate your alternatives and guarantee you’re receiving the best deal on insurance.