No Med Exam Life Insurance Basics!

No medical exam life insurance is a new product on the insurance market and many people may be asking themselves how does it work and more importantly, if it possible to get life coverage without having to visit doctors.

senior-life-insurance-300x211Buying life insurance that does not require a medical examination has several benefits, but it is important to know and understand the basics!

The underwriting process

So how do companies manage to sell policies without a thorough prior medical examination? There are several ways in which they manage to reduce risks:

  • Temporary coverage which usually lasts for 20 years.
  • Higher premiums to cover the cost of death that may hurt the company’s profits.
  • Limited coverage which caps at $50,000 (for permanent policies) and $300,000 (for temporary policies)
  • Graded benefit for one to two years during which if the insured dies, his or her beneficiaries will not receive the full benefit. Instead the company will return the total amount paid in premiums.

What choices do you have?

When buying life insurance without a medical examination, you have two types to choose from: simplified issue or guaranteed acceptance.

  • Simplified issue offers temporary coverage which can be as high as $250,000, but it is also an expensive plan! In order to qualify for a plan, you have to complete a questionnaire and answer “no” to all of the medical questions!
  • Guaranteed acceptance is a small value policy which is mainly designed to cover your funeral expenses. It is very easy to qualify for a plan, but the benefit is usually graded and limited to a maximum of $50,000!

When buying life insurance without a medical examination required, it is important to compare quotes to get the cheapest offers! Our website gives you the possibility to compare hundreds of quotes from top insurance providers in the country! Visit us for a free quote!


by Bogdan Moisa