No Medical Life Insurance

Ordinarily, life insurance policy applicants are either required to undergo a medical test or answer health questions, so as to prove their insurability. While, people with some medical condition or illness may refrain from applying for such policies, due to fear of denial, some others may simply detest such procedures. The lengthy procedures associated with such policies is one of the reasons why some people prefer a life insurance with no medical exam. But, nowadays, there are various no medical exam life insurance schemes. Let us take a look at the various aspects of no medical life insurance policies.

What is a No Medical Life Insurance?

As mentioned above, no medical exam life insurance policies are those life insurance schemes that do not require the applicants to undergo a physical test for approval. There are many different types of such policies. Even though, there is no medical exam, some of these policies may require the applicant to verbally answer some questions regarding his/her health. Some other policies are no medical questions life insurance, that do not require physical tests too. This includes policies like guaranteed issue life insurance which said to be issued to almost all applicants, despite their age and health conditions. So, even though the basic idea behind these policies are similar, the terms and conditions may vary from one type to another and from one insurance company to another.

In short, you don't have to go through a medical test for proving your insurability, if you are applying for no medical life insurance. The age limits for such applications may vary from one type of policy to another. It has been noted that it is around 40 to 45 in some schemes, but, there are some policies, for which the age limit is around 80 to 85. However, most of these companies do not encourage applications from people, above the age of 75. Another important point with regard to no medical exam life insurance is that most of these policies are found to be term life insurance. You may also find no medical exam whole life insurance policies.

No Medical Life Insurance - Pros and Cons

As mentioned above, there are various types of life insurance with no medical exam. The terms and conditions of these policies may differ from one another. So, you must conduct a study about the different life insurance policies in this category, before choosing the one that is best suited for you. Let us take a look at the advantages and disadvantages of no medical exam life insurance schemes.

As the name suggests, there is no medical tests in this type of insurance and this feature is convenient for those who detest medical check ups, those with no spare time and who have some medical condition, that may be a ground for denial of application. Another plus point is that you can apply for these policies online and the application process do not take more than a few days. Once you apply for such policies, you will receive a life insurance quote from the company, with all details regarding the policy. It is your discretion to accept or reject it.

Even though there is no medical test, sometimes, you may be required to verbally answer some queries regarding your health, while applying for no medical exam life insurance. In some cases, you may be required to fill a health query form, after a period of two or three years. Another drawback of no medical exam life insurance is that you have to pay higher premiums, as the risk associated with such policies are high. Some of these policies have clauses that may strip you off the benefits after lapse of a certain period. Some of them offer graded benefits for the initial two or three years. The beneficiaries will get only a part of the death benefit, in case of the death of the policy holder, during the initial period.

In short, no medical exam life insurance may be beneficial for those, who are unable to get traditional policies due to health problems or age. If you want to apply for this type of life insurance, go through the different types of no medical policies and go through their terms and conditions carefully, before choosing the right one.