No Medical Life Insurance
No Medical Life Insurance
No medical life insurance is a type of insurance that allows you to take out insurance without a medical examination. No medical life insurance is frequently more expensive than standard life insurance as insurance companies have much less information to assess your fitness, and because people with good health generally tend to choose standard life insurance policies. However, no medical life insurance has never been so common in recent years, especially in the face of COVID19.
How No Medical Life insurance works?
In no medical life insurance, you don’t need to complete a medical exam, because of that you get approved quickly. You can also get life insurance with health concerns and previous illness. However, your medical condition will affect the amount of life insurance you can buy. At the time of application, life insurance companies will ask questions about your medical conditions and can believe on your statements. If in future, the insurance company will determine that you were dishonest when you signed the application, they may reject your claim.
There are three main types of no medical life insurance:
Enhances Issue life insurance: It is fully underwritten and talks long time to get issued. Cost is same as of traditional life insurance. If underwriter will find any doubt about your health conditions, then they can ask for medical exam or can decline the coverage.
Simplified life insurance: In simplified issue life insurance, a health check by doctor is not required, but may include a health questionnaire. To get simplified life insurance, you will be asked about your medical conditions and if another company declined life insurance coverage for you. It can be purchased as either permanent or term life policies.
Guaranteed issue life: Guaranteed issue life insurance does not require a medical exam or a medical questionnaire, but you will be confined to a decrease coverage of insurance. There is waiting period, for example you die during that waiting period (usually 2 years), your beneficiary will get only the premium paid.
Advantages of No Medical Life insurance
- If you want speedy approval of life insurance due to personal or business reasons, then no medical life insurance is an ideal choice.
- If you are unhealthy or old, all is not lost. You can get no medical life insurance coverage even with health issues.
- It only needs to answer few of questions to prove your eligibility.
- If you are a healthy person over the age of 50 and want to take out life insurance to cover the funeral expenses, no medical life insurance may be a better option.
- Temporary residents can qualify too.
- It has less tiresome application process as it doesn’t require mountain of papers to fill like traditional life insurance policies.
To get best consultation for your Life Insurance, please contact Sandip Surila, @ +1 587 404 0200 and visit www.sandipsurila.com for more information.