subject: Life Insurance Without The Medical Exam Hassle [print this page] For many individuals, the process of taking out a life insurance policy is seen as time consuming and tedious, not only because of the seemingly endless paperwork, but also because of the necessity of a medical exam. There are many people who simply don't like going to the doctor or specifically find it a hassle to deal with things like medical exams and doctor visits. By opting instead for a life insurance policy that doesn't require the medical exam, the hassle is taken out of the process. Luckily many American insurers are now providing such policies.
What Sets Apart Life Insurance Policies Without Medical Exams
Different life insurance companies treat these types of policies without medical exams differently. Some of them are referred to as "term life insurance"; others are called "simplified life insurance" or "guaranteed issue policy". They do however have one thing in common; they all have limited benefits, which are lower amounts than comparable products that do have medical exams.
Companies limit benefits so that they can offer no medical exam policies at affordable rates. If they were to offer such policies at the same level of benefits as a regular policy, the rates would be too high for clients to afford. The health exam itself is an underwriting tool to help determine whether or not an applicant is a good risk for life insurance. Without this tool, an insurer can still offer coverage, but it must be at a higher rate, because the individual is deemed to be a higher risk, simply because the empirical evidence that he is a good risk is unavailable.
This type of policy has become a popular option for those wanting life insurance but not wanting to submit to a health exam as a part of the application process. The higher prices associated with this type of coverage has not proved to be a deterrent for those wanting to avoid the health exam hassle and especially for those who cannot qualify for coverage when a health exam is administered. It is very popular with those who are older or have existing health issues.
Choices Concerning Life Insurance Without A Health Exam
For anyone looking to purchase a smaller plan, a no health exam policy is the way to go. However, not everyone will qualify for such a policy.
There are varying terms available for this type of life insurance: 5, 10 and 20 year terms. Companies have put maximum available coverage limits on no health exam policies. Some are capped at $100,000, while others are as high as $250,000, depending on the insurer. You can also secure coverage in amounts as low as $25,000 to $50,000.
Get started finding out more about the exact kinds of no health exam policies available to you and the premiums involved. Use our online quote tool to get multiple quotes at the same time so you can compare and get the best coverage possible.
by: Tom Carolan
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