No Medical Exam Life Insurance Demystified
There are many kinds of life insurance that exist in the marketplace. Each one is designed to fit the healthy financial plan of the insured while protecting their beneficiaries from unfortunate losses. There are perhaps as many kinds of policies as there are people since each one is unique to the person, situation, and lifestyle. As such, there are certain forms of insurance that have some requirements and not others. If you get no medical exam life insurance, you’ll quickly discover this.
For example, there are some forms of insurance that, as you might have guessed, don’t require a doctor’s appointment and screening to complete and apply for. You won’t have to answer certain health and medical questions in order to successfully get this kind of insurance because the missing information is calculated into your rate.
Life insurance is an essential component of a healthy financial and life plan. Sometimes medical exams prohibit seekers of insurance, but there are many forms of insurance that don’t require a medical exam. This form of insurance for a life insurance policy not only doesn’t require the insured to take a medical screening before they are approved to buy.
Nevertheless, you will actually have to answer a few lifestyle and related questions in order to establish a baseline of risk for the insurance company. Just because your policy won’t require a physical exam doesn’t mean that you policy application won’t be carefully screened to weed out potential issues for the company. And, that’s one of the important reasons to get acquainted with the difference between the three major kinds of no medical exam life insurance policies.
Learn in the sections below what these kinds of life insurance without medical exams are, and then see how you can get one of these policies easily with Sproutt.
Types of No Exam Life Insurance
In general, you’ll find that there are three blanket types of insurance policies that in many cases don’t require a medical exam. They are Simplified Issue-type, Guaranteed Issue-type, and Group-type insurance.
The first type of insurance in which you won’t need a medical exam is with Simplified Issue. The process will involve the giving of answers to a number of medical questions and surveys in order to evaluate you for approval. Some of the questions you might expect concern simple matters like height and weight as well as more complex details like recent hospitalizations and substance use. The insurer might also want additional information such as other insurance applications and your vehicle record to make further inferences about your risk and rates.
You could get up to $500,000 in coverage through a Simplified Issue policy which can be quite useful for yourself, your beneficiaries, and your life plan. Although, you might want to consider that the ideal rate for return on your insurance investment is 10 times your salary every year. This kind of policy makes a great addition to a traditional one if you’re looking for extra coverage.
Guaranteed Issue policies come in handy for those who have exhausted many of their coverage options with rejected applications and failed requirements. In this kind of policy situation, your insurer doesn’t even see a medical record, and so they have to calculate that risk with a slightly more expensive monthly premium.
The benefit of Guaranteed Issue is its ability to waive requirements, but as a result the question answers you give during the surveys and other documents you furnish must be absolutely correct. Otherwise, this could stop your insurer from giving your beneficiaries a full amount.
Group Insurance is a smaller and more limited form of no exam insurance policies, but they do make for a great benefit from many employers. You won’t even need to answer any questions for the insurer as the employer takes care of the policy and sets rates for all of the employees under the coverage. In most cases, they also pay the premiums.
Unfortunately, these kinds of policies rarely afford the kind of comprehensive coverage that many people need for their families and loved ones. But, if you can add it to your life as a free benefit from an employer, do take advantage.
Get No Medical Exam Life Insurance Policies Today
You probably will want to explore your options in no exam insurance now that you’ve learned about the major kinds of policies. You can see which policies and quotes might be best for you if you contact Sproutt for more information. You’ll see that you can easily estimate a policy through their surveys and lifestyle questionnaires. Find out today!