No Exam Life Insurance
When considering the idea of life insurance, you may find yourself intimidated by the meticulous medical exam you have to undergo. You are entitled to know that you have other options. Several types of life insurance, such as guaranteed acceptance, simplified life insurance and graded benefit insurance, do not require medical examination. Nevertheless, you have to be well informed before opting for one of the above.
- Guaranteed acceptance life insurance is ideal for people whose health has already started to fail. The major advantage of this type of insurance is the fact that you will be accepted, no matter what. Of course, the premiums are to be more expensive.
- Simplified life insurance requires only a verbal medical check-up. This means that you have to fill in a form which has medical related content. No medical examination is required.
- Graded benefit life insurance doesn’t equal its face amount until two years or so after the policy is signed. This means that you won’t be entitled to the death benefit if you pass away during the first years in which the policy is active.
No exam life insurance is known to be more expensive than traditional life insurance. This is due to the fact that life insurance premiums are usually calculated based on life expectancy, and life expectancy goes hand in hand with a medical examination. Given the fact that the medical examination is omitted in these types of insurance, the carrier undergoes more risk. This risk is covered by higher premiums.
An advantage of life insurance with no medical exam is the fact that the wait period is significantly lower. Usually, it takes about 4-6 weeks for a policy to be issued. With no-exam insurance, you may issue a policy within several days.
Due to the fact that premiums are more expensive, a healthy individual should rather consider a traditional life insurance. For further details, do not hesitate to call us, where you will be connected to one of our licensed insurance agents.