Term and Whole Life Insurance with no Medical Exam
Qualifying for term and whole life insurance with no medical exam is possible, and quite simple to do. However, if you’re relatively healthy, don’t smoke and don’t have any health issues, you may want to consider getting a medical, and going through traditional channels so you can get a lower premium.
With that being said, let’s now look at how to get both term and whole life insurance with no medical exam.
There are two types of no medical life insurance:
Simplified Issue: The application process involves a few health and lifestyle questions, and there are no medical tests. With this policy face amounts can be up to $500,000, it’s cheaper than guaranteed issue and there are lower premiums for non-smokers.
Guaranteed Issue: There are no health and lifestyle questions, or medical tests. This insurance product is the easiest to qualify for. However, the face amounts are usually limited to $25,000 and premiums are higher because the insurance company is taking a higher risk. Smoker and non-smokers pay the same premium.
Both term life and whole life insurance products are available for both simplified issue and guaranteed issue, and you don’t have to go through a medical exam or have your urine or blood tested either.
It’s important to note that you should have your options fully explained and not be rushed into choosing any life insurance product. Some not medical life insurance is sold as “accidental death” coverage and it will only pay if you die because of an accident. This type of insurance can sometimes create a false sense of security and it is very important to understand your policy and coverage.
The Two Easiest Ways to get Whole Life Insurance With no Medical Exam
- If you currently have a term life insurance policy through your employer, see if you can convert it to a whole life policy. A medical exam is not required when you convert a policy.
- If you have a convertible term insurance policy, you can simply convert it to whole life coverage without a medical exam. Just make sure that you do it before the deadline, or when you reach a certain age decided by the carrier.
If the above doesn’t apply to you, you can get a simplified or guaranteed issue policy.
Qualifying for Whole Life Insurance With no Medical
There are different products available from different life insurance companies. Each of these products differ with respect to coverage, how much information they want, and what your situation is. Whether you have a serious health problem or if you’re in excellent health, you can qualify for either simplified or guaranteed no medical insurance.
If the reason you’re seeking no medical life insurance is because you’re pressed for time, it is possible to get ‘instant issue’ coverage.
Whatever your reason, you should strive toward getting life insurance coverage as soon as possible.
At Shelter Bay Financial Corp., we will help you choose the best no medical life insurance product and you don’t even have to leave your house. We deliver all of our broker services online or by telephone.
To learn more, please call us toll free at 1.888.498.5288.