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Should You Consider A No Medical Exam Life Insurance Policy?
Are you in the market for purchasing No Medical Exam Life Insurance coverage? No Medical Exam Life Insurance coverage is exactly what it sounds like. It is life insurance coverage without the hassle of a medical physical or the need to take blood test. Most life insurance companies and agents require medical evaluations and invasive testing. You should be aware however that such coverage is generally a little more expensive than regular rates.
It is our professional pleasure to help you find every No Medical Exam Life Insurance coverage option possible via our network of providers. If you haven’t had a medical exam or physical in a long while, like a lot of people, then it is advisable that you consider signing up for No Medical Exam Life Insurance. No matter how healthy you think you may be, the next medical visit could potentially offer a landmine of surprises.
Just a little weight gain, gaining a smoker’s cough or even slight variances in your blood pressure can drastically raise the amount of money you pay for a premium as opposed to a No Medical Exam Life Insurance policy. You never know what can happen at your next doctor’s visit. Each life insurance company has their own guidelines for coverage issuance. And every life insurance company has unique rules regarding who they choose to underwrite for coverage.
It all comes down to the risk your application represents to potential underwriters. Take a few minutes and check out our quote calculator on the right of the page to find custom quotes for your needs. There are some life insurance providers who don’t allow their rates to be published, so be advised that our quote calculator quotes many insurance companies, but not all of them.
APPLYING FOR WHOLE AND TERM LIFE INSURANCE WITHOUT A MEDICAL EXAMINATION
You should consider No Medical Exam Life Insurance coverage as a, “dome-like,” catch-all coverage plan. And under that dome is access to various kinds of life insurance coverage associated with the original no-physical coverage. For example, under the original dome-like coverage you would be assured final expense life insurance coverage, graded death benefit insurance coverage, life and simplified life insurance coverage.
When it comes to guaranteed Issue Life Insurance coverage you should know that you don’t have to answer any medical evaluation questions. However, depending upon your case and circumstance you should know that there is a waiting period before the issuance of benefits. As for graded death benefit life insurance coverage, it is almost similar to guaranteed issue life insurance coverage.
You will have to answer a few questions however and it costs a little less than guaranteed issue coverage.
Similar to term life insurance coverage, simplified issue term life insurance does not require any medical physical or evaluation. But coverage is offered immediately to qualified applicants. But you should know that issuers of this kind of coverage will access to and will check your MIB report. The Medical Information Bureau report is similar to a credit bureau report, but instead stores data about your medical history for use by insurance companies.
You may also have a pharmacy report and even a motor vehicle report that can be accessed for insurance purposes. But we will talk more on that later.
As for final expense life insurance coverage, you will have to answer medical questions for coverage issuance. Be warned that policy amounts tend to be less for this type of coverage, as in somewhere in the neighborhood of $5000 – $25,000.
You have to be in pretty good health to qualify for term life insurance coverage without undertaking a physical exam.
- On a strictly individual and case-by-case assessment basis, people with moderate medical issues may still be able to qualify for coverage without the need for a medical evaluation.
- We are known for obtaining no medical exam life insurance coverage for individuals with conditions like epilepsy, MS or COPD with no medical physical required.
- We can supply life insurance coverage if you have controlled forms of asthma, diabetes, high blood pressure and cholesterol and similar controlled medical issues without a physical.
- The only caveat is that the viability of your potential coverage would be contingent on the severity of your condition and exactly when you diagnosed with such a condition.
- It really pays to check out your options when you are shopping around for life insurance coverage.
Too many people will give in, consider themselves as, “uninsurable,” and convince themselves that no company would dare insure them. But consider: if you or a life insurance company has listed you as uninsurable, we may be able to get you insured against a business or loan requirement. A lot of companies and agents are unaware of such special policy insurance products, but we are.
Final expense insurances, which is also known as Burial policies, features a lot of policy leniency in the underwriting coverage and fine print. Such smaller whole policies such as this, which again features no medical physical or exam, are guaranteed level for coverage in the area of $5,000 and all the way up to $25,000 in coverage. And such coverage would be available to you as long as you qualify, and for the rest of your life.
And don’t worry at all, we would be more than happy to compare such coverage and policies on your behalf.
DO YOU KNOW THAT MOST NO MEDICAL EXAM LIFE INSURANCE COMPANIES MAY ALREADY HAVE ACCESS TO YOUR PERSONAL MEDICAL INFORMATION?
In addition to the information that would be provided by you on a questionnaire and application, you should be aware that all No Medical Exam Life Insurance companies have access to industry-eyes only medical and personal information databases. These databases function just like credit bureaus. Even if you have not seen a physician in years, information about your latest medical visit and personal life could be readily available to any insurance company that you seek coverage from. They just have to ask for it.
1 – The MIB or Medical Information Bureau.
The Medical Information Bureau controls access to medical information on people who apply for life insurance coverage. Even if you don’t take a medical exam, your potential life insurance company may be getting recent to old medical information on you from the Medical Information Bureau. If you have submitted medical information for previous insurance applications, they probably have it. And they offer this information to most insurance companies who request it.
2 – Motor Vehicle Report.
Even though you don’t have to submit to a medical exam or offer blood tests to qualify for No Medical Exam Life Insurance Coverage, it certainly doesn’t mean that an insurance company can’t access information on you another way. Your Motor Vehicle Report is fair game to any life insurance company that wants access to it. A company can judge your potential application based on your Motor Vehicle Report history of moving violations, DUI’s, reckless driving, suspended licenses and such.
3 – Pharmacy Report.
Yes, there is such a thing as a Pharmacy Report. If you have ever taken out a prescription for medication, then chances are it is all listed in the Pharmacy Report. The Pharmacy Report is a database that collects the history of your pharmacy prescriptions. And just like a credit bureau this information is readily available to any insurance company that requests it. So even if you don’t a medical evaluation or blood test, an insurance company can still get a sense of your overall health history.
CONCLUDING THOUGHTS ON NO MEDICAL EXAM LIFE INSURANCE ACQUISITION
You should know that if you are in fair to good health that it may make more fiscal long term sense to undertake a medical evaluation when applying for life insurance. We can supply you with rates in both circumstance and let you choose. Understand that you are really just paying for the privilege of not undergoing a medical evaluation. No Medical Exam Life Insurance coverage is more expensive in comparison to undergoing a medical examination.
But also know that there are situations where purchasing No Medical Exam Life Insurance may be the best play to undertake.
ADVANTAGES OF NO MEDICAL EXAM LIFE INSURANCE COVERAGE:
- No Medical Exam Life Insurance is ideal for short term medical coverage, especially since it can take upwards of 6 weeks for a more traditional life insurance policy to be approved.
- You can use your No Medical Exam Life Insurance coverage against a SBA loan application.
- You can also use this coverage against an income stream advance payout.
- You haven’t undertaken a medical examination in recent years and have no idea what a doctor will say about your health.
- You can undertake a medical exam on your own and allow us to compare coverage plans on your behalf. So either way you will get the coverage you need.
If you are shopping around for suitable No Medical Exam Life Insurance coverage than you should take the time to contact us. We will ask you the barest minimum in terms of medical questions and will find you the most affordable life insurance coverage to suit your unique life circumstances.