No Medical Exam Life Insurance 2021

What is no medical exam life insurance?

Traditional Life insurance policies require you to undergo a medical examination or give answers to health-related questions, after which they decide if you are an eligible candidate to purchase the insurance. However, with no medical exam life insurance, you can buy the insurance without taking any medical examination. The omission of this condition makes it easier for everyone to access the insurance policy and guarantees the acceptance of the application. 

No medical life insurance is usually for people who have grown old and want a low coverage insurance policy to secure their final expenses. People with serious health conditions whom other insurance companies have rejected also go with no medical life insurance option.

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How does no medical exam life insurance work?

No medical exam life insurance is acquired without any medical examination, due to which the application procedure is really easy. The premium rates are decided as per the coverage requirement, and the premium payment is made monthly or annually. No medical exam insurance usually has a waiting period of one or two years.

How much does no-medical exam life insurance cost?

No Medical Life Insurance usually costs more than any insurance with a medical exam. The high-cost premium payments are a way for the insurance company to protect themselves from any future damage as they are letting you purchase the policy without obtaining your medical exam.

What type of life insurance does not require a medical exam?

Guaranteed Issue Life Insurance is a form of whole life insurance that does not require a medical examination. People who have grown old or are suffering from chronic diseases are usually not accepted for traditional insurances. Applying for insurance without any medical examination guarantees the acceptance of the application. The aim is to secure the final expenses after death; therefore, the coverage amount is low. Accidental Death and Dismemberment Insurance covers the insurer’s expenses in case of accidental death or dismemberment due to an accident. There is often no medical examination for acquiring this policy.

Simplified Insurances are the policies that do not require any medical examination, but they come with a health questionnaire asking for medical history. These policies are preferred when convenient, simplified, and quick insurance policies are desired.

How much life insurance can you get without a medical exam?

No medical exam insurance can get you about $50,000 coverage depending on your premium rates. Since this insurance policy usually covers the final expenses or repaying some debts, the coverage amount is relatively low. The policy does not feature building cash value against the premium, so there is no saving component to it.

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