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.
No-medical exam life insurance companies
March, Haven Life
Haven Life insurance is a New York-based life insurance company which is owned by MassMutual insurance company. Haven life offers Haven Simple, which is a simplified issue term life insurance. The policy can be bought for 5, 10, 15 years. The premium rates vary as per the age and gender of the insurer, along with term length and the coverage amount. For example, the monthly premium rate for a healthy man of age 35 buying a 15- year policy of $250,000 is $15.75. The coverage amount provided is from $5,000 to $500,000.
AAA life insurance was established in 1969. AAA insurance offers Express Term, which is a no medical exam life insurance. The term length provided for this coverage is 10, 15, 20, and 30 years. The coverage amount ranges from $25,000 to $500,000.
Gerber Life insurance was founded in 1967. There are certain types of no exam insurance offered by Gerber life:
Gerber Grow-Up Plan is a whole life insurance policy that comes with death benefits and a cash value policy. The minimum coverage is $5000, and the premium rate is as little as 1$ weekly. The policy is primarily for children between the age of 14 days to 14 years. The policy stays active as long as the premiums are being paid. For Children of age 15 to17, Geber offers Young Adult Plan.
Gerber life insurance also offers a No medical exam term policy for adults. The term length can be 10, 15, 20, or 30 years. There is no medical exam for people in the age bracket of 18 and 50. It is for those who want a coverage amount of up to $100,000.
Gerber provides guaranteed issue life insurance to people between the ages 50 and 80. No medical exam guarantees the acceptance of the application. The policy provides a very low coverage range from $5,000 up to $25,000, usually to secure the final expenses.
AIG life insurance is an American insurance company that was founded in 1919. AIG’s two types of no medical exam insurance policy are Accidental Death Insurance and Guaranteed Issue Whole Life Insurance. With fixed premium rates, both of them can be acquired easily regardless of health condition. There is no age restriction for accidental death insurance but guaranteed life insurance is offered to people aged 50 to 80. The coverage amount for accidental death insurance is $100,000 – $500,000, whereas the coverage amount for guaranteed issue life insurance is $5,000 – $25,000.
AARP is an American-based insurance company that was founded in 1845. AARP offers term life insurance which does not require a medical examination. The coverage amount is from $10,000 to $100,000. The no medical exam life insurance options provided by AARP are Permanent Life Insurance, Level Benefit Term Life, and Easy Acceptance. Permanent Life Insurance and Level Benefit Term Life can be available without any health questionnaire, whereas Easy Acceptance is a simple yes and no health questionnaire.