Life Insurance
No Medical Exam Required
“Too good to be true?"
There is life insurance no medical exam and no questions asked… however, you need to realize that there will always be a catch... Read on for more.......... Okay, so there are really two main types of life insurance no medical exam policies, Guaranteed Issue and Simplified Issue. Both of these policies can also be categorized as being either permanent or term policies depending on who you buy from. Educate yourself on the differences and learn more about term versus whole life insurance here! And remember, there is almost always a policy for everyone, no matter your situation.
No Health Exam Life Insurance-
Two types of policies
The two types of life insurance no medical exam policies are Guaranteed Issue and Simplified Issue. Guaranteed Issue is also known by many buyers as “Life Insurance No Medical Exam with no questions asked.” Simplified Issue is also known as no exam insurance, however, with this one they may ask you to fill out a health questionnaire to give the company a good idea of your health, life expectancy and to see if you will be approved.
No Medical Exams Life Insurance-
Guaranteed Issue Life Insurance
Guaranteed insurance is just as it sounds, guaranteed coverage! There are no exams and no health questions asked with this type of policy (although some companies may vary). They will not turn anyone down which is why it's called guaranteed.So if you have previously been declined for a standard policy that is fully underwritten (i.e. exams, health questions, the whole enchilada..) then this may be an option to look into. Learn about fully underwritten standard policies such as term and permanent life. You may also want to learn about their differences in price here on Term vs Permanent Life Insurance - how do the numbers compare? So as far as Guaranteed Issue is concerned and also depending on the company, these policies may offer coverage through the age of 80! Learn more about Guaranteed Issue Life insurance and some of the downsides here.
No Exam Life Insurance-
Simplified Issue
Simplified Issue life insurance is a no exam policy but with this one, you might just need to answer a few health questions and can even do this online. It’s called simplified because they try to make it as simple as possible by not requiring so much information as opposed to a fully underwritten policy (asking for exams and more info.) However, be aware that if they find out by the health questions they ask you that you pose a high risk they may just ask you for medical records or tests or further information. In most cases (but not all), a policy like this will be a term policy which is coverage for only a certain amount of time (ex: 5-30 years). I really hate to be so vague here but each company offers something different so you just need to shop around. One of the disadvantages of purchasing no exam policies (whether Simplified or Guaranteed) is that you’ll find they are more expensive than standard policies! Learn more about no health exam life insurance and some of the disadvantages, you may end up paying more so read up! Please remember to always speak to knowledgeable life insurance agent you trust to help you plan which life insurance policy is right for you.
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