life insurance

What Is No-Medical-Exam Life Insurance?

Generally, you must pass a health exam to be accepted into a life insurance plan. Fortunately, no-medical-exam life insurance can allow people who are unable to qualify for traditional insurance to get the coverage they need. To learn more about no-medical-exam life insurance, continue reading. 

What Is Life Insurance?

Life insurance provides you with coverage that protects your family from financial losses at the time of your death. When you purchase a plan, you choose who receives the death benefit when you die. The death benefit is a substantial amount of money that can be used for anything, ranging from end-of-life expenses to bills like a mortgage. 

No-Medical-Exam Life Insurance

When you apply for no-medical-exam life insurance, you must submit your health records instead of completing a medical exam. Your health records will be assessed to determine how much risk the insurance company would take on by insuring you. These plans are slightly more expensive, but they beat having no life insurance at all. 

Types Of No-Med Life Insurance

The usual type of no-medical-exam life insurance is term life insurance. Instead of an exam, an underwriter uses your medical history, previous labs, and prescription history to set your premiums. These plans normally offer robust protection that equals that of traditional life insurance policies. You can purchase additional riders that amount to millions in coverage at a competitive price. 

Should I Get No-Med Life Insurance?

No-medical-exam life insurance costs more than traditional life insurance, but the fact that you don’t have to take an exam means more people can qualify. A direct medical exam may disqualify you from coverage, which will make it harder when applying for traditional plans. Instead, get no-med insurance that covers people in good health but who want to avoid the medical exam. 

Get No-Medical-Exam Life Insurance

If you are worried about taking a medical exam but are in decent health, a no-medical-exam insurance policy should be suitable for you. To learn if one of these plans is the right choice, contact Senior Benefits and Health Services for a free consultation. You can reach us at 844-657-0231.