When comparing different life insurance benefits and quotes, you may notice that some insurance providers require a medical evaluation before the companies will approve you for a policy. The medical exam is designed to give the insurance provider an overview of your state of health and ensure that you are not living with a pre-existing condition that would adversely affect your benefits.
However, while many insurance companies will require a physical, other providers will be able to provide cheap life insurance without requiring you to make an appointment with your healthcare provider. Good candidates for no exam life insurance include individuals who immediately need coverage, those who wish to avoid submitting to exams, and consumers who are seeking a quick, no hassle life insurance policy.
Applying for Low Cost Life Insurance, No Exam Required
Once you have found a no medical exam guaranteed issue life insurance policy that fits within your budget and matches your needs, it is critical that you supply the correct information on your application. If you distort the truth or blatantly lie and the insurance company catches you, you could be faced with serious complications. Even if you are in a higher risk category due to depression, obesity, tobacco use, high cholesterol, or your family’s medical history, you may still be able to secure a no medical exam guaranteed issue life insurance policy.
The insurance company will check your application against the Medical Information Bureau, which exists to deter and detect attempts made by those who are trying to apply for no medical exam guaranteed issue life insurance policies by misrepresenting or omitting the facts surrounding their current state of health. Your physician will report any high-risk condition to the MIB, although the MIB will not have access to your full medical report. However, the company’s underwriters may see these red flags when checking your application and may deny you if you are caught misleading the provider.
Who Can Receive Approval?
Even if you are living with type 2 diabetes or another moderate health condition, you may still be eligible to purchase no hassle life insurance. By the same token, individuals with more serious complications and health risks may also purchase term life insurance without submitting to an exam, but they may be required to pay a slightly higher premium in order to obtain coverage.
Benefits of No Medical Exam Guaranteed Issue Life Insurance Policies
One of the main reasons that many consumers consider affordable no exam life insurance policies is that they are typically approved much faster than if they were to apply for a traditional insurance policy. Depending on the company, you may receive approval in as little as 24 hours, although the exact approval time will depend on the information you provide as well as the completeness of your application. In some cases, you may complete the process online in the comfort of your own home without visiting your physician or your insurance agent beforehand.
No exam life insurance typically exists in plans of a maximum of $350,000 of term life coverage, but you can often “stack” policies on top of one another if you find yourself needing more coverage. In other words, if you find a policy that meets every other one of your needs but you wish to have a little extra coverage, you can purchase a second policy and use it in conjunction with the first.
Insurance providers offer coverage based upon the companies’ assessments of your medical risks. Although obtaining no medical exam guaranteed issue life insurance may translate into slightly higher premiums, you may find that the ease and quickness of securing coverage will offset the higher payments.