If you are looking for life insurance to cover your final expenses, you might be dreading the application process. The thought of a nurse coming to your home, drawing blood, and asking you to step on a scale is enough to make anyone put off buying coverage.
What if you have high blood pressure, diabetes, or a history of heart problems? Will you even be approved? The good news is that you do not have to go through a physical exam to get life insurance. No medical exam life insurance (often called simplified issue or guaranteed issue) is designed specifically for seniors who want coverage quickly and easily. In this guide, we will break down the pros and cons so you can decide if it is the right choice for you.
What is No Medical Exam Life Insurance?
As the name suggests, no medical exam life insurance is a policy that you can buy without taking a physical exam. You do not have to give blood, provide a urine sample, or have your medical records reviewed by a doctor. Instead, the insurance company will ask you a few simple health questions on the application. These policies are usually small whole life insurance policies (often called final expense or burial insurance) designed to pay for your funeral, cremation, and any medical bills you leave behind.
If you want to see what no medical exam coverage you qualify for, call now to speak with a licensed agent: 1-866-332-1427.
The Pros of No Medical Exam Life Insurance
- Fast Approval: Because there is no medical exam to schedule or wait for, you can often get approved for coverage in a matter of days, or even minutes.
- Easy Application: The application process is simple and straightforward. You can usually apply over the phone with a licensed agent.
- Acceptance with Health Issues: Even if you have health problems like diabetes, high blood pressure, or a history of cancer, you can still qualify for coverage. There are even “guaranteed issue” policies available where you cannot be turned down for any health reason.
- Permanent Coverage: These policies are whole life insurance, which means they never expire as long as you pay your premiums.
- Locked-in Rates: Your monthly payment will never go up, no matter how old you get or how your health changes.
The Cons of No Medical Exam Life Insurance
- Higher Cost per Thousand: Because the insurance company is taking on more risk by not requiring a medical exam, the cost per thousand dollars of coverage is usually higher than a traditional policy.
- Lower Coverage Limits: These policies are designed to cover final expenses, so the coverage amounts are usually smaller (typically between $2,000 and $40,000).
- Waiting Periods: If you have serious health issues and only qualify for a guaranteed issue policy, there will be a two-year waiting period before the policy pays out the full amount.
What This Means for You
If you are a senior looking for a simple, affordable way to pay for your funeral and protect your family from debt, no medical exam life insurance is an excellent choice. It is especially valuable if you have health problems that would prevent you from getting a traditional policy. However, if you are young, perfectly healthy, and need a large amount of coverage to replace your income, you might be better off taking a medical exam to get a cheaper term life insurance policy.
Frequently Asked Questions (FAQ)
Do I have to answer any health questions?
For most no medical exam policies (simplified issue), you will have to answer a few health questions. However, if you choose a guaranteed issue policy, there are no health questions at all.
How much does no medical exam life insurance cost?
The cost depends on your age, gender, and the amount of coverage you want. For a healthy 65-year-old, a $10,000 policy might cost between $40 and $60 a month.
Will my policy ever be canceled?
No. As long as you pay your premiums, your policy cannot be canceled, even if your health declines.
Protect Your Family Today
Do not let the fear of a medical exam stop you from protecting your family. Getting covered is easier and more affordable than you might think.
If you want to see what you qualify for, call now to speak with a licensed agent: 1-866-332-1427.