Skimlinks
No medical exam
Photo by Lukas on Pexels.com

How life insurance with no medical exam works

Applicants for life insurance are usually required to undergo a medical exam by the life insurers before they are offered coverage because health is a significant factor in life expectancy. However, some policyholders may prefer to skip the medical exam since it can slow down the process of getting coverage.

Life Insurance | Liberty Mutual

Fortunately, several life insurance policies can be obtained without a medical exam.Ā This article will explain howĀ life insurance with no medical examĀ works, then dive into several no-exam policies to consider and evaluate how they compare to other policies.

How does life insurance with no medical exam work?

Life insurance with no medical exam lets the applicant skip the medical exam entirely. Instead, the insurer may ask the applicant questions about their habits, occupation, and similar information to underwrite the policy. This makes it easier for older applicants or those who don’t want to deal with a medical exam to get life insurance coverage.

Types of no-exam life insurance policies

All no-exam policies let policyholders skip the medical exam. However, each has its nuances that are worth considering when evaluating which policy to get:

Auto & Cars Genuine OEM Parts for Sale | Online Store

Simplified issue life insurance

Simplified issue life insurance is a small permanent life insurance policy that asks fewer questions during the application process and doesn’t require a medical exam. Since it’s a permanent life policy, it lasts for a lifetime and comes with a cash value growth component. Part of each policyholder premium goes into this component, which grows tax-deferred at a fixed interest rate.

When the cash value grows large enough, policyholders can withdraw from it or borrow against it at favorable rates and terms. The policyholder receives the cash value minus surrender charges if they surrender the policy.

Simplified issue life insurance death benefits are much lower than traditional permanent life insurance policies. However, premiums are also cheaper.

Guaranteed issue life insurance

Guaranteed issue life insurance is a small permanent life insurance policy that virtually guarantees that the policyholder will be approved. Compared to more traditional life insurance policies, there are no questions and nearly no restrictions.

But keep in mind that guaranteed issue life insurance may come with a 1- to 2-year lockout period. If the policyholder passes away during this period, their beneficiaries may only receive a refund of the policyholder’s premiums. They won’t get the full death benefit.

Guaranteed issue life insurance death benefits can be smaller than simplified issue life insurance, but premiums can also be less expensive. Guaranteed issue life insurance also comes with a cash value component.

new juicebox 40 1

JuiceBox 40

WiFi-enabled 40-amp smart EV charging station (Level 2 EVSE) with 25-foot cable & integrated cable management

  • Up to 7x faster charge: 40A / 9.6 kW
  • WiFi connectivity with smartphone app and online control dashboard
  • Dynamic LED lights show power, connectivity, and charging status
  • *NEW* built-in cable rack
  • *NEW* security lock
Screenshot 2022 11 13 195220

Was US$699.00 Now US$649.00 Ships free!

Final expense insurance

Final expense insurance is a small permanent life insurance policy for end-of-life expenses like medical bills and funeral costs. It offers affordable premiums and cash value but also has a smaller death benefit than traditional permanent life policies. 

Unlike the other types of no-exam life insurance policies, final expense insurance may not come with a lockout period. Overall, this policy can be helpful for older policyholders wanting to assist their families with end-of-life costs.

Crypto.com Metal Visa Cards

Available Card Tiers: Obsidian, Frosted Rose Gold, Icy White, Royal Indigo, Jade Green, Ruby Steel and Midnight Blue.

5% Cash back

The bottom line

Older policyholders and people who simply don’t want to take the medical exam can get no-exam life insurance. They may not get as much coverage as traditional life insurance policies, but the application process is faster, premiums are cheaper, and policies come with lifelong coverage and a cash value growth component. No matter which policy type is best for their needs, applicants should shop with multiple insurers to compare rates and get the most coverage for their budgets.

Contact information:
Laura Zimmerman
Chief Marketing Officer
laura.zimmerman@fidelitylife.com
(312) 288-0068

This content was issued through the press release distribution service at Newswire.com.

– Globe Newswire, Chicago

_____________________________________

Playstation 5 Pro

Every month in 2024 we will be giving away one PlayStation 5 Pro. To qualify join our Facebook group, TikTok and Subscribe to our Sweet TnT Magazine YouTube channel

Sweet TnT 100 West Indian Recipes 1

When you buy something through our retail links, we may earn commission and the retailer may receive certain auditable data for accounting purposes.

You may also like:

Insurance riders: Are they beneficial when buying term life insurance

4 Things to think about before closing life insurance policy

Why millennials should get life insurance

How is life insurance for young and single people beneficial

Term life insurance buyerā€™s guide

Life insurance: How much coverage do you need?

An in-depth look at health insurance for diabetes

A whole investment firm of one.

Investing doesnā€™t have to be that hard.

Access stocks, ETFs, and more. Oh, and no commission fees. Thatā€™s right. Zero. Nada. Zilch. Your first stock is even on us.

*Conditions apply

About Sweet TnT

Our global audience visits sweettntmagazine.com daily for the positive content about almost any topic. We at Culturama Publishing Company publish useful and entertaining articles, photos and videos in the categories Lifestyle, Places, Food, Health, Education, Tech, Finance, Local Writings and Books. Our content comes from writers in-house and readers all over the world who share experiences, recipes, tips and tricks on home remedies for health, tech, finance and education. We feature new talent and businesses in Trinidad and Tobago in all areas including food, photography, videography, music, art, literature and crafts. Submissions and press releases are welcomed. Send to contact@sweettntmagazine.com. Contact us about marketing Send us an email at contact@sweettntmagazine.com to discuss marketing and advertising needs with Sweet TnT Magazine. Request our media kit to choose the package that suits you.

Check Also

Singapore tech and finance hub: The ultimate destination for digital nomads.

Why Singaporeā€™s infrastructure is perfect for tech and finance nomads

Singapore, often dubbed the “Silicon Valley of Asia“, stands as a beacon of innovation and …

Best job boards for remote jobs in 2024: Our top picks for high-quality roles.

Top 10 job boards for remote jobs

In an increasingly digital and flexible world, the demand for remote jobs has skyrocketed. Whether …

Leave a Reply

Discover more from Sweet TnT Magazine

Subscribe now to keep reading and get access to the full archive.

Continue reading