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Can I Get Life Insurance Without Medical Exam?
When you get older and perhaps have a health issue or two, you may find that it is very expensive and hard to obtain life insurance coverage. That is why so many people seek out no medical exam life insurance, a type of insurance policy that does not require an exam. Learn more about these policies and when they may be a good fit for you, or when you should avoid them to choose a standard life insurance policy.
Why Does Life Insurance Require a Medical Exam?
Life insurance companies will often require people applying for a standard term life insurance policy or a whole life insurance policy to have a medical exam completed. This usually includes looking over your medical history, having a doctor provide a full examination, and providing blood work and lab screening. Insurance companies are looking for concerns that may mean you have a higher risk of dying at a young age. You may have a medical condition already, but understanding how at risk you are is important to determine if the company can offer life insurance to you. They may also use it to determine how much to charge you for coverage.
Term Life Insurance Without a Medical Exam
You know you have an illness, or perhaps you are overweight. This does not mean you cannot get life insurance even with an exam. However, it may mean it is harder for you to obtain life insurance coverage in some cases. A no medical exam term life insurance policy is one that does not require this type of screening. This type of policy is generally in place for 10 or so years (sometimes longer or shorter). The policy will not require medical testing but may have other restrictions. For example, some of these policies will still ask you medical questions. You need to be honest to ensure a claim can be honored should your family need to file one. Others will restrict access to these policies to those who are over the age of 50.
At What Age Can You Get a No Medical Exam Life Insurance Policy?
Age is not always a factor. However, many no medical exam question term life insurance policies do not become available to men and women who are under the age of 50. That is because a person who has a life-threatening condition at a younger age may be more likely to die sooner. The key here is to know that buying this type of life insurance may cost you more than purchasing a traditional term life insurance. For this reason, if you are around the age of 50, consider getting a quote with a medical exam and one without. You may find that your health is not impacting your costs as much as you think it may.
What Is Final Cost Life Insurance?
Another form of life insurance is final cost insurance. If you cannot obtain no medical exam life insurance or you are too old for it, you may qualify for this type of policy. It helps to pay for your funeral and final expenses. These policies may offer coverage ranging from $5,000 up to $10,000. This may be enough for your family to pay for your funeral, burial, or cremation. This type of insurance is meant to just cover these needs, not necessarily to leave money behind to loved ones.
Should You Get a No Medical Exam Life Insurance Policy?
Getting a life insurance policy without a medical exam is an option for those who may not qualify otherwise. If you are in your 50s or older, it may be wise to request a quote. There is generally no risk to getting a life insurance quote. There are no costs to doing so. However, it can provide you with information about what type of coverage is right for you. You can easily compare policies, both with an exam and without, to find out which may offer better terms for you. For some, these policies can provide peace of mind knowing their loved one’s needs can still be covered even if they are older or have a medical concern.
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