There are different "types" of no medical exam life insurance.
Some companies offer insurance up to a certain amount by asking a few medical questions and if you answer those satisfactorily the coverage is issued. With some if the questions are not answered satisfactorily that is the end of the process, others may request more information including a medical. This type of coverage could cost more than similar coverage that is fully underwritten.
Some companies offer "guaranteed issue" policies where there is no medical requested and only a few questions asked. In Canada, these types of policies have may restricted or graded benefits. For example pay for accident only and a refund of refunds for other causes of death for the first 2 years.
FInally, depending on your age, health and the amount of coverage you may be able to qualify for "regular" insurance without a medical.
An independent insurance broker, who deals with several companies, would be able to help you get the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
No Medical Exam Life Insurance (also called No Exam Life Insurance, Nonmed Life Insurance, Simplified Life Insurance, Guaranteed Life Insurance, and other titles) is life insurance that does not require taking a paramed exam. More to the point, it does not require giving a blood sample, which is the part of the exam that some people want to avoid.
No Medical Exam Life Insurance usually costs more than life insurance that does require an exam, for very healthy people. But for those who are overweight, get "white coat syndrome" (high blood pressure while having exams), or have not had their cholesterol checked for years, foregoing an exam can result in very competitive rates. It is not unusual for someone to apply for a medically underwritten policy, get rated up for something they did not know they had, and end up paying more than the No Exam policy would have cost.
Also, for those with serious health conditions, No Medical Exam Life Insurance is often the only type of life insurance available to them.
Finally, many people like No Exam policies because they feel that the time spent in taking the exam and waiting for the underwriter to review their medical records (if the latter is needed) is not worth it.
While it is not always an option, it is nice to have some No Medical Exam policies to choose from. Agents selling both types of coverage can help you discern which is best for you.
That is a great question! Simply put, a no-med exam policy is just that - there are no para-meds or doctor's exams required to get the policy. Instead, there is usually a phone interview with an underwriter, or a series of health questions , or possibly no questions at all. In the case of the interview or questionnaires, the company will also check your pharmacy records, and with the MIB for your insurance claim history. These policies are usually for lower amounts of death benefits, and may have conditions attached about when, and how much, they pay out. Please ask a trusted agent to help you, okay? Thanks for asking!
President, Lane Independent Agency, Southern California
Basically, it is what it says. It is guaranteed life insurance. Insurance you do not have to take and pass a medical exam to buy. Generally, this will be for a small amount of coverage, say $5000, up to perhaps $50,000. It is designed mostly for final expenses, such as a funeral. With some employer groups, covering several employees, they may offer their folks guaranteed issue life insurance also. In this case, the employee may be able to obtain as much as $150,000 in coverage. Thank you. GARY LANE.
In most cases, if you can pass the no medical exam medical and background check, you can pass the medical exam - and thereby save hundreds of dollars each year. And know that if the insurer finds that you lied on the no medical questionnaire (and they will check), then they have no obligation to pay a claim on your life, even if you paid into your policy for years.
However, there is a fantastic new plan available where you can get up to $100,000 of life coverage with no medical exam and no questions. The only qualification is that you are working at least 20 hours per week. That's it! Contact QualityTermLife for more information.
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Some companies offer insurance up to a certain amount by asking a few medical questions and if you answer those satisfactorily the coverage is issued. With some if the questions are not answered satisfactorily that is the end of the process, others may request more information including a medical. This type of coverage could cost more than similar coverage that is fully underwritten.
Some companies offer "guaranteed issue" policies where there is no medical requested and only a few questions asked. In Canada, these types of policies have may restricted or graded benefits. For example pay for accident only and a refund of refunds for other causes of death for the first 2 years.
FInally, depending on your age, health and the amount of coverage you may be able to qualify for "regular" insurance without a medical.
An independent insurance broker, who deals with several companies, would be able to help you get the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
No Medical Exam Life Insurance usually costs more than life insurance that does require an exam, for very healthy people. But for those who are overweight, get "white coat syndrome" (high blood pressure while having exams), or have not had their cholesterol checked for years, foregoing an exam can result in very competitive rates. It is not unusual for someone to apply for a medically underwritten policy, get rated up for something they did not know they had, and end up paying more than the No Exam policy would have cost.
Also, for those with serious health conditions, No Medical Exam Life Insurance is often the only type of life insurance available to them.
Finally, many people like No Exam policies because they feel that the time spent in taking the exam and waiting for the underwriter to review their medical records (if the latter is needed) is not worth it.
While it is not always an option, it is nice to have some No Medical Exam policies to choose from. Agents selling both types of coverage can help you discern which is best for you.
However, there is a fantastic new plan available where you can get up to $100,000 of life coverage with no medical exam and no questions. The only qualification is that you are working at least 20 hours per week. That's it! Contact QualityTermLife for more information.