No medical exam life insurance provides fast and simple coverage for people who do not have time to visit doctors and for people with pre-existing conditions. There are different types of life insurance policies that do not ask for medical tests. Although the basics stay the same, there are slight differences when it comes to the underwriting process and the coverage they provide. We will examine each policy:
1. Simplified Issue Life Insurance
Simplified issue is a temporary plan which can provide life coverage between one and 20 years. You will be insured only during the predetermined period. If the policy expires and you lose your life, your beneficiaries will not be entitled to any payments from the agency.
The value of this policy is limited to $250,000-$300,000, so you cannot choose a benefit higher than that. This policy is expensive and you have to be very careful for what value you are issuing it!
In order to qualify for coverage, you have to complete a questionnaire. You have to answer “no” to all medical questions to be eligible for a plan!
2. Guaranteed Acceptance Life Insurance
Guaranteed acceptance is a small face value policy which offers permanent coverage. Although permanent, the coverage is issued for only $30,000 and it is a graded benefit. By having a graded benefit, a life insurance policy will not pay out if the insured dies before two years have passed since the policy is active. Instead, the agency will pay back the premiums paid by the insured.
In order to qualify for this type of life insurance you need to answer 4 questions:
- Have you used tobacco products in the last 12 months?
- Have you been declared terminally ill (have less than a year to live)?
- Are you currently suffering from HIV/AIDS?
- Are you currently suffering from cancer?
Answering “yes” to any of the last three questions will automatically disqualify you from getting a policy. Smoking does not affect your eligibility, but it increases you rates!
3. Burial life insurance
Burial life insurance is a life insurance plan that helps you cover your funeral expenses. It is a permanent policy which provides coverage up to $50,000. The coverage never expires so your beneficiaries will always get the benefit as long as you continue paying the premiums.
The benefit is mainly used to pay for funeral expenses. In order to qualify for a policy, you do not have to take a medical examination of any type. Here are the requirements:
- Be under 90 years old.
- Not terminally ill
- Do not suffer from HIV/AIDS
Qualifying for burial insurance is one of the easiest ways of getting life coverage. If you need to cover funeral expenses, the coverage will be more than enough for your family!
If you want to purchase affordable no medical exam life insurance, you here to compare quotes! Click here for the best quotes from top providers!