No medical exam life insurance has recently gained a better public image and many people are relying on it to provide the much needed protection. Its main aim is to offer fast and simple coverage for senior citizens or individuals with pre-existing medical conditions. Many of these people would otherwise remain unprotected. Other companies that sell standard policies do not tolerate these categories of people as well as no medical exam life insurance providers. This policy is different from the others and has other standards. We will help you understand it better.
1. The basics of no medical exam life insurance.
The mechanism is still the same as for any other policies. You will have to pay regular payments and in exchange, the insurer will provide protection. Depending on the policy type, you can negotiate with the company if you must pay the premiums monthly, biannually or annually. The insured has the right to name its beneficiaries and they will receive the death benefits upon the death of the insured. These beneficiaries are usually the spouse or the children of the deceased. It is normal to want to financially protect your relatives against your sudden death.
2. Types.
a) Simplified Issue Life Insurance
This is not a permanent protection, but it provides life coverage up between 1 and 20 years. You can call it a no exam tern life insurance. Keep in mind that this protection is available only for the predetermined period. If you outlive the policy or you die after the policy has expired, your chosen beneficiaries will not have the right to make any claim for death benefits. There is a maximum value for this policy, usually around $300.000. This policy will be issued if you are able to confirm your eligibility. You will be asked several questions and in order to qualify, the answer must be “no” for all of them. Bringing medical record will be greatly appreciated by the insurer.
b) Guaranteed Acceptance Life insurance
It is a form of permanent no exam life insurance, which provides graded benefits to the beneficiaries. The face values offered are significantly smaller than the ones offered by simplifies issued. There is a predetermined period in which the insurer must not die; otherwise the insurer will not pay the benefits, but will return the paid premiums. In order to qualify, you must not be a cancer patient, terminally ill or suffering of HIV/AIDS. You can be a smoker, but this will only make the policy more expensive.
c) Burial life insurance
It is also named final expense insurance and its primary goals are to help the remaining family members to pay for your funeral. The maximum amount of money which can be capped is around $50.000. It is a permanent policy, with cheap premiums. However, there are several limitations: you must not be older than 90 years, declared terminally ill or suffering of HIV/AIDS.
3. Benefits
- It is processed very fast
- It is easier to qualify
- Adequate policies for seniors.
- Adequate policies for persons with medical conditions.
- Flexible payment options.
4. Disadvantages
- Premiums above the average values.
- Limited amounts of coverage.
- Not available for cancer patients, those that have been declared terminally ill or for those with HIV/AIDS.
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