Implications of Life Insurance with no Medical Exam

People get tired in securing requirements in getting a loan, insurance plans and going through series of exams just to be approved. Certainly, we need to understand that such prerequisites are vital to knowing our eligibilities by companies that will have to deal with our needs. This is one of the reasons why people resort to getting life insurance with no medical exam instead.

Generally, just like the standards set for insurance providers, regardless if you are applying for a whole, universal or term life insurance policy, you will be asked to go through physical, medical and laboratory tests to prove an individual’s insurability.

However, for some, they deem such as only a waste of time due to obligations they have to deliver at work, in the field or even at home. Many people would simply prefer to look into life insurance reviews or seek life insurance advice instead of completing the examinations.

What are the implications of bypassing the medical results of your health condition in getting a life insurance policy?

First and foremost, your medical history needs to be properly documented to ensure you get into the right insurance type and end up into the right coverage and benefits towards securing our spouse, loved ones or any beneficiaries in the event of our untimely death. Additionally, your age also will be one factor to consider, especially when you are shopping around for a term life insurance policy.

To make it easier for everyone to understand, life insurance with no medical exam has been classified into several types. This would enable an individual to tailor his or her policy based on his personal preference and suitability of the plan to his or her needs. Simplified issue life insurance policy does not need you to take a medical exam but still would ask the applicant to orally express some of his or her medical history when applying. Guaranteed issue life insurance, on the other hand, is totally a sure ball policy. It does not require verbal questions or need medical, physical or laboratory tests just to be approved. The likelihood of being turned down is not an option. Graded benefit life insurance is also similar to the guaranteed policy. However, it is more designed to individuals who are about to retire or on their late 40s.

But why people still wanted to buy life insurance with no medical exam and not have an assurance if the policy can sustain until the time comes he or she dies?

Basically, individuals are easily influenced by life insurance reviews and life insurance advice that they get. That is why people thought applying for a life insurance with no medical exam plan is like a piece of cake. Since it would only require someone 4 to 6 weeks for the application process to be completed, it gives us more time to accommodate and accomplish other personal loads instead of going back and forth to complete any medical examinations needed.

Regardless whatever our reasons are, life insurance with no medical exam still could provide financial support to our surviving loved ones to at lessen the emotional stress our death may bring to them.