Great deals on no medical life insurance. Compare the whole market at once and save up to 40%.
If the thought of putting yourself through an exhaustive health audit is discouraging you from getting life insurance, you should read on.
The good news is that you have options available to you, there are there are three different types of policies available. They range from not even requiring you to answer any medical questions to having to take an in depth medical exam before you are insured.
Before we explore these different policies in a little more depth, there is a very important point that needs to be made clear .
The price of the premium will be directly proportional to the level of risk that you pose to the company that’s insuring you
For an interesting perspective on how insurance companies perceive risk check out the youtube video below:
To put this into the context of life insurance and medical questions, lets take a quick look at how life insurance companies perceive risk. The perception of risk undertaken by insurance companies somewhat differs from everyday people.
Their definition is “the probability of a life ending event occurring to the individual being insured”.
It’s therefore important to always bear in mind that there is a trade off between cost, and the amount of personal information you are willing to disclose.
The amount of information that you will be required to disclose is dependent on which type of life insurance you go for. Lets take a look at your options,starting with the reality of getting life insurance with no medical questions.
Life Insurance With No Medical Questions
Contrary to popular belief such policies do exist, they’re known as “guaranteed issue life insurance”. But based the trade off between information disclosed and value for money is this a good bet ? First, let’s take a look into exactly what guaranteed life insurance is.
This type of policy is normally only ever taken out if you are unable to get any other form of insurance. With this type of police, absolutely no questions are asked about your health and no physical examination is required. The downside is the costs as premiums will cost significantly more in comparison to cheap term life insurance.
These policies are therefore normally only taken out by people who are not able to take out other forms of life insurance can be obtained.
The Premiums Are High
The increased premium costs should not be underestimated, they could even be five or six times as expensive as an comparable life insurance policy
The Policy Only Pays Out If You Live Beyond A Set Period
You will need to survive for a specified period of time usually between one and five years before your beneficiaries can collect the face value of the policy
If you are over 50 Sun Life offers a Guaranteed policy check it out here Sun Life
Will I need a medical exam?
It’s a common assumption that when you apply for a life insurance policy, you’ll be required to undergo an invasive medical exam. It is true that this may be asked of you however in many cases life insurance can be obtained without the need for a medical.
Companies will take into account a number of factors in determining if you will be required to take a medical.
It will depend on your age, general health, family history along with amount of life insurance that is being applied for
What happens if a Medical Is Required
This process is not nearly as daunting as it seems on face value. It will generally just involve having a routine medical check up, where the doctor will test your blood pressure,pulse height and weight. Under certain circumstances you may also be required to leave urine sample this helps insurance companies ascertain if you’re a smoker or a drug user
You could also be asked to take an electrocardiogram (ECG) for any irregularities in your heart or you could be asked to have a chest X-ray for the same reasons and also to check your lungs as well.
Some Closing Thoughts
So it is possible to get life insurance and not have to answer a single question about your health. You should however be aware that there is a trade off between the price you pay and the amount of information that you are willing to give.more information