No Medical Exam Life Insurance
Many people put off buying the life insurance they need because they do not want to submit to the required medical exam. For these insurance shoppers, there is Guaranteed Issue, sometimes called Simplified Life Insurance. This type of policy can be purchased without submitting to a medical exam.
In many cases this type of life insurance is term life insurance, the simplest form of life insurance. Like normal term life, the Guaranteed Issue life insurance policy is good for a set amount of money and for a set period of time. The downside of this type of policy is that the amount of the benefit will be limited to a lower amount, and if the insured wishes a higher level of coverage the cost can be quite high. However, for those with health problems that would disqualify them from typical insurance, the Guaranteed Issue policy can be a good deal.
For those without a disqualifying medical condition, it may be best to take the option of life insurance that requires a medical exam. Term life insurance that requires a medical exam will typically be much lower in cost than that which does not require a medical exam. Taking a physical may not be a pleasant experience, but it could end up saving you a lot of money when it comes to buying term life insurance.
Whether you are required to take a medical exam to get life insurance or not, it is important to be open an honest on the health questionnaire. If you smoke, do not try to pass yourself off as a nonsmoker. If the insurance company finds that you have lied on your insurance application the policy will be cancelled, you will receive no benefits and you will lose your premium payments. It is always better to be honest when applying for any kind of life insurance.
No medical exam life insurance certainly has its place, but agreeing to the medical exam can save you and your family a lot of money while providing good peace of mind. As with any other kind of insurance, it is important to shop around carefully, and to compare policies well.