Are you looking for life insurance but dread the thought of going through a physical exam? If so, you’re in the right place. There are many different types of no medical exam life insurance policies that can make getting coverage a breeze. They can provide you with peace of mind and security, knowing that your loved ones will be taken care of financially.
There are different types of no medical exam life insurance policies, and each has its own set of benefits. For example, some policies are designed to provide coverage for a specific period, while others offer coverage for your entire life. And some offer the flexibility of changing your coverage amount or policy type as your needs and circumstances change.
So, if you are all set to discover more about the different types of no medical exam life insurance and the benefits they offer, read on.
Following is the list of eight life insurance policies that don’t require you to go through a physical checkup:
1. Term: It is the most basic type of policy that offers coverage for a specific period, typically 10, 20, or 30 years. It covers 18 years to 60 years old. The amount of coverage is $25,000–$2,000,000.
2. Universal: The best way to be protected from life risks is with a permanent, universal policy that will never go away as long you pay your premiums. It covers people 18–60 years old, where they can get $25,000–$250,000 in coverage.
3. Whole: It is a type of permanent life coverage that offers steady premiums and the ability to build cash value. It’s available for people ages 18–60 years old, with maximum benefits between $25,000–250,000 dollars.
4. Final Expense: This whole life insurance is specifically designed to cover end-of-life expenses, such as funeral costs and outstanding debts. It is available for people ages 50–80, with coverage ranging from $2,500–$30,000. Many well known companies like Gerber Life, AARP, and Mutual of Omaha burial insurance offer coverage.
5. Guaranteed: Type of whole-life coverage that does not require you to submit medical records. It’s available for people 50–80 years old, with policies ranging from $2,500–$30,000 depending on your age.
6. Burial/Funeral: Funeral insurance is an excellent option for those who have plans on how they want their final expenses covered. Burial coverage starts at $2,500 and goes up depending on the person’s age (50–80). This type of life assurance can also be bought as an addition to other types like retirement or universal disability policies.
7. Group: Group insurance is a type of life insurance that an employer or other organization provides. It is typically available to employees at a discounted rate. The coverage amounts and terms vary depending on the employer.
8. Accidental: This policy pays a benefit if you die due to an accident. It is available to people 18 years and older for $100,000–$500,000.
No medical exam policies offer several advantages over traditional policies. The significant advantage is that they are easier to obtain, as you don’t have to go through a paramedical exam. This means that you can get coverage even if you have health conditions that would make it difficult to obtain a traditional insurance policy.
Using the right insurance company can be difficult. Still, it’s critical to do your research and find an agency with access to underwriting guides for various companies in this industry.
Reasons to Apply for This Policy
There are many reasons to use a no physical life insurance company. One is that you will likely have a policy in force much faster than if you had to go through the medical underwriting process.
Many people are approved for coverage within 24 hours, and some can get coverage the same day they apply.
Another reason to use this is that you may be able to get a higher death benefit. The insurance company doesn’t have to consider your health conditions when determining your premium.
How do you know if it is right for you?
It is a great option for someone who:
• Wants a more effortless and faster application process.
• Has health conditions that may make it difficult to qualify for a traditional life insurance policy.
• Wants a more affordable life insurance policy.
• Needs coverage quickly.
• Wants the same death benefit as a traditional life insurance policy.
It is the best option if you’re looking for insurance coverage that doesn’t require a medical exam. These policies are easier to obtain and tend to be more affordable.
When you’re ready to start looking for a policy, compare quotes from multiple insurance companies. This will help you discover the best policy for your needs.
