Everything You Need To Know About No Medical Life Insurance

Life insurance is one of the most important forms of insurances that protect your family from financial ruin in case something is to happen to the policy holder. Most of the times, the policy holder is the breadwinner of the family or the one who plays a very significant role in the household’s finances. With his or her loss, the family will have a very hard time adjusting their finances and might even lose some of their valuable properties if left suddenly.

Life insurance on the other hand provide financial security that beneficiaries can use to pay to their home mortgage, final expenses of the policy holder and whatever purpose they may need financial assistance for. In New York, renter’s policy can be very strict. If the breadwinner of the family suddenly passed away, families must immediately look for another source of income to keep their house otherwise they would kicked out of the street. In such cases, american general life insurance company may kick in and provide monetary resources to ensure that your family would be able to live as normally as possible after this tragic event.

Why insurance companies conduct medical examination?

Traditionally, medical examination is a necessary method that insurance companies conduct before giving you your final insurance quote. From the medical examination, insurers base the amount of risk involved in the policy as well as the exclusions of your coverage. From gathered information they would be able to compute how much premium to charge you for the coverage you choose to have.

So basically from their assessment, if the medical result says that you are likely to die soon then insurers would want to collect more money from you now, so that means higher insurance premium for you. On the other hand, if based on your medical examination, you will live longer, then that means the insurance premium would be a lot lower because you would likely be around to pay for the premium for a long time.

What is No Medical Exam Life Insurance?

No medical life insurance is the same thing as any other types of life insurances. The only difference is that instead of taking a medical examination, insurance buyers can simply pay higher premium to get all exclusion off the record. That means in all medical cases, you will be insured. Before everything else, you need to understand that in order for insurance companies to minimize risk on their part, they take your medical examination results in consideration.

For example, if you have a heart problem, most insurers would have to two choices, either charge you with very high insurance premium and scare you away or they can simply exclude that from your policy. So if you died from a heart attack, your family will not receive any payment or just a small amount depending on your contract because you died out of something that’s -been pre-excluded from your policy. If you died from other causes like an accident or a sickness that’s not related to your heart condition then the policy will kick in, giving all benefits to your designated beneficiaries.

Now, this is where no medical exam life insurance is better because there is no exclusion on your policy. This means that even if you are currently suffering from heart condition, diabetes or any other diseases, you will remain insured. You might be asked a few medical related question, which by the way you cannot fake, and then the insurer will construct a policy based on your given information. Now, it is true that this type of insurance policy may be a little steeper than regular insurances, but only because the insurance company is solely relying on the information you give them, so that means the risk on their part is relatively higher.

Advantage of No Medical Exam Life Insurance

The main advantage of no medical exam life insurance is that the process is a lot faster than traditional method. With traditional life insurance, you would have to undergo a series of medical examinations and medical interview. Some questions would include your family’s medical history, your medical history and lifestyle and habits. Physical tests may include getting the right measurement of your height and weight, blood work and samples, urinalysis, blood pressure and pulse measurement and other physical exams.

The company will then wait for the result of the test and then construct a policy based on the result. This will also determine if you are qualified as insurable. If the insurance company declares that you are not insurable you can contest it to get it off the record by taking the same tests over again with the help of a licensed doctor. If you feel like something is wrong with the result you need to immediately act against it because this will stay on your medical record and will eventually make it a lot harder for you to get a policy from another company.

If you don’t want to go through all these, consider no medical exam life insurance. You can simply go online and purchase one for yourself. Companies offering this service are very rare, but if you happen to get across, it is not recommended that you immediately jump ship because there are a lot of fraudulent companies that offer such insurance policy knowing that people would be more than willing to get covered at the least expensive offer.

How much is No Medical Exam Life Insurance?

Now, this depends on the insurer and the result of your interview. As mentioned before, you should never lie on your medical interview because insurance company conducts an investigation before paying out the death benefit. If found out that you have lied on your medical interview, your insurance policy will be voided and your family will be left without.

Now, if you’re wondering just how high no medical exam life insurance is just consider the type of coverage you are purchasing, your age, your working environment and your lifestyle habits. If you are a big drinker or a smoker then you would likely pay higher premium so does if you are older. It is best if you use a life insurance calculator to know what policy coverage you need based on your personal case.