Buying life insurance can prove challenging, as there are so many formalities and processes that one must go through. However, no matter what, having life insurance is essential. It enables you to provide for your family even after you pass away. It also safeguards the financial interest of your beneficiaries.
Choosing the right insurance can be quite a complicated task, especially if you do not have the proper guidance. Even after all the tests and a long process, there is no guarantee that you would qualify for the insurance.
If you are unhealthy or suffer from a chronic disease, your chances of being eligible for a good policy are slim.
In such cases, it is best to opt for a no-medical exam life insurance policy, as these policies do not require a full-fledged medical test, and the overall evaluation process is much shorter.
Many people are often confused between medical and no medical life insurance, so here are the significant differences between the two.
1. Medical Life Insurance Policy
These policies are fully-underwritten life insurance. When applying for such a policy, you are required to provide a comprehensive look at your overall health and well-being to the insurance company.
Based on your health and various other factors, the company will then decide whether you are eligible to get the insurance and what the premium amount will be.
You will also have to undergo a strenuous process of various tests and medical exams to qualify for the insurance. Insurance companies need a holistic overview of your health and can ask for blood samples, urine samples, and weight and height checkups.
Moreover, it can take two to three months for your life insurance coverage to be activated. So, this may not be the ideal choice if you want to get insured quickly.
Even after undergoing the long process, there is no guarantee that you will be eligible for the insurance.
2. No Medical Exam Life Insurance
These life insurance policies are for those who can qualify without a medical exam. Herein, the insurer will only ask you questions regarding your health to determine your history and assess the risk they will be taking by insuring you.
In such cases, they might ask you for previous medical reports, ongoing prescriptions, and overall medical records.
This type of insurance is best for people who fear needles or medical procedures as now they would not have to undergo a medical exam. In addition, it is also an excellent option for those who wish to get insurance quickly, as, in this type of insurance, the approval from the insurer can come instantly, and your policy will be activated once you pay the premium.
There are two main types of No medical exam life insurance, simplified and and guaranteed acceptance life insurance. Amongst these two, guaranteed life insurance is a more prevalent choice amongst seniors. It is found that those between the age bracket of 55 – 64 are most willing to invest in a life insurance policy that does not require a medical exam, and such people often opt for guaranteed life insurance.
If you are in a hurry to buy insurance or are not comfortable with the idea of a medical examination, then choosing a no-medical life insurance policy is the best option. You can go online and search for a reliable life insurance service provider firm that can help you get a policy as per your needs.