The existence of a life insurance plan is crucial nowadays. The financial assistance you require today or your family will require when you pass away will be handed to you by an insurance policy for life.
No matter what age you are and whether you’re deciding to purchase life insurance at some point, you’ve been informed about a medical examination.
Medical exams assess your health conditions to determine the type of insurance policy you’ll require and the number of premiums you’ll have each month or every year.
There is a fact that several policies have been rescinded for those who couldn’t be able to pass the test. Why? Because insurance companies need to be sure that you’re a suitable candidate for the insurance company they’ll be putting their money into. Let’s look at it this way If your health isn’t ideal and you’re a smoker, or you’ve already been diagnosed as having a health condition likely to be able to live for all that long. That means the insurance provider will be required to provide your beneficiaries with the full death benefit even if your premiums were only 50% of your death benefits.
This is a loss for the insurance company, but they’re wise enough to avoid taking this risk. You’ll either have to pay a huge amount of premiums or be able to get the insurance at all.
However, certain insurance policies do not require a medical examination. These insurance plans that do not require a medical exam are typically offered to senior citizens who can be eligible for the policy despite being in poor health.
Although it may sound tempting to go with the no-medical exam life assurance policy, they’re not all that good. It’s necessary to allow the insurance company to assess the cost you’ll pay accurately. What happens if they offer excessive prices just because of a few questions? After all, it is their obligation to find the most favorable price possible, and they’ll take this action after completing the medical examination.
What happens during a Medical Exam?
What happens during an exam for medical reasons? What is the reason people are so scared of it? Why don’t they choose a plan which doesn’t have medical examinations or health questions?
And this is precisely what happens.
A policyholder has two weeks to prepare for the test and is given an exam date. They must avoid eating the day before but remain well-hydrated and drink plenty of water. Medical exams include blood tests to determine the presence of nicotine or drugs within your system. Also, the ability to check your pulse to determine the presence of blood pressure. In addition, a thorough examination of heart rate and a collection of urine samples are all performed.
It is recommended not to smoke for at least 8 hours before your test, as it may show high blood pressure and lower the chances of passing.
In addition to all these samples, they gather your details like your identity and your height and weight measurements. They may also ask questions about your eating habits, lifestyle, and hobbies.
A typical medical examination lasts between 20 and 30 minutes, and the insurance company sends your test results to an underwriter, who checks and then determines the results. It’s typically your insurance company that covers the medical exam. If you’re afraid of needles or clinics, you should undergo an examination to ensure that you are given the appropriate amount of premiums to your insurance policy.
Whole Life Insurance No Medical Exam
For those opposed to needles or test results, You’ll avoid getting a medical check-up. However, guaranteed life insurance is permanent insurance that DOES not need a medical examination.
Here’s the problem.
A life insurance policy that is guaranteed policy comes with a waiting period that can be up to 3 years. If the policyholder dies within this time, the beneficiaries will not receive any death benefit. Many choose life insurance policies for the death benefit to ensure financial security for their loved ones in the unlikely scenario of their passing. Why would you want this kind of policy if you’re not receiving that benefit?
There’s a flip side to the coin as well. Suppose the policyholder passes away during the waiting period. In that case, the total amount of premiums he paid in this period is returned to beneficiaries with an interest rate of 10%. This will occur when the policyholder passes away during this waiting time if they’re lucky enough to live past the waiting period, at a minimum, the death benefits for the beneficiary.
Term Life Insurance, No Medical Exam
Some policy types of term insurance do not need a medical exam. A term life policy – like a whole life policy can only be used for a period that spans 10-20 years and offers death benefits.
However, how can a term life insurance policy with no medical exam function?
It’s important to remember that even if you don’t have a medical examination, you might still not be eligible based on other criteria like the medical questionnaire or if you’re a smoker or diagnosed with a deadly health condition.
A medical exam is not required, so there won’t be urine or blood tests. There will be no intrusion into your body’s or your house’s privacy, and that’s why you’re safe.
The term life insurance policy that does not require a medical exam has a limit on coverage of $1 million. However, you can increase the amount per the terms of the policy and your personal requirements.
If you cannot undergo an examination, it is still necessary to answer any medical questions. They may not be as comprehensive as you thought. However, no life insurance policy doesn’t have medical examinations. A simple questionnaire is all insurance companies should inquire about you to determine the most suitable plan.