Getting Life Insurance with No Medical Exam
You may be able to get life insurance for yourself without having to submit to a medical exam. Usually this type of life insurance is for amounts that are below a certain face value where the life insurance company is not concerned that the purchase of such life insurance will result in adverse selection. Life insurance companies are in the business of accessing risk and issuing life insurance policies on the basis of that risk assessment. For higher amount of coverage, usually at amounts that are above $50,000 or $100,000 of face value an insurance company is going to avail itself all tools to determine the suitability of the risk being presented, which includes a medical exam. For lower face amount policies (usually less than $25,000) an insurance company will not normally require a medical exam.
- The Purpose of Life Insurance with No Medical Exam
Life insurance with no medical exam meets an important need of those individuals who have traditionally been shut out of the life insurance buying process. This in the past has included those individuals in hard to reach rural areas and in some urban communities. Having the ability to purchase even a low face amount policy to pay for costs associated with a funeral or provide a small endowment for a grieving family can be valuable to certain groups. Being able to get this insurance protection with few to no medical questions and no medical exam will allow those individuals to get some life insurance in place to meet their needs.
- The Process of Getting Life Insurance with No Medical Exam
The process of getting life insurance no medical exam is one that is usually simple and not very involved. An application is completed that may consist of no more than 8 or 10 questions about your current health. As long as there is no information on the application that would cause the insurance company concern about you as an adverse risk, as soon as the application is submitted and premiums paid, you should expect a policy to be issued.