Obtaining term life insurance with no medical questions asked is not only possible but a popular form of insurance for many people. Sometimes called guaranteed life insurance, it is a policy that does not require a medical exam or any health questions to receive.
Have 2 Minutes in Hand? We Offer Affordable Life Insurance Quotes in 3 Simple Steps.
Advantages & Disadvantages:
Guaranteed life insurance policies are arguably the most hassle-free to obtain. Because there is no medical exam and no health questions are asked, anyone can qualify for such a plan. They are usually available with benefits that may reach up to $50,000 depending on the company that offers the policy. Of course, such policies cannot be turned down by the insurance company. If you can pay the premiums, you can get the policy.
However, despite the advantages, this is the most expensive type of life insurance policy available. You can expect to pay 20% – 50% or more compared to a standard life insurance policy that requires a medical examination. Plus, the benefits are limited compared exam policies that can range up to $500,000 or more. Finally, the benefits themselves do not kick in for a pre-set period such as two to four years. This means that the beneficiary will only receive the amount of premiums paid into the policy until the minimum deadline is reached.
Who is Right for Term Life Insurance without Medical Questions?
Those who are best suited for this type of policy are the ones usually turned down for a standard life insurance with the medical exam or one that asks health questions. This means that you have had a serious medical issue in the recent past or suffering from one today and are advanced in age. While you may not be considered terminal, the insurance company would deem you too high a risk for standard policies.
For instance, an elderly over 75 year old can are likely to have a dangerous medical condition, can go for such policy although this is more expensive.
Remember that many life insurance policies are available to those who are ill or suffering from certain medical conditions. You should not automatically believe that you are disqualified for standard policies and instead try to see if you can obtain them as they are less expensive and may provide more coverage.
How to Get a Guaranteed Life Insurance Policy?
The easiest way is to go online and shop around for free quotes. If you find that you are not qualified for standard and no medical exam policies, then you can search out term life insurance no questions asked. Once you have gathered several, you can choose the one that best suits your needs while fitting your budget.
Since no medical question policies are the most hassle-free, you should be able to obtain one with minimal effort. However, you will be paying the highest premiums, so keep that in mind when you are making your decision about which one to choose. Remember that you can decide to lower the benefits to save money, although this will mean less in terms of benefits to the beneficiary.
If you are in ill health and do not qualify for either standard or no medical exam policies, then one that has no medical questions asked is right for you.