Have you ever stopped to consider how much money your family is going to require if you were to die suddenly? Many of us haven’t. Life insurance can make the difference between your family remaining in the home they’ve been in for years and their being suddenly bankrupt and destitute.
It can be annoying to have a medical exam just to get your life insurance. More insurance agents are beginning to focus on life insurance that doesn’t require a medical exam to help those that wouldn’t otherwise qualify for insurance to have the life insurance required for them to prepare ahead if they should suddenly die.
Availability of Term Life Insurance without Medical Exam:
More life insurance companies are beginning to see this trend as well. Every year more insurance products are entering the market. With competition high, many companies start to streamline the way they write their insurance policies.
As a result, they are beginning to charge more for life insurance. It’s a higher risk to insurance someone who doesn’t have a health exam. So to take this on, more companies are charging a higher fee in order to cover the difference.
Check out the life of insurance companies offering this policy right now.
The truth of the matter is that you have to be in reasonably good health in order to qualify for a life insurance policy without a medical exam. You will still, however, have to answer a list of health questions.
If you pass this list of health questions, you won’t be required to have a medical exam. As long as you qualify under the rest of the underwriting guidelines, you’ll be able to secure life insurance for yourself.
Graded Death Benefits:
Those who are at higher risk due to the way that they have answered the medical questions may still qualify for “graded death benefits“.
These “graded death benefits” will have a specific waiting period before the life insurance kicks in. If someone dies during this time frame, they won’t be covered.
Thus, if you have a serious medical condition, but it’s being managed, you would qualify for life insurance without a medical exam, and it would make sense to get this kind of coverage.
A medical exam might mean that you couldn’t get the life insurance at all. By taking a short term risk, you may wind up being covered for the untimely event of your death. This can be a great boon to your family when you die.