Several Different Types of “No Exam Life Insurance”
There are plenty of companies who offer NO EXAM Life Insurance, but beware because there are several different types, that offer significantly different provisions:
Type One:
GUARANTEED ISSUE LIFE INSURANCE: commonly advertised as No Medical Questions, Everyone Qualifies, you know like the commercial with Ed MacMahon! These polices are also knows as Guaranteed Issue policies, and offer small amounts of coverage, usually up to$25,000, for hefty prices.How are they able to offer these policies with no medical questions? Simple … they contain a clause that there will be no payout if the applicant dies within the first 2 years. The good news is however, that most companies will refund all of the premium paid during that 2 year period so they aren’t a terrible option for the right situation.
Type Two:
NO EXAM TERM LIFE INSURANCE, limited rate class:These types of policies are typically offered at premiums no less than Standard and while no exam is required, there are medical questions that must be answered and Doctor’s records may be ordered as well. This option may be good for an individual who is not going to qualify for Preferred rates anyway and/or someone who is too busy to do the exam and doesn’t mind paying a higher premium.
Type Three:
NO EXAM TERM LIFE INSURANCE, full underwriting: Several companies offer expedited processes which waive the exam requirement up to certain ages and face amounts. A medical hi
story form is required and medical records may also be ordered. Some of these companies give full consideration for all their rate classes to include their top Preferred classes. It should be noted that some of the companies who offer these types of applications reserve the right to request an exam during the underwriting process if they receive information that warrants it. We can explore these Non-Medical policies with you to see if they may be the right option.
