There are many options when it comes to insurance matters these days. Buying life insurance can be a bit daunting owing to the options available in the market today. When you decide to buy insurance and you do not want to go through a medical exam, you need to find out the requirements. It is important to know that if you buy term no exam life insurance or guaranteed issue insurance, there are some limits on the death benefits that are offered in the policy. Many insurance companies have a cap or limit on the insurance policies that are issued without a medical examination. You have a better chance of getting the no exam when you buy a shorter term life insurance policy.
No exam Term Life Insurance
The thought of buying term life insurance without a medical exam might sound like the perfect idea, but you need to be careful to avoid making mistakes. Many insurance firms offer policies but most will require you to offer information on your medical history. If there is a history of heart disease in your family this is likely to raise a red flag on your application. Most people who are seeking to buy the policies know that they have health issues and insurance providers are not ignorant of this fact. If you are healthy and you forego the exam, you are essentially asking for high premiums.
No Health Questions
In some cases, insurance companies will allow you to purchase the no exam term life insurance and without answering health questions. In other instances, insurance companies do not ask for the formal medical history but they ask basic questions like any pre-existing illnesses. They may also ask about any relatives with a history of heart disease or cancer. These questions do not often have much effect on your rates due to the short term and low benefit coverage. It is important to note there are some drawbacks to opting for the insurance option.
When you decide to forego a medical exam or fail to give a more detailed medical history, you should know that once your insurance policy expires, renewal might be a problem. If you suffer from a major medical condition during the coverage, you will find it very difficult to renew your policy when it expires. To get continuous coverage you can choose a policy that has an automatic renewal option but for this, you will need a medical exam.