No Medical Exam Life Insurance
May 11, 2021
Guaranteed Life Insurance, No Exams No Medical Questions
Guaranteed acceptance life insurance, a form of whole life insurance, has neither an exam nor any health questions. The catch is the waiting period. Most of these policies won’t pay the death benefit for a period of up to three years. Why? No insurance company could survive if it wrote policies for people who were dying and who received benefits after only paying premiums for two months.
A Guaranteed Life Insurance Policy Works Like This
An application is required but there is no physical exam nor any medical questions. It is generally available in amounts up to $25,000. Most policies must be in force for at least two years before any death benefit is paid. Frequently purchased for end of life expenses, medical expenses, etc. A guaranteed issue life insurance policy satisfies many needs, particularly those whose health or age might otherwise compromise their ability to obtain other forms of life insurance.
Pluses And Minuses of Guaranteed Issue Life Insurance
For those who choose a guaranteed acceptance life insurance policy it is helpful to know the following:
- Coverage caps may limit your policy’s face amount to a maximum of $25,000
- Guaranteed issue life insurance companies policies are some of the most expensive compared to other forms of life insurance
- Death benefits are paid only after a policy-specific contestability period of time has passed, usually two to three years. Before this time the beneficiary is paid the amount of premiums paid in thus far plus interest
Comparing the Best Guaranteed Life Insurance to Other Products
If you have serious medical problems then guaranteed life insurance no medical questions may be your only option but it may be advisable to apply for another whole life product before you choose this type of policy. The difference between a guaranteed life policy and another form of whole life insurance can be significant as much as 34% in one comparison.
The Needs Guaranteed Acceptance Life Insurance Fulfills
Generally purchased for funeral expense, medical bills this form of insurance is usually purchased by people who have had serious health problems and been turned down for other forms of life insurance.
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Questions?
No, the premium is fixed as is the payout amount though some policies do have a feature that accumulates cash value.
Making sure that your family or beneficiary has a sum to pay for final expenses, pay medical bills etc. is the #1 reason. This form of insurance is expensive and you should make sure you are ineligible for a regular life policy. You should get several quotes which you can do here at ConsumerCoverage
Like most types of life insurance there are a number of factors that will determine what you will pay. The most significant difference in costs is determined by gender. Females seeking this type of coverage pay less than males. Age when the policy is purchased, location are two more variables that will factor into costs. As with any purchase where you have a choice of provider looking for a company with the best reputation can be as important as the cost of the policy itself.
At ConsumerCoverage we have several companies from which you may choose.
At ConsumerCoverage we have several companies from which you may choose.