No Medical Life Insurance
No medical life insurance is a form of life insurance in which the insured individual does not obtain a medical exam prior to obtaining the life insurance policy.
Most life insurance companies will require the insured individual to have a medical exam prior to offering a quote or a policy to them.
This is because the insurance company needs to determine the risk level of providing life insurance to the individual.
If the individual is unhealthy for any reason, it may be more risky that the individual will die prior to the expiration of the policy or before a profit occurs.This type of life insurance may be an option for those who do have chronic illnesses or other complications.
The Problem With No Medical Life Insurance
Although it may sound like a good plan to purchase this type of life insurance to avoid having to have a medical exam, it will cost you.
The premiums for this form of life insurance are often quite higher than the premiums for any other type of similar term policy.
That is because the life insurance company does not receive the ability to evaluate their risk level. Therefore, to compensate, the insurance company raises the cost of the life insurance considerably.
Does this mean that even if you have preexisting conditions that you will be able to purchase no medical life insurance? Not quite.
Unfortunately, most companies do have in place a series of questions that help them to define at least some of the risk involved in providing life insurance for you.
Common questions asked by a no medical life insurance provider may include:
- Do you or have you used tobacco products?
- In the past ten years, have you been treated for or consulted a physician on conditions such as heart disease, stroke, vascular disease, cancer, diabetes, hepatitis c, alcohol us, lung disease…etc
- In the past five years, have you been hospitalized for, high blood pressure, depression, anemia, liver disease, chest pain, asthma,…etc
- Have you had your driver's license revoked for driving without a license, alcohol or drug influence or because of a moving violation?
- Do you plan to engage in any risky activities or extreme sports in the next year?
- Have you been diagnosised with conditions such as AIDS
- Have you been hospitalized or unable to work for more than five consecutive days besides giving birth, in the last year?
The insurance provider must ask questions like these in the hopes of determining if you are a highly risky individual to protect.
If you answer no to these questions, and it is untrue, the policy would be null and void.
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