No Medical Life Insurance: A Solution for the Hard-To-Insure

Life insurance is a crucial way to ensure the wellbeing of one’s family in the event of a tragedy. Unfortunately, however, traditional life coverage is not an option for many people for a whole host of reasons. Over 30,000 traditional life coverage applications are turned down every single year. People can find themselves rejected by traditional life protection for anything from having a chronic illness to working at a dangerous job. The good news is that there is another option for these people: no medical life insurance. It is a type of life coverage that doesn’t require you to undergo a medical examination for your application to be accepted. There are two kinds of no medical insurance policies: simplified issue life protection and guaranteed issue life insurance.

Simplified Issue Insurance Plan

When you apply for simplified issue insurance policy, you do not need to be examined by a doctor. You may, however, be required to fill out a questionnaire about your health and history, which usually includes somewhere between three and 12 questions. These can include questions about any chronic medical conditions you may suffer from, whether you’ve been turned down for traditional insurance in the past, if you have any regular activities that put you at risk (such as smoking or a high-risk occupation), and more. Generally speaking, the higher the number of questions on one of these applications, the lower the premium will be, and vice versa. It’s important to keep in mind that the face amount on a simplified issue policy is often limited to $150,000 dollars.Philippines-plans

Guaranteed Issue Life Insurance

Guaranteed issue insurance plan does not require applicants to submit to a medical examination or fill out a health questionnaire. These policies, as a result, are very popular for people with severe illnesses. That said, the downside to these policies is that they are much more expensive and have much lower coverage amounts for non-accidental deaths – generally around $25,000. On top of that, with many guaranteed issue policies, if you die within the first two years, the payout your beneficiary receives will be limited to a return of premium. Despite this, however, guaranteed issue policies are oftentimes the only option for the seriously ill, and as no information about medical condition is required to apply for one of these policies, very few applicants are turned down; the most common reason for a denial is if an applicant is above the maximum age limit, which is usually 75.

Who Should Consider No Medical Life Protection?

This type of life insurance is a great option for a wide variety of people. If you’ve been turned down for¬†traditional insurance¬†in the past or are likely to be, such as if you suffer from a chronic illness, work a high-risk job, or have previously been convicted for driving under the influence, life insurance policies that exclude medical exams are still an option for you. Furthermore, many people are uncomfortable with undergoing a medical exam, for personal, religious, or any other reasons. These people may find themselves much more comfortable with simplified issue insurance policy.