Life insurance is a must for anyone who wants to ensure that his loved ones are taken care of after he or she passes away, and is not longer able to provide financial support for them. Those with young children should particularly think about having a life insurance. Many people are hesitant to get life insurance due to the hassle of medical exam they have to go through before getting approved by the insurance company. As a result, many insurance companies have introduced life insurance without medical exam in advance. They will write the insurance policy as long as they can get the information needed to determine the risk, and calculate insurance premium.
Types of Life Insurance
Broadly speaking there are two types of life insurance policies – 1) Term Life Insurance 2) Broad Life Insurance. Term life insurance provides coverage for a specific period of time. The policy expires after predetermined time period after which the policy holder is not eligible to receive the benefits. The premiums for term life insurance are usually lower compared to broad life insurance. Broad life insurance, on the other hand, provides coverage for the entire life of the policy holder. Whole life insurance is a good choice for someone who wants guaranteed coverage for the life. The premiums tend to be higher for the broad life insurance.
Why do Insurance Companies Require Medical Exam?
Insurance providers ask the policy holders to undergo medical exam before they can become eligible for the coverage. This is required so that the insurance companies can determine the risk factors when insuring someone for the life insurance. These risk factors are used to determine how much someone has to pay for the premium in return for the insurance coverage. For example, someone who smokes and drinks heavily has higher chance of getting a heart attack, and dying compared to the one who leads healthy life style. The insurance company will require the first person to pay higher premium to cover the risks associated with his life style.
What does Medical Exam Include?
The aim of the medical exam is to understand the overall health of the person. It is typically performed at your home or some other convenient location. The medical exam may include some of the elements described below depending on your age and overall health.
- Medical questionnaire
- Physicals – height, weight, BMI, etc.
- Blood pressure and heart rate
- Blood and urine sample
- Electrocardiogram (EKG)
- Stress test
Benefits of Getting Life Insurance without Medical Exam in Advance
Some insurance companies have introduced life insurance that doesn’t require you to undergo medical exam. Depending on your situation, there are benefits of getting the life insurance without medical exam. Some of the benefits include:
- Less hassle – You don’t need to spend time with the medical exam.
- No waiting period – The insurance company and you don’t have to wait for the exam results before they can offer the coverage.
- Eligibility – You have a better chance of getting the coverage in case you have pre-existing condition or work in high-risk environment such as construction, firefighting, etc.
In some cases, you may have to pay higher premium to get life insurance with no medical exam if the insurance company is not able to accurately determine your risk factor. Depending on your situation, you may be wiling to pay higher price.
Conclusion
Everyone must think about getting life insurance to ensure their loved ones are taken care in case of untimely death. It is possible to get the life insurance without medical exam if you have a situation where you are not able or willing to undergo medical exam. Make sure you assess your situation and determine the best path forward to take care of your loved ones financially.
