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Non-medical life insurance assumes no medical test when issuing a policy as opposed to a traditional policy where medical tests are required (e.g. blood test, blood pressure, etc.). If there are no tests, insurers see the risk higher and thus often would collect higher premiums for these types of policies. At the same time, there is often a coverage limit on these policies in order to minimize insurance risk. It is also referred to as no exam life insurance and can ease the pain of buying life insurance.
Many business people need life insurance when they apply for a business loan. Most lenders require that the loan is insured to secure the loan to ensure that it can be re-paid. Even many personal loans may require that you be insured with a life insurance policy before they will approve you. The problem is that many people simply can’t afford to wait several weeks to get approved for a traditional life insurance policy.
Life is busy these days; people are tied up with different commitments. So if anyone wants a policy within 1-2 days then the simple convenience of applying, completing a brief questionnaire is quite appealing because these policies are very handy and easy to obtain.
You could be engaging in a high risk occupation or hobbies. You may have a serious health issue which can result in a very expensive premium or be declined altogether so no medical-exam life insurance might be your best option.
Life insurance with no medical exam is more expensive than life insurance policies that require taking a medical exam. The life insurance company is taking a greater risk by insuring without labs and full medical underwriting. Most life insurance companies that offer life insurance with no medical exam automatically give the insured a Standard risk class.
A non-medical exam policy is fast and easy, but there are limits on the amount of coverage offered. The total coverage varies from one company to another, but you can expect coverage in the region of $100,000 and no more than $350,000.The amount of coverage may be a bit more if the life insurance is tied to your mortgage.
Life insurance with no medical exam has limited death benefit amounts. Most companies that offer life insurance with no medical exam have a maximum death benefit amount of $500,000. If you require more than $500,000, you will need to go with traditional medical exam coverage policy.
Life insurance policies without a medical exam generally have shorter issues ages and limited term lengths of policy issued than traditional medical exam coverage. For example someone who is at the age of 61 looking for 30 year term life insurance with no medical exam would only qualify for a 15 year policy.