Can I Get Life Insurance Without a Medical Exam?

iQuanti: If you're in good health but don't want to undergo a medical exam, you may be wondering whether you can still obtain life insurance that works for your needs and preferences. Luckily, there are various policies that don't require a medical exam. This means you can still provide your loved ones with financial security in case you pass away. Here are some no medical exam life insurance options that will help you obtain coverage:

Final expense insurance

Final expense insurance is a life insurance policy for those in good health that can be used to cover any costs associated with funeral services, memorials, or cremation. It typically provides your loved ones with a small death benefit of a few thousand dollars. These coverages don't require a medical exam to obtain. Since many customers seek out life insurance policies to deal with end-of-life costs, final expense insurance can make financial sense for you and your family.

Guaranteed issue life insurance

With no required medical exam, guaranteed issue life insurance policies are another option for those that prefer to go this route. As long as the policyholder is within the age range set by the insurance company (typically between 50 and 80 years old), they can purchase a guaranteed issue life insurance policy.

Many guaranteed issue life insurance policies have waiting periods before the policy becomes active. These periods will usually last between 1 and 3 years. If the policyholder dies during this time, the beneficiaries may only receive minimum benefits.

Whole life insurance

Whole life insurance is a type of policy that provides coverage the entirety of the policyholder's life. This means that your beneficiaries will receive a death benefit no matter when you pass away. Some whole life insurance policies come with no medical exam, so this can be a great option if you're in good health but prefer to get a policy without an exam. 

Whole life insurance also comes with a cash value growth component that grows tax-deferred over time. This can allow you to build wealth, and you may be able to borrow or withdraw from the cash value once you've built up enough. 

If you're willing to agree to higher premium payments, then a whole life policy might be the right choice for you. Their permanent nature means that whenever you pass away, you'll still have an insurance safety net.

Know your insurance options

Just because you don't want to take a medical exam doesn't mean you have to give up a life insurance policy. With final expense insurance, guaranteed issue life insurance, and whole life insurance, you can find ways to create an added financial cushion for your family and loved ones and skip the exam. Compare your options and consult with a licensed insurance agent to find the best options for your needs.

Source: iQuanti, Inc.

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Categories: Insurance

Tags: health, insurance, life insurance