The Pros and Cons Of A Life Insurance Policy With No Medical Exam

There is one type of life insurance that does not require a medical examination. This life insurance is usually called Guaranteed Issue, or Simplified Life Insurance which is a type of policy found under term life insurance - the simplest type of life insurance. It is bought for a specific amount of time, anywhere from one year to twenty or even thirty years, and if the policyholder dies within that time, the beneficiary collects cash. With term insurance the policyholder is guaranteed that the policy will be renewed through the term.

The down side of this type of life insurance is that the benefit amount is limited to a lower amount, and if a person desires more coverage premiums are usually very high. However, if you are older or have health problems that would disqualify you for other types of life insurance, or if you are simply looking for additional insurance to supplement a plan you already have, this is a wonderful alternative. Another option is to look for an insurance company that provides group plans. These plans usually do not require a medical exam.

For other types of insurance, whether or not an insurance company requires you to have a medical exam usually depends on your age and the amount of insurance you plan to buy. Most insurance companies do not require medical exams if you are 40 years old of younger and applying for less than $100,000 life insurance policy. As you age, the amount of insurance you can buy without having a medical exam decreases. For example by 50 years old the amount that you can buy without an exam may drop to as low as $10,000. However this amount greatly varies between insurance companies and it is always a good idea to shop around for the best deals.

The most important thing to remember is to always be honest; even if a medical exam is not required, most insurance companies do require medical history information. Do not leave out things to try and make your medical history look better. Insurance companies have the ability to track down your medical information. Nearly all insurance policies have a one to two year period known as the “contestable” period. During this time, if it is found that the application did not show all relevant medical history, the company can modify or even cancel the policy.

If you are relatively healthy, there is usually no downside to having a medical examination when you apply for life insurance. Most life insurance medical exams include a basic physical, urine sample, blood work, x-ray and EKG. Many do not even require all of these. With a good exam you can often buy as much as $2,500,000 worth of life insurance. To improve your exam results get a good night’s rest, schedule the exam in the morning, avoid eating anything with a lot of caffeine or cholesterol, and drink a lot of water before the appointment.

The most important thing to remember is that a medical exam should not scare you away from certain insurance policies. If you need the coverage, shop around and find an insurance plan that will provide you with what you need.

Chris Simons is a prolific freelance writer. You are welcomed to visit, for more information on Life Insurance.