No Medical Life Insurance: Policy for the High-risk Group

2007-03-08 10:33:40

( Insurance )



AN ISSUE OF LIFE EXPECTANCY

No medical life insurance is a policy that does not require the insurance buyer to undergo a medical exam before the insurance is granted. An example of this is short term medical insurance which is a temporary issue insurance.

In a typical life insurance, it is a standard operating procedure to require a complete physical examination and medical profile from the person who is taking the policy. Of course it stands to reason that an insurance company would prefer to insure an individual who is young and healthy, with a long life expectancy. Insuring someone older or who is sick is risky for insurance companies because the person may die sooner than the maturity of the plan.

This is why your premiums will depend to a large extent on your physical exam. If your medical check-up shows that you are in good health then your premiums will be considerably lower than if the results showed some medical condition.

THE QUICK AND THE GUARANTEED

No medical life insurance has two types, the guaranteed issue insurance and the quick issue insurance. In a quick issue plan, there will be some medical history questions asked but no exam required. The guaranteed issue no medical life insurance on the other hand will not ask any questions, you simply fill-out an application form, send the payment, and voila, the life insurance is yours; thus the term guaranteed issue.

Sounds too good to be true? Of course, there is a downside. No medical life insurance has limitations in terms of coverage and benefits. Also, because there is no medical exam to serve as basis of computation, the premiums will be significantly higher. However, if you are willing to pay the price, just make sure that the high cost of your no medical life insurance is justified by adequate coverage. Because if not, then you are better off saving your money or putting it some place else.


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