Life insurance helps individuals and families by giving them peace of mind and a solid plan for the future. Nevertheless, physical exams can hinder those who want insurance from pursuing the financial health and safety that insurance can provide. These seekers of insurance should be interested to know that there are a number of options for them to obtain a life insurance policy without a physical exam being completed at all!
Naturally, many people are attracted to this kind of insurance policy, thinking that it will reduce the stress and scrutiny of applying for a life insurance policy with a thorough medical exam. To an extent, this is true, but it obviously comes with some concerns about the size and nature of the policy that you can get. Perhaps they fear they will not be approved by an insurer on the basis of a preexisting condition. If you want to try “no exam” whole life insurance, you will need to consider the whole suite of options available to you before making a choice.
Before you begin carefully reviewing your options, know that although there is no physical exam, there may be other ways the insurance company will want to screen your application. You will need to disclose any and all health conditions on a questionnaire, and if you fail to disclose your policy could be voided. For this very reason, you should get comfortable with the various forms of life insurance without physical exams before moving forward.
Learn which forms of no exam insurance will work for you, and see how you can get one of these working policies from a trusted insurer like Sproutt.com.
Types of Life Insurance without Physical Exams
Simplified Issue Insurance, Guaranteed Issue Insurance, and Group Insurance are the three most common forms of a life insurance policy without a physical exam. Read on to learn about each main type.
Simplified Life Insurance
Through this form of life insurance, you will need to answer many medical questions prior to approval, but you can certainly skip the physical exam. Some of the questions cover very basic territory like your height, your weight, and use of substances. In most cases, you will need to answer additional queries about any recent hospitalizations or relevant medical history.
If you are trying to obtain a modest policy relatively soon, then the simplified issue option is beneficial when you seek coverage less than $500,000. Please know, however, that most insurers recommend you seek coverage for 10 times your salary. You can reach out to Sproutt about your options in the simplified issue category. They will look at the state of your health and approve your policy for coverage as quickly as they can.
Guaranteed Life Insurance
A Guaranteed Issue Insurance policy may be your last resort if you have exhausted all your medical and non-medical life insurance options. It’s one of the more expensive forms of insurance because the insurer never sees medical records and so their calculation of risk is engorged by unknown factors. These policies, like Simplified Issue, are much smaller than traditional policies with exams.
If you decide to elect for a Guaranteed Issue policy, remember that there are still some factors and answers that could eliminate you from the approval process. Answers to your questionnaires will greatly influence approval since the company will rely on your testimony to form a policy (as well as their own extensive research into you and your background).
Group Life Insurance
Some employees with benefits packages may have an inclusion of a Group Life policy just for them. You won’t need to answer any questions or take a physical exam to use this policy, and while it has certain advantages, it won’t be all the coverage you need.
It’s a benefit from your company that you should really take advantage of, but it will not cover you fully without an additional policy of your own. Nonetheless, if your employer pays the premium, it’s a good start.
Choosing Life Insurance without an Exam
Once you have calculated how much you can afford for a policy, turn to your background, and identify the areas that insurers may be concerned about. Whatever form you choose, you will need to furnish proof as well, so collect your health and financial documentation prior to going through the application process.
Complete a simple application on Sproutt, and they will analyze the data to calculate your maximum insurability and lowest rate. Or, contact Sproutt today to learn more about the policies and options we can offer.