Life Insurance With No Health Questions
You need life insurance but your medical history doesn’t look so good. What can you do?
Applying for life insurance normally requires you to answer a series of health questions and take a medical exam or physical. But what if your health history makes you ineligible for the usual life insurance or if you just don’t want to undergo that physical exam. Are there any options?
1. Life Insurance With No Health Questions and No Exam
(Guaranteed Issue Life Insurance)
Nearly anyone can buy Guaranteed Issue Life Insurance – regardless of your health history. It seems this is a tremendous risk for the insurance company but here is how they manage it:
- The death benefit is “graded”. Typically in the first two years the death benefit is limited to a return of your premium plus interest or a percentage of the face amount. However, for an accidental death the benefit is typically the full amount from day one.
- Since everyone is accepted, insurance companies pay more in claims than if applicants were screened for health conditions. As a result insurance companies charge higher premiums for Guaranteed Issue Life Insurance. You can check what your rates would be and get complete details here.
It doesn’t cost anything to request a Guaranteed Issue Life Insurance quote. Once you do, you are not under any obligation to purchase a policy.
2. Life Insurance With No Exam and Minimal Health Questions
(Simplified Issue Life Insurance)
Many insurers sell policies with immediate full death benefits requiring only minimal health questions and no medical exam. You may qualify for these policies with some health issues.
To purchase a Simplified Issue Life policy you may be asked if you have had a heart attack, are confined to a nursing home, require the use of oxygen, and similar broad health questions. The health questions are usually simple Yes or No questions meant to weed out very seriously ill people. Simplified Issue Life Insurance can be purchased through a local agent or from several online sources.
Do your homework before you purchase a Guaranteed Issue Life policy. You may be healthy enough to qualify for Simplified Issue Life Insurance with full immediate benefits.