Life insurance can help provide financial protection for your family members if you should pass away. The insurance can pay for funeral expenses, and it can pay any debts that you owe. However, many people believe that you must be in excellent health in order to be approved for a life insurance policy. Fortunately, no exam life insurance policies are available. This type of policy allows you to purchase life insurance without being required to obtain a medical examination.
Simplified Issue Life Insurance
Simplified issue life insurance is a type of policy in which you are required to answer a few medical questions about yourself; however, no exam is required. The coverage amount is usually between $5,000 and $300,000, and it is usually a term life insurance policy. Some of the people who might apply for this type of policy include overweight individuals, people with hepatitis or individuals with diabetes. They might ask you questions about tobacco and drug use, and they might ask if you have a history of cancer or other diseases. However, you will not be asked extensive medical questions. As long as you do not have a major terminal illness in which your life span is less than five years, you will normally be approved for a policy.
Guaranteed Issued Life Insurance
This type of policy does not require a medical exam, and you will not be asked any health related questions. Unless you are living in a nursing facility or a hospital, you will not be denied a policy. The policy amount will normally be less than $25,000. The coverage is permanent, and your rates will not increase. You have the option of purchasing term or whole guaranteed issued life insurance. Term insurance will expire when the term is complete. No cash value is accumulated during the life of the policy. Whole life insurance is more expensive than term life insurance; however, it never expires. With whole guaranteed issued life insurance, your premiums will not increase.
If you have health problems, you will be able to purchase a no exam life insurance policy. Do not assume you will not qualify for a policy because you smoke, have diabetes or have heart issues. You can find a life insurance policy, and your loved ones will not be left in debt after your passing.