No-Exam Life Insurance
There are numerous No-exam life insurance plans available. Some so-called ‘no-exam’ plans offering large faces amounts in excess of $ 500,000 waive only the ‘medical’ exam and not the blood and ‘para-medical exam.’ However, bona fide no-exam plans have no exams and few or no health questions. They are sold sometimes as ‘senior life insurance plans;’ yet they include the following:
Simplified Issued Life Insurance plans typically offer $ 5,000 to $ 75,000 worth of life insurance coverage with only a few health questions. The questions will relate to heart disease, cancer, and a few other conditions. Some insurers may require ‘attending physician statements’ to clarifiy answers to the questions. Many of these plans have no waiting period, and coverage begins on the receipt of the premium paid with the application. Some simplified issued plans are offered as Final Expense Life Insurance policies which normally offer face amounts from $ 2,500 to $ 50,000. These plans are usually issued at substandard rates, and are significantly more expensive than someone would get if they qualified at a standard or better rating through a traditionally underwritten permanent or term life insurance policy.
Guaranteed Issue Life Insurance plans have no health questions or medical exams. However, these plans require the insured to be within certain age ranges. Additionally, these are typically the most expensive types of life insurance coverage. Most guaranteed issue plans can decline the proposed insured if they live in a long-term care facility, or are currently in a hospital.
Graded Benefit Life Insurance plans also require the insured to be a certain age, such as at least 40 years old, but not more than 80 years old. Many insurers will only allow coverage amounts up to $ 30,000. These policies will only reimburse premiums plus interest if the insured dies within the first two years. Some insurers will ‘grade’ the death benefits until the fifth year.
| Before buying a life insurance policy, the buyer should have an idea of the various types of life insurance plans that are designed to meet their desired goals. Additionally, the buyer should consider how their health condition and possible rating will affect their acceptance and premiums under those plans. |
PLEASE CALL one of our advisors to find out which plan is best for you.
