Life insurance without medical examination is gaining more and more space in the life insurance market. This type of insurance is an excellent solution for many people and gives everyone accesses to life insurance.
Who is no medical exam life insurance for?
This type of life insurance mainly applies to people who have had a life insurance refusal with an insurer requesting medical information. However, the offer goes much further and applies to people who:
⇒ practice extreme sports;
⇒ who have had criminal offenses;
⇒ who have an illness such as cancer, diabetes, or heart problems;
⇒ who do not like blood tests;
⇒ who want to be insured quickly
In short, life insurance without medical examination makes it accessible to everyone to obtain life insurance to protect their family. Of course, certain terms and conditions apply depending on each person’s state of health.
Without medical examination does not mean without question
No medical exam life insurance doesn’t mean that life insurance companies don’t ask any questions. On the contrary, a few questions are required in order to establish the product for which you are eligible.
You will say, yes, but why do we say without a medical examination? In fact, the insurer does not want to know the smallest details of your doctor’s report. However, in order to assess the risk that the company is willing to take, it must ask some very specific questions in order to be able to offer quality products at competitive prices.
The small print to know about life insurance without medical exam
Although no medical exam life insurance is very positive for people with complications to insure, it is important to distinguish between the different types of products that are issued.
Depending on the answers given to the few questions asked by the insurance company, you will generally have access to 4 types of life insurance which vary according to the severity of your state of health:
- Regardless of the reason for death and if it is in the first 2 years, the insurer will pay the entire sum insured.
- In the event of non-accidental death during the first year, the insurer will refund all premiums paid plus 3% interest. In the event of death in the second year, the insurer will pay 50% of the insured capital.
- In the event of non-accidental death during the first 2 years, the insurer will refund you all of what you paid plus 3% interest.
- In the event of non-accidental death during the first 2 years, the insurer will reimburse you for all of what you have paid.
Permanent life insurance and term life insurance
Even though we are talking about life insurance without a medical exam, the variety of life insurance products available is much the same as with protection requiring a medical exam.
You will be able to access whole life insurance, term 100 life insurance, term 10 life insurance, term 15 life insurance, term 20 years, and 25-year term life insurance.
What is the price for no-exam insurance?
The popular belief is that no exam life insurance is much more expensive than exam life insurance. Well, think again! It very often happens that the price difference is very small and that is what makes this type of product very interesting. The prices offered are often very competitive and make this type of product more accessible than ever.
The price for life insurance without medical examination varies according to several factors such as your age, your sex if you smoke.
The type of product chosen will influence pricing since permanent life insurance is more expensive than term life insurance. The type of product to select depends on your need to be covered.
Finally, one of the aspects that will also have a significant impact on pricing will be the category of no-exam life insurance products in which you are classified. As mentioned in the previous paragraph, depending on your state of health, you will have access to different categories of products. The more you are in a risky category, the higher the pricing is likely to be.