Traditional Life Insurance vs. Life Insurance Without Medical Exam


Have you wondered how to protect yourself and your family if problems or difficulties suddenly arise? According to daily news chronicles, many families are in trouble; that’s no one can predict what can happen. But can you be sure that you have enough strength and financial capabilities to overcome all the difficulties that may arise on the way?

Life insurance has become widespread throughout the world. The desire to financially protect your family and loved ones in case you leave them prematurely is natural and commendable. However, when buying a life insurance policy, you may feel a little insecure, not knowing where to start. Many people will need a term life insurance policy to help replace lost income in the event of an untimely death.  Others may simply need a burial insurance policy to cover the costs of funerals and final expenses when they pass away. The process can seem daunting, but if you ask the right questions and research all the options, you will be armed with the information you need to make the right decision.

Traditional Life Insurance

Today, insurance is increasingly being introduced into society. Insurance companies are developing dynamically and are beginning to create insurance products for various categories of citizens, which gives hope that people with poor health, disabilities, and other serious conditions will have more opportunities for insurance in the future. Unfortunately, for now, this is not the case.

Life and health accident insurance helps provide financial protection against unforeseen situations. However, the traditional insurance program may have its own subtleties, especially when it comes to a person with a huge history of illnesses. The increased risks of an insured event affect the final cost of insurance. For example, the increased cost of policies may be associated with the previous illnesses and high possibility of its recession, disabilities, bad diet, or even negative environmental conditions. The higher the probability of illness occurrence, the more difficult it is for the insurance organization to foresee all possible risks.

To obtain a policy, a person usually should fill out a questionnaire with information about their health status, as well as provide the insurance organization with detailed health information. When concluding an insurance contract, the insurance company individually examines the client’s medical documents and concludes the possibility of providing him with an insurance policy. The company also determines the conditions of the insurance policy based on the medical record and current health condition. Needless to say, that traditional life insurance is not the option for everybody.

Why Choose No Exam Life Insurance?

There may be many reasons for you to consider choosing an insurance company that doesn’t force you to undergo a medical examination before providing you with their premium. Below, there is a list of the most convincing arguments for choosing no exam policies. 

Chronic Health Condition

Severe health problems, such as cancer, do not inevitably leave you without insurance forever. If you can prove that your therapy was strong or your health is well controlled, then even cancer cant stand in your way to get an affordable life insurance premium.

However, if you have a disease like diabetes that you can’t manage well – perhaps you don’t do exercises or chose a bad diet – insurance companies may charge too high for their premium or simply reject you at all. As an example, life insurance for diabetics will may cost you more compared to a person without a chronic illness.  Even though your premiums may be higher, don’t think that you cannot qualify for life insurance coverage.

Remember, that simplified and guaranteed issues sometimes also require some medical info. If you are terminally sick or have a medical condition such as HIV or AIDS, perhaps there won’t be a possibility for you to obtain insurance without a full medical examination.

No Work Benefit Package 

A good option for many people with poor health is to purchase insurance at their job. Some corporations include it in their benefits package. This means that employees will not have to go through a medical exam.

However, employer-sponsored life insurance is not a durable resolution. In case you quit or get fired, you lose the insurance by default. And returns are typically capped at one or two times your yearly wage. 

No Other Way for your Heirs Care

Both guaranteed and simplified payments of life insurance are usually small. If you get one of these policies, there is a minimal chance that they will be enough for covering your mortgage or send your kids to college. They are usually meant to cover funeral expenses and other small bills. You can cover these costs simply by saving money every month.

Also, such policies usually include “death benefits,” which means they will not pay off full death compensations for your family in case you die within the first few years of the policy.

If you are out of choices and opted for a no-exam life insurance policy, consider several suggestions, and talk to an agent to help you pick the best company. An independent insurance agent can identify a company that can propose you reliable and inexpensive life insurance.

Final Word

Responsibility for your life and the life of your loved ones is the main reason to purchase a life insurance contract. Comprehensive protection of the life and health of each family member is financial support in difficult moments of life when funds are needed not only to receive urgent help and treatment but also to restore health in the future.

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