Sometimes referred to as ‘non medical life insurance’, no medical life insurance is like a regular life insurance policy, but with one key difference – you are not required to take a full medical exam to receive your coverage.
Typically, when you apply for traditional life insurance through a broker or your employer, you’ll experience the entire underwriting experience.
The exam helps insurance providers determine how much of a risk it will be to insure you. Because of this, life insurance policies without a medical exam can be processed and approved within a few days.
This type of policy does not require you to complete a medical exam or questionnaire. While this makes it easier to apply and get approved, your premium will be higher, and you will receive a lower amount of coverage.
This can potentially leave your beneficiaries in a precarious situation if you unexpectedly pass away with the first two years of your coverage. The death benefit they receive will only be the equivalent of the premium payments you made up until that point. A higher-quality guaranteed issue policy will raise your death benefit if you pass away in an accident and remain in effect as long as you are able to make your premium payments.
GET QUOTESThis can potentially leave your beneficiaries in a precarious situation if you unexpectedly pass away with the first two years of your coverage. The death benefit they receive will only be the equivalent of the premium payments you made up until that point. A higher-quality guaranteed issue policy will raise your death benefit if you pass away in an accident and remain in effect as long as you are able to make your premium payments.
