What Is A Whole Life Insurance No Medical Exam Policy
Reader’s Question
Lately, I have seen many advertisements here in Orlando that a person can get life insurance without undergoing any medical examination. What is the difference between a normal life insurance policy and one that requires no medical exam? Thank you very much.
Robert Andrews
Orlando, Florida
Hi Robert, it is good to know that you have been reading our posts here. With regards to your question, yes, there are life insurance plans like the one you mentioned – a life insurance policy with no medical exam that some life insurance companies provides. More and more providers are offering this feature as they can reach a bigger portion of the market. You must bear in mind, though, their advertisement or promotional materials may claim that they do not require a medical exam but they will still require you fill out a questionnaire pertaining to your medical history. They are questions to better understand your health and by asking questions mostly about the medical history of your family or immediate relatives, the insurance policy provider will get a pretty good indication of your health. Although they may not require a medical exam, if they sense there are some serious medical problems they will either jack-up the premiums or maybe just plain refuse to insure you. There are no guarantees.
The main difference between a life insurance with a medical exam and one that doesn’t require it, aside from the medical examination requirement, is in the life insurance payments or premiums that come with them, which you have to pay regularly – they may be higher and heavier on your pocket. You must understand that since you actually have not given them a clear medical certificate or results to rule out some health concerns, they have no way of knowing them; except the answers you have given them which may be inadequate to really assess your health situation and medical needs. Based on the knowledge they can ascertain they will incorporate some factors on conditions and premiums and offer you coverage for the security of your family if that unfortunate time comes.
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