What is No Medical Life Insurance?
Article by A J Bharj
No medical Life Insurance as name signifies insurance without medical examination ie no blood work, no needle tests or urine sample or no medical results from doctor. If you have any of these health conditions, we can insure you: Cancer Heart attack Stroke High Blood Pressure Cholesterol Diabetes – Insulin Hepatitis B Hepatitis C Cirrhosis Kidney disease Bypass surgery Dementia Depression COPD Respiratory condition Declined by other Life Insurance MS (Multiple Sclerosis) Angina Hemophilia Thrombocytopenia or serious Anemia
You can buy Term Life insurance or Whole Life Insurance without seeing any nurse or doctor.
Who are good candidate for this option? If you have health conditions and have tried with medical underwritten insurance plan, where insurance company has declined you, then this could be good option as its better to have some coverage than nothing, it has its own advantages and disadvantages as under:-
Advantages: Easy to get, just need to answer few health questions and you get the Life Insurance coverage. Hard to insure individuals, who are declined by other insurance companies. Older or Elder individual with health conditions or just need small policy for final expenses. Some are just scared to have needle for blood work or don’t like to get seen by nurse or doctor for blood work or needles, this is good option for them. If you want immediate coverage and can’t wait for regular underwritten plan where they take 3-6 weeks before issue of policy.
Disadvantages: Premiums are higher as these insurance plan risk is treated as higher risk by insurance companies because of limited information about individuals health in comparison to fully underwritten application as insurance company is able to properly access the risk in a medical under written insurance application, also in some case if someone is really healthy and has healthy life style could even get preferred rates in fully underwritten insurance plan. Underwriting is done at the time of claim; At the time of processing of claim if the insurance company find out that some of the information on application was not correct or complete, Claims could be declined; hence providing complete and accurate information in these application is very important. Two years waiting period; most of these plans have restriction that in case of death claim in first two years other than accidental death there is only refund of premiums and actual coverage (coverage for any reason of death) only starts after two years. Its because insurance company wants to ensure, you were healthy enough to buy life insurance and death claim is not expected to happen very soon.
No medical Term Life insurance policy may not have option of renewal at the end of term, hence reading the policy once you get the contract is utmost important to understand the terms and policy wordings so as there are no surprises later on or at the time of renewal or claim. Best way to go about it, if you have some health conditions and see a possibility of getting declined: talk to us; just fill this form on screen and one of our licensed Insurance broker will provide you caring and professional advice.
We would complete three applications for you, one no medical Life insurance application and other two medical underwritten one, if the medical underwritten goes through then we can cancel the no medical insurance plan, if it gets decline, we still have the non medical Life insurance plan placed for you.For more information For information on: No Medical Life Insurance For more information on insurance products click mars insure
About the Author
Hi, I am A J Bharj ,a well reputed established and experience Insurance agent/ broker at Toronto Canada , i would like to share my experience and expertise with you in the form of articles.