What is a medical exam for life insurance like?
The medical exams that are perform to purchase life insurance for couples include measurements of height and weight as well as blood tests to be examine for cholesterol levels, heart, liver or kidney disease, tobacco use, AIDS or HIV.
As soon as the results of the medical examination are ready, they proceed to the evaluation of risk factors to determine if the person can be insure or if there are some coverages that should be omitt or added to the policy.
However, not all life insurance policies require a medical exam, there are some insurers that have choose to substitute it, and coverage is fulfill by simply answering a few health questions at the time of application. This has been created to reduce the amount of paperwork and ensure who is requesting it at that moment.
These questions are similar to the medical exam since they only question your age, weight, if you smoke, have or have had any disease such as: diabetes, heart attacks, cancer, hypertension, among others, and if you practice extreme sport.
Is no-exam insurance more expensive?
Life insurance can be look as a tool that safeguards finances and financially protects a person’s dependents, in this case your family. But the cost of contracting insurance without requiring a medical examination should not vary, since the greatest advantage of them is that the process is faster. This means that you can be insure just when you want it and be able to take care of your future and that of your beneficiaries.
In addition, the coverages are the same and the policy may include extra benefits such as:
- Double compensation for accidental death
- Advance for terminal illness
- Advance for immediate or funeral expenses
- Immediate payment to beneficiaries
This is the best time to apply for Life Insurance without a medical exam
In the past, buying a policy without a medical exam generally meant paying more because the insurer had less information about you to assess your risk when selling you a policy. But now the pandemic has made steps like lab tests or visits to your doctor impractical right now, so a policy without medical tests and preferably electronically is your best option to streamline the process.
At this time we see how many life insurers have adapted to offer policies without exam at prices comparable to policies that required an exam . This gives life insurance buyers more coverage options, without worrying about getting an in-person exam.
Within the life insurance approval you may still still meet a medical examination requirement if you are seeking a large amount of coverage or if you are older or have health problems but in most cases if the conditions do not apply above, this would be a quick and efficient process that would allow you to be insure and have the peace of mind of protecting your family.
Some life insurance buyers are even buying the maximum coverage they can get without a medical exam while it can still be fulfill as the requirements could change in the future as a result of the pandemic.
