What You Need to Know About Simple Issue No Medical Life Insurance

There was a time when looking for and purchasing life insurance was complicated. Lengthy questionnaires, blood tests, and even doctor’s reports were all necessary. Even after all of that was submitted, the insurance company would often ask for a follow-up with the same physician. The lengthy and involved purchasing process was too much for some and, as a solution, insurance companies began offering “simple issue no medical” life insurance.

Why Simple Issue No Medical Life Insurance?

Simple issue no medical life insurance is an alternative to traditional life insurance products. It is sometimes also referred to as “critical illness and health insurance” and offers the following benefits: • Simple and fast application processrn• No physical, blood tests or doctor’s reportsrn• Approval is based on applicant questionnaire answersrn• Policies are often issued on that same dayrn• Price will never change for the duration of the policyrn• Policies cannot be cancelled unless payments are not made

For Whom is No-Medical Insurance Coverage Best Suited?

• Anyone who applied for standard life insurance coverage and was rejectedrn• Those who have been diagnosed with a chronic illness, such as diabetes, heart disease, cancer or HIVrn• Anyone with a record of impaired drivingrn• Professionals working in dangerous positions, including logging, resource extraction, and constructionrn• Anyone who doesn’t want to go through a medical examrn• A person who wants life insurance coverage quickly

Determining Your Coverage Level for Life Insurance

Calculating your insurance needs comes down to how much coverage you need to ensure there will not be any outstanding debts after (and including) funeral costs and money left to loved ones. Think about the immediate costs involved after death, like cremation and/or burial-related costs, which can be up to $25,000. It is important to consider any joint debts you may have as well, such as mortgages, car loans and child medical expenses.rnThese are some typical insurance needs to consider: • Funeral expensesrn• Debts /loans and personal credit cardsrn• Mortgagesrn• Child costsrn• Children’s education costsrn• Charitable donations Simple issue no medical insurance policies do not require a medical exam but they do require some answers to basic medical questions, usually about your medical history, any recent hospitalizations, height and weight, and any drug, alcohol or tobacco use. It is entirely possible that an insurance company may also pull other information about you, such as your driving record, previous life insurance applications, and prescription drug history. Approval is not guaranteed with these policies but term and whole life options are commonly available. Coverage is also generally limited to $500,000 or less, depending on the policy and the insurance company. Simple issue no medical life insurance is primarily for those who want life insurance with no medical exam and in a timely manner.rnPros: • Easy applicationrn• Quick yes or no answers to health questionsrnCons • Approval isn't guaranteed • Limited coverage amountsrn• Pricier for healthy people than a policy that requires a medical exam