When to Choose No Medical Life Insurance

No medical life insurance is the right choice for many people. Here are five situations where it may be the right choice for you, and some advice on how to best leverage it.

Situation 1: Your current health and fitness prevent you from getting a traditionally underwritten life insurance policy

When you get standard insurance, you will be subjected to a fairly in-depth physical examination. This process often eliminates people with common health problems like high blood pressure or high BMI. Other factors, like habits, age and gender will also impact the chances of getting a policy. No medical insurance lets you sidestep this process and still get a policy, which may be your only option.

Situation 2: You have a serious health pre-condition

There are plenty of pre-existing conditions that health insurers consider too risky for a policy, and that means many people simply cannot find a policy thanks to the medical requirements. Cancer, HIV, diabetes and other pre-existing conditions can make traditional policies impossible, which means a no-medical policy may be your best, and only, choice.

Situation 3: Your age is making finding a policy a difficult

Life insurers target younger demographics for policies because they are lower risk and can become lifelong customers. If you are older than their target, which is usually over 75, there may simply be no policy available for you. In those cases, pick a no-medical life insurance policy instead.

Situation 4: You do not want a medical exam

Some people prefer paying higher premiums as a trade off for skipping a medical exam. Not having a medical exam has its price, but it can still be an attractive option. For answering a few simple medical questions instead of getting a medical exam, you can get your policy faster and easier. You just have to pay a little more for it.

Many people would prefer not to have a physical conducted in order to qualify for a life insurance policy. The reasons are many, but all are valid. In those cases, a no-medical policy is the best choice. You will pay more than if you passed your medical, but it can help you keep your privacy while still providing you with much needed coverage.

Situation 5: You want quick, hassle-free coverage

You need insurance fast, with no questions and for a small amount? No-medical policies may be your best choice. When you sidestep all the physicals and just get a policy, it means you will have insurance in your hands quickly.

No Medical Life insurance – A Summary

Though no medical life insurance is not a product for everybody, there are situations where it offers the perfect solution, especially for those that are difficult to insure (e.g. those with a history of cancer, HIV, heart disease or history of heart attacks, obesity, depression, etc.) or those that hate medical exams. LSM suggests talking to a broker who has experience in dealing with issues similar to yours to help you get the best type of no medical insurance for your needs.

No medical policies are not designed for everyone, but offer policies for people who would otherwise be unable to find or afford a traditional policy. Talk to a broker with experience and they will find the perfect policy for you.

When looking for a broker, remember these three tips:

1. Look for someone who deals with at least 15 insurance companies: this makes sure that they have a holistic market perspective and can give you useful comparisons.
2. Make sure they care: an insurance broker who cares is dedicated to finding you the right policy for your situation rather than getting you a policy that only helps their commissions.
3. Get clear explanations: find an insurance broker who can break down the complicated language of insurance policies into useful and clear language. If you don’t understand your policy, it won’t be useful.

If you have questions about no-medical life insurance policies, be sure to contact us. We will help you find the perfect policy for your situation and get you set up for your future.