When purchasing life insurance, consumers are typically asked to submit to a medical exam. The health profile is what insurance companies use to determine an applicant’s risk level and whether or not they have a probability of living a healthy life for a longer period of time.
On the other hand, developments in the insurance sector have led to an increase in the number of insurance companies that sell life insurance policies that do not require a medical exam. It is in your best interest to do some comparison shopping to ensure that you are receiving a fair bargain.
When you pass away, having a solid plan in place can go a long way toward bringing you peace of mind and helping to ensure that your loved ones will be protected and provided for in the event that you are no longer around. The following are some of the problems that are associated with non-medical plans:
In order to be approved for coverage under a non-medical insurance plan, applicants are not required to undergo a medical examination. On the other hand, the candidate might be asked to provide responses to a few standard health questions.
A non-medical plan is typically an option for term life insurance policies that provide coverage for a period of time ranging from one year to thirty years, with some providers even offering coverage for a term of forty years. Buyers have the potential to benefit from coverage of up to $500,000 in this transaction.
Due to the fact that these restrictions are widely different between businesses, some insurance providers offer coverage amounts that are more than $500,000.
Give It Some Thought
An applicant could be a good candidate for a non-medical plan for a number of different reasons. A non-medical plan is a fantastic choice to consider if you need insurance right now, without any additional delay, or if you want to avoid the hassles involved with having to go through a physical test.
In addition, if you have a pre-existing medical condition and have been turned down for insurance in the past, you should strongly consider enrolling in a plan that does not cover medical expenses. Taking this precaution will ensure that your loved ones are provided with the necessary financial support in the event of your untimely passing.
When filling out your questionnaire, you should always answer every question honestly, even the ones that pertain to your health. This will assist you in obtaining coverage and will ensure that your beneficiaries get the benefits that are due to them.
Waiting time
An insurance provider has between four and six months to conduct an investigation into the details an applicant has provided on their form. When the beneficiaries submit a claim, the insurance company may demand that they wait up to a year before beginning their investigation into the circumstances surrounding the decedent’s passing. During this time frame, individuals have the opportunity to dispute the claim.
Therefore, the carrier has the discretion to refuse the claims and refund the premiums if the policyholder committed suicide or died from a medical condition that they did not disclose prior to purchasing the policy. The waiting period for the no medical exam life insurance is significantly shortened, and the application process is simple and quick. The applicant can get a response to their request within a few days or even hours.
