How do I know if No Medical Term Life Insurance is right for me?
Don’t mind paying a bit more to skip the needles?
If so, then No Medical Term Life insurance could be the right life insurance coverage for you. Giving you the same benefits as a standard Term Life Insurance policy, this product typically requires no medical exam – just the answers to a few health questions.
- No medical exam prior to coverage
- Beneficial if you don’t have time to fit in a medical exam
- Processing delays are generally reduced with no medical to check
- Requires completion of a medical questionnaire
- Coverage runs for a specified term – typically one or more years
- Death benefit payable only if you die during the coverage term
- No payment should you outlive the coverage period
- Usually no cash value attached
No Medical Term Life Insurance does not routinely require a drugs test, urine analysis or blood work. Your suitability for this coverage is determined by the answers you give on the medical questionnaire.
Typically the cost of this policy is higher than that of a standard Term Life policy (which may require a medical exam) and there is always the possibility that you may not be eligible depending on your age, health and lifestyle. The policy is still underwritten by the insurer in the same way as other types of life insurance coverage and any appropriate riders, provisions or restrictions will be added.
The benefit amount for a No Medical Term Life policy is generally fixed and will be payable (upon your death) during the period of coverage only. If you outlive the coverage period, then there is no benefit payable.
If you do not want to undergo any intrusive medical testing and you need coverage fast, then No Medical Term Life Insurance could be a great option for you.