You might seek life insurance if you desire peace of mind for yourself and your family. By establishing a solid plan for the eventualities of life, you will certainly gain a sense of freedom from the fear of untimely disaster. Still, you may find some difficulty getting a policy approved if you have a pre-existing condition, are over 50, or show other signs of risk.
Luckily, there are many options available in such cases that you might be interested in exploring through this post. Many people find themselves gravitating toward insurance without a medical exam because it reduces the scrutiny and sense of stress that applying for life insurance can sometimes bring. This is true, but it comes with some consequences.
Many insurers will lower the size of your potential payout and add other terms or conditions that limit your policy on the basis of not knowing your complete medical health. For example, you might also get near-instant approval life insurance in some cases without an exam, but you’ll sacrifice the amount and terms of your policy payout.
Before you proceed to review the options in this post, you should know that most forms of life insurance, however, are far from instant approval. They require honest responses to complete questionnaires covering many personal and medical facets of your life. So, get comfortable with the idea that you will still need to jump through a few hoops.
Read on to discover a policy of no exam insurance that can give you peace of mind. See if you can get one of these policies from a trusted partner for life insurance, like Sproutt.com.
3 Kinds of Life Insurance without Medical Exams
The three primary forms of life insurance without a physical exam are Simplified, Guaranteed, and Group. Each different form will offer specific rates, terms, and payouts according to the insurer’s calculation of risk. Read on to see which kind of life insurance without medical exams is right for you.
For a Simplified policy, you will be required to answer many personal, medical, and lifestyle questions prior to your approval. Nevertheless, you won’t be required to submit yourself for a physical exam. Many of the questions will cover general ground like height, weight, and activity. Other questions will concern your medical history, use of substances, and recent hospitalization.
This route will reward you with a modest policy in a short amount of time, so it can be optimal for those who seek speedy coverage. In general, you should expect to receive coverage under the $500,000 mark. And, most insurers recommend that you obtain a policy that is 10 times your annual salary. To pursue this life insurance option, you can contact Sproutt, and they will assess your health and approve a policy quickly.
Those who are not eligible for a Simplified policy may be able to pursue a Guaranteed Issue policy at a higher rate than traditional insurance. However, if you exhausted your life insurance coverage options (with or without an exam), it’s certainly worth a try. You should know nevertheless that since the insurer never sees your medical records, they may categorize you as high risk.
Like Simplified Issue, you should also expect your policy to be considerably smaller than a traditional option. In truth, there is no guarantee for approval, and all you can do is answer the questionnaires and requests of your insurer. They will rely on your testimony and disqualify you from a policy or payout if you answer falsely.
If your employer offers benefits packages, they might include a Group policy of life insurance. They can even pay the premium for such a policy. Though the amount and payout of the policy may be much smaller than a policy you acquire for yourself, it’s still a useful additional benefit for lucky employees. Still, it won’t be all the coverage you need.
Getting Life Insurance without Medical Exams
Once you’ve identified the policy type above that will suit your goals and needs for life insurance coverage, you can start collecting your information and preparing to complete the application process.
Remember to control your expectations for the payout amount and rate of your policy because these policies allow no medical exam in exchange for higher rates and lower payouts. They are, however, good options for those that need fast and unintrusive coverage, so begin going to start a speedy application on Sproutt.
They’ll use your information to give you a quote and analyze your answers to match you with the right policy for your risk and background. Contact Sproutt today to learn about the policies and options they offer.