No Medical Insurance is a term life insurance policy available without a medical examination. While these types of policies are easier and less time-consuming to acquire, there are some drawbacks to this type of insurance — specifically, higher premiums to accommodate likely pre-existing conditions.
Types of No Medical Insurance include:
- Simplified Issue Life Insurance: This type of coverage does not require a medical exam, but may require a basic health questionnaire. It’s also available as both as a Whole Life or Term Life policy.
- Guaranteed Issue Life Insurance: This type of coverage does not require a medical exam or questionnaire but offers a limited level of coverage (typically around a $25,000 death benefit). Your coverage will continue as long as you continue making payments, but should you perish during the initial two years of your policy, your beneficiary will only be entitled to the total amount you’ve paid into your policy at that time.