Is No Medical Life Insurance Right for You?

A shorter approval time

Often, applying for coverage does not happen overnight, and waiting for it to be approved can get frustrating. Traditional life insurance often takes months, of course, under certain conditions.

This may not be considered the ideal situation, especially for those who are looking for coverage as soon as possible. The delays can affect other underlying processes as well. For instance, it can delay the completion of a divorce process if the parties seek a divorce decree.

Whatever the process is, no medical life insurance will not get in the way. The approval process can be completed in a day or sometimes quicker, giving you peace of mind that you’re protected and do not need to wait weeks.

More chances of approval

There are several reasons that would make an insurance company decline your application. Your personal and family health history could get in the way, of other reasons like age, occupational hazards, financial constraints, and a history of other rejected life insurance applications.

However, existing health conditions remain top of the list of the reasons why your life insurance application would be denied. The good news is that this type of insurance does not focus on medical exams whereby an undiagnosed condition could show up last minute. The fact that you do not need a medical exam boosts your chances of approval, as this is the single most common reason for rejection. No medical life insurance removes the worry of not being able to obtain the coverage you require.

Provides coverage for Dangerous Activities and Dangerous Occupations

If you play or partake in extreme sports or dangerous activities, you may have been denied by life insurance companies. You can still be covered with no medical life insurance, particularly if you participate in the following:

• Skydiving
• Scuba diving
• Rock climbing
• BMX racing
• Big wave surfing
• Mixed martial arts
• Hang gliding

Or, if you have a job that is considered dangerous, your chances of being denied life insurance will be higher because you could die unexpectedly before your life insurance term comes to an end. If you have a dangerous job, applying for a no medical policy will help your chances of getting approved. Examples of dangerous jobs:

• Construction workers
• Pilots or flight engineers
• Miners
• Loggers
• Lumberjacks
• Truck drivers
• Commercial fishermen
• Power line installers/repairmen
• Steelworkers
• Farmers
• Roofers
• Arborist

Provides coverage for Foreign Travel

Alternatively, if your job requires you to travel frequently to foreign countries, you’ll still require a form of life insurance. When applying for no medical life insurance, questions surrounding foreign travel are a lot more lenient and understanding so you can plan for future travel with ease.

Travel can affect your life insurance because there are higher-risk countries (like those that are in war times or lack sanitation) that can cause you to die unexpectedly. If you’re travelling to a low-risk country, your life insurance plan doesn’t have to be adjusted. High-risk countries usually include Afghanistan, Yemen, North Korea, Syria, Iraq and Iran, although this list can change accordingly due to circumstances and unprecedented events.

You’re not judged for past Substance Abuse or Criminal History

Unfortunately, if you’ve previously struggled with things like alcohol, drug abuse or have a criminal history, such as being convicted of a felony, insurance companies will deny your life insurance application because you are seen as a “risk”. No medical life insurance applications will not judge you based on your past. You can qualify if:

• In the past twelve months, you have not used drugs or been in a treatment facility
• In the past three years, you have not used drugs, received medical treatment or advice, or been to a treatment facility
• In the past twelve months, you have not been charged, incarcerated, on probation, or have been awaiting sentencing

Less tedious application process

If you are looking for a stress-free way to apply for life insurance, then this should be the direction to take. The long process, which includes booking an appointment with a doctor for a medical exam and waiting for the results is usually discouraging. Traditional life insurance also often requires the applicants to fill a mountain of papers. What makes the no medical life insurance easy to apply for is that it is less detailed in the questions to answer, making it easy and quick to fill out.

It is great if you hate needles

Most people dread needles. If you fall in this category, then the no-medical life insurance will work perfectly for you because there are no needles involved in the process. This fear often makes it difficult for people to go for medical exams for insurance applications. It’s not uncommon to see people with no life insurance just because of the fear they have for needles. No medical life insurance is a comfortable way of getting coverage.

Poor medical history

Having a poor medical history, such as having high cholesterol or high blood pressure, will make insurance companies skeptical of approving your application. Skipping the tests, in this case, would be a great idea, and that is only possible if you are going for this kind of insurance.

It is expensive

While the process of application is very smooth, there is a price to pay. Compared to traditional insurance, the no-exam one is typically more expensive. Remember that giving you coverage without a medical exam is a risk on the insurance company’s end. In exchange, the insurance company has to cushion this risk by making the premiums more expensive than for insurance types with medical exams.

Limited coverage options and benefits

The other downside of no exam insurance is the coverage options are limited, meaning the death benefits amount is limited. If you die, the amount that your beneficiaries will receive from this plan is less compared to other traditional life insurance products. For this reason, you may need to consider having another insurance, either privately or with your employer with a group policy.

The policies are shorter

Traditional term life insurance policies usually have longer-term lengths available. While you might get up to 30 years with a traditional term life plan, most no-medical term life insurance policies will give you about 15 years.

You are not looking for a larger death benefit

If you are not looking for a huge death benefit for your family, this will work for you. Remember that the death benefits of this kind of insurance are limited: they’re usually up to $500,000 for most companies, while regular insurance can go beyond $1,000,000. If you feel that this amount would be suitable for your beneficiaries, it is safe to go ahead with the no-exam insurance.

You need to get coverage within the shortest time possible

Life insurance coverage is often required for processes such as divorce and loan applications. The traditional policies usually take a lot of time and effort before they are approved. This can interfere with your loan application or divorce process.

A no exam life insurance is approved much faster and will be available when you need it. This makes it the best choice if you need quick approval for whichever process.

You don’t qualify for traditional coverage

At the end of the day, you need to have life insurance. However, things often don’t go as you imagined them, especially when it comes to traditional life insurance applications. Your medical condition and history, lifestyle choices, and occupation are some of the things that will make you ineligible for traditional life insurance.

More so, if you do get traditional life, you might end up paying very high premiums due to a high rating. The no-exam life insurance is the ideal pick if you are unable to get traditional life insurance.

You don’t want to get a medical exam

There are several reasons why an individual would be reluctant to go for the exams, one of them being privacy. If you don’t want to get medical exams for either privacy reasons or because you’re not a fan of needles, then the no exam life insurance is for you. It will provide you with the convenience of no exams and needles when getting coverage.