Are you tired of the time-consuming process every time you want to claim your life insurance? Wanting to find a more time and cost-efficient solution? Don’t worry now, because we have good news for you.
Now you can choose a life insurance program called no medical life insurance. We know some of you may not be familiar with what no medical life insurance is. So, in this article, we will show you what is it, how does it differ from traditional life insurance, and how to choose no medical life insurance.
What is no medical life insurance?
No medical life insurance is basically a simplified version of traditional life insurance. Just like traditional life insurance, it will still cover deaths and many other expenses, including funeral costs.
It is specifically designed to assist those who are ineligible to apply for traditional life insurance. Therefore, it is perfect for those who have existing medical issues, work in dangerous environments, have certain kinds of personal conditions that make it hard to insure yourself, or maybe just simply afraid of medical tools like needles.
Benefits of no medical life insurance
Now, to know more about no medical life insurance, we will discuss its benefits. We will start with how convenient it is to apply for no medical life insurance. To apply for no medical life insurance, you will only be asked to answer some simple questions, and that’s it! You don’t have to go through any kind of medical examination or test.
More importantly, with no medical life insurance, you don’t have to be afraid of being rejected because of your existing health problems. It was meant for the most challenging applicants in the first place, so, no matter what your conditions are, chances are you will be accepted in no medical life insurance anyway.
Besides, regardless of your health conditions, it will also mean that you will have to spend much less time on the application and claim processes because there is no underwriting required for those processes. This is of course will benefit you who are looking for time efficiency, even when you don’t have any existing health issues.
Since we have talked a little bit about health conditions, we will tell you some of the health issues that are covered by no medical life insurance. Not only it covers people with cancer and heart disease, but also diabetes type 1 and 2 and several other severe health issues.
The next benefit from no medical life insurance is flexibility. You have two options here to match your needs, permanent and temporary insurance. If you choose permanent life insurance, it means you will get coverage until your final day. This is for you who don’t have any specified needs in terms of coverage period but still want to be insured.
On the other hand, if you choose temporary insurance you can choose one from 10, 20, 25, or the longest one, 30 year coverage period. You can pick one that matches your needs, for example, you will want to be insured until your mortgage is finished or until your kids are graduated from college. No matter which option you choose, you can get coverage up to $1,000,000.
No medical vs. traditional life insurance
There is no clear winner between traditional and no medical life insurance. Both have their own strengths and weaknesses, depending on what the client really needs. In this section, we’re going to look at the biggest difference between these two life insurances. This will help you better understand which is the better one for you.
The most recognizable difference between these two life insurance programs is in the application process. Unlike in no medical life insurance, you will be required to do medical examinations and tests when you apply for traditional life insurance.
Even though you may think that the application process for traditional life insurance is frustrating, you should know that the premium rates are generally more affordable. This is because traditional life insurance normally only accepts less challenging applicants.
So, when it comes to the applicant types, traditional life insurance is more exclusive. Traditional life insurance typically will accept people who don’t have existing health problems, are not exposed to bigger health and safety risks, and also willing to spend more time to receive their coverage.
If you are not yet sure which type of Life Insurance is good for you, you can speak to our advisor, sign up now!
In conclusion, the main goal of having life insurance is to give you a sense of peace and security so that you will not leave financial burdens to your loved ones. By choosing no medical life insurance, you can still get similar benefits from traditional insurance, but, without having to go through the tiresome medical test and underwriting processes.
However, before you apply for no medical life insurance, you will have to collect and review the medical history of you and your family members, including external family members like your uncle, cousin, grandparents, etc.
You should also consult your doctor so you can know your current personal health condition. The more accurate the data you get, the faster you will get through the application process. This is important so that your insurance provider can decide whether you are a qualified applicant or not, and how much your insurance premiums will be.
Also, even though it is fairly easy to get accepted for no medical life insurance, there some habits that still need to be taken as considerations like smoking, drinking, hobbies, and job. Well, what do we mean by hobbies and jobs here are the extreme ones.
Let’s say you love to skydive and free dive. Or, maybe your job is a stuntman or a motocross racer. Those conditions will expose you to bigger health and safety risks. Therefore, you will also need to take those conditions as another consideration.
Now that you are already pretty familiar with no medical life insurance, you can ask yourself, “Is it the right life insurance for me?”. If the answer is yes, then put on your shoes and face mask, and go to your local insurance agent. Ask them what insurance plan they have, and pick one that suits your needs best.