Guaranteed Life Insurance
Unbiased Expert Advice
Life insurance without a medical!
Looking for Life Insurance without a medical exam? You’ve come to the right place. I have unique expertise in finding you the best possible rate on life insurance without a medical, and can help those hard to insure in a variety of ways:
1. If you’ve already been declined for life insurance, I’ll be able to take a look at your current health history and your past applications to find the best fit for you from either traditional or non-medical life insurance carriers. Non-medical life insurance policies can either be guaranteed issue (no health questions and no medical tests) or simplified issue (no medical tests and only three to 12 health questions)
2. If you have a serious health issue, but have never applied for insurance, I can recommend — or determine — whether a non-medical or a traditional life insurance plan would be best. I often recommend applying for a simplified issue plan initially and then applying for traditional life insurance, once this is in place. If the traditional life insurance plan is approved, the insured can cancel their simplified issue plan. The reason this approach makes sense is, many simplified issue plans ask if the insured has been declined in the last two years.
If the insured’s health issues are less severe, I will be able to recommend the best traditional life insurance, provider.
Immediate coverage is available for individuals age 20 to 85. Depending on the plan chosen coverage can range from $5,000 to $250,000 and coverage takes effect from day one! Applicants can qualify for insurance even with a medical history including: Cancer, Heart Failure, Stroke, Insulin treated diabetes, Bipolar Depression, Obesity and Alcohol or Drug Abuse.
Non-Medical Insurance: Simplified Issue versus Guaranteed Issue
One of the small annoyances that come with buying a traditional life insurance policy is the required medical form you must fill out, especially since some people cannot qualify for those types of plans, but still want to ensure their family’s financial future. Well, don’t worry because there are plans out there that require no medical exam called Simplified Issue Policies and Guaranteed Issue Policies, but there are a few subtle differences between these two distinct plans, which you should be aware of before you buy.
Simplified Issue Life Insurance Policies: These are policies available without a medical exam, but they still have a host of health-related questions. You should also keep in mind that the face amount on these policies is often limited to $150,000 of coverage because it’s necessary for a life insurance company to set a maximum to cover potential losses. The chance of an insurance company receiving a claim for a life insurance policy that requires no medical exam is much greater than from a traditional policy.
Under traditional insurance plans, you complete a regular medical exam, and (If you’re in very good health and your family has a very good medical history) you can be approved at preferred rates or standard rates. If you are deemed to have a health risk, you will be rated (charged extra) and, in those cases where your health risk is deemed too severe to qualify for the policy, declined.
Simplified plans give you the convenience and reduced hassle of being able to get coverage in a few days, without going through a medical exam.
Most simplified issue plans are not available if the insured has been declined in the last 2 years. As a rule of thumb, the more health questions on a simplified issue application, the lower the premium.
Guaranteed Issue Life Insurance Policies: These plans provide immediate insurance with No Health Questions, No Medical Exam , and No Underwriting. They are available even if you have been declined in the last two years.
Most guaranteed-issue life insurance policies are designed to provide for final expenses. The face amount is often limited to $25,000 and the death benefit is generally limited to a return (including interest) if the insured dies in the first two years of the policy. However, if they die by accident, the plan pays out immediately.
Your individual needs must be considered and prioritized before making any decisions. I can help! Contact me today to help you determine your needs and decide which product is best for you.