Which policy is right for me and my loved ones? What information is required to obtain this type of policy? These may be some of the questions you are asking yourself when you hear the term, “no medical exam required.” Read on as we go over the different types of life insurance policies, what it takes to qualify for a policy with no medical exam, the application process, and what you need to apply.
What Are the Types of Life Insurance?
There are two main types of life insurance, whole life insurance and term life insurance. In a lot of ways they’re similar; both types offer a Death Benefit for a set amount paid to your beneficiary, should you pass while the policy is in effect.
Here is where they differ: term life insurance is set for a certain amount of time, usually between 5 and 30 years, and when that time expires, so does the policy. Your rates are typically lower, but you run the risk of losing your coverage. With whole life insurance, your rates never increase, and as long as you pay your premiums on time, your coverage never expires. Additionally, this type of life insurance policy features a component that earns interest that can be reinvested. Policyholders can withdraw funds from the policy, which lowers the overall cash value, but doesn’t affect the death benefit. Rates are typically higher, but you won’t have to worry about the policy expiring, and you have an added cash benefit. It is prudent to do your research so you understand which insurance plan is best for you.
How Does Acquiring Life Insurance Without a Medical Exam Work?
A medical exam for life insurance can be inconvenient and lengthy. After you request a quote, the life insurance company will typically send a technician to your home. The technician will perform a physical exam and conduct a medical questionnaire.
During the medical questionnaire, the technician will ask a series of questions about your health to give the insurance company a better understanding of your medical history. And during the physical exam, the technician will document your height, weight, and blood pressure, and will likely take blood and urine samples as well. In some cases, they may also perform an EKG or request further testing.
With no-exam life insurance, you aren’t required to undergo testing to obtain a policy, and won’t have a technician sent to your home. You may, however, be required to answer questions about your medical history and your family’s medical history. Some of these questions might include your height, weight, age, and prescription history. It’s important to answer these questions truthfully, as any discrepancies could cause you to lose your coverage or prevent your policy from paying out in the event of your death. Once you answer the insurance company’s questions, they will provide you with a quote for your life insurance. The policy goes into effect the day it is issued, and if you qualify for the premier coverage, your full death benefits are available that day as well.
Can I Get a Life Insurance Plan Without a Medical Exam If I am Over 50?
Americo Senior Life is dedicated to providing whole life insurance to seniors age 50 and up. If you are over the age of 50, you may be approved for a whole life insurance policy through Americo, with no medical exam required. When other insurance companies deny you coverage due to your age, Americo is here to help.
Applying for a Life Insurance Policy Through Americo Senior Life
Getting a quote has never been easier with Americo’s online application process. After entering your general information—your date of birth, zip code, etc.—you can expect to hear from an Americo agent shortly. The agent will ask you some health-related questions, who you intend to designate as your beneficiary, and the amount of coverage you need. Within just a few minutes, you can receive your free life insurance quote, no medical exam required. Apply now and get the hassle-free coverage you need!