Life Insurance With And Without Medical Exam
Guest Post: Robert J Hardy
Life insurance is one of the most important financial investments of an individual’s life. It provides tax-free benefits to your loved ones that can help you pay off debts, funeral expenses and other costs associated with needs of your loved ones. These are imperative aspects of your financial plans and it is important to choose an appropriate life insurance policy for yourself.
Most life insurance policy buyers need to go for a medical examination so that their medical condition can be ascertained. If however, the idea of undertaking a medical examination leaves you annoyed and irritated, you can always go for life insurance coverage with no medical exam.
Read a long to know about the advantages of both medical and non-medical life insurance policies:
Medical life insurance coverage
Medical examinations shouldn’t be a problem for individuals with good health. The medical examination usually takes just 15 to 20 minutes. It includes mainly height, body weight checks along with medical records and samples of blood and urine. The main advantages of medical life insurance policies include:
- Inexpensive: Life insurance with medical examinations are usually cheaper as if you’re in good health, the insurance company is less likely to face losses due to premature death
- Medical exam is not a hassle: For people with good health and fitness levels, these medical exams shouldn’t be a problem as there are no additional hassles.
Though medical life insurance policies are really good for people with great health, there is also a downside to these. Consider the following points before going for a medical insurance:
- Medical revelations can be surprising: Medical exams in these policies could disclose health conditions that were unknown to the applicant previously.
- Denial of application could impact future insurance prospects: If you’re denied a particular insurance coverage due to a medical problem, it could affect your future prospects of getting a good insurance coverage later.
Non-medical life insurance coverage
If the hassles of getting a medical examination done are too annoying for you to handle, consider availing life insurance without medical examination. Some of the major benefits of non-medical insurance include:
- High level of insurance: Policy-holders with non-medical life insurance are entitled to a higher level of insurance.
- Hassle free insurance: There is limited underwriting in case of these insurance policies, which makes it more convenient. There are reduced hassles and it is a simple process.
Though non-medical life insurance coverage is much simpler, there are also some limitations of this policy. It is more expensive and offers less coverage. It is best to choose the right policy depending on your age, health conditions and requirements.
Robert J Hardy is a practicing financial advisor in Canada. He writes about financial planning, wealth management, investments tips and no medical life insurance for numbers of blogs for a long time. He lives in Toronto with his wife and a lovely child. He can be reached at Robertnonmedcanada@gmail.com
Photo: University of Michigan MSIS