Term life insurance no medical exam9/24/2023 ![]() ![]() Liberal term conversion options: MassMutual allows policyholders to convert term life insurance policies into permanent coverage, without taking a medical exam or answering any health questions.If you’d like to buy a no medical exam life insurance policy, give us a call! If your health prevents you from being approved for traditional life insurance with a medical exam, give us a call to find out how you could qualify for simplified issue or guaranteed issue policies instead. Not all guaranteed issue policies have graded benefits. The schedules are different, lasting anywhere from several months to several years. The farther you live past your policy acceptance, the more of the death benefit your beneficiaries will receive. If you pass away one month after approval, for example, a graded benefit policy may only pay your family back the premiums you’ve paid plus interest. ![]() Many guaranteed issue policies have a schedule that changes how much of a death benefit your family will receive, depending on when you pass away. Most available policies are between $20,000 and $50,000. Most no medical exam life insurance policies pay out five figures, rather than six. ![]() Because insurers know you’re a large risk, they’re not willing to pay out as much. Here are a few other caveats to be aware of: That will mean a higher monthly payment, often hundreds of dollars. Remember, life insurance is about risk and if you don’t want to take a medical exam, the insurer is going to assume you’re a pretty big risk. What's the catch?Īs you can guess, these policies aren’t cheap. If you want to be sure your family has enough money to pay for that, you could get a guaranteed issue policy for $10,000. The National Funeral Directors’ Association says that the average funeral cost in 2009, including a vault, is $7,755. The higher cost of these policies is offset if the applicant only expects to live a short while. The second is when they’re only looking for a small death benefit to cover funeral and burial expenses.The first is obviously when a client’s health is so bad that there’s no way a medical exam is going to get them approved. ![]() There are two cases where simplified and guaranteed issue work well for our clients: Who usually buys no-medical-exam policies?Īre you prepared to pay the average cost of a funeral-about $7,755? The only possible exception is that some insurers won’t offer a policy to you if you live in a long-term care facility or a hospital. You don’t have to take a medical exam and you don’t have to answer any questions about your health or medical history. The word “guaranteed” should give you a clue that this is a sure thing. Many policies will take effect immediately, with no waiting period after approval. Your monthly payment amounts won’t change and neither will your death benefit amount-they’re set in stone for as long as you keep your policy. As long as you make your monthly payments on time, your policy can’t be cancelled. You can buy simplified issue life insurance for term and whole life policies, depending on whether you want temporary or permanent coverage. If you can answer “no” to the last 3 questions, you shouldn’t have a problem being approved for simplified issue life insurance.
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