What is Non – Medical Life Insurance?

What is Non – Medical Life Insurance?

Buying a life insurance policy often comes with quite a bit of paperwork, and one of those forms asks questions about your medical history. You have to fill out these forms if you want to qualify for the life insurance policy. However, some people aren’t going to qualify for these policies because of their medical history or condition, and this can jeopardize their family’s financial security  in the event of their death. It might seem like all hope is lost, but it’s not! You have the option of non medical life insurance that don’t require a medical exam.

 

The plans, simplified issue policies and guaranteed issue policies, might be just what you need. Make sure you know the different between the two and then find a broker that will be able to help you find the best company for your chosen policies.

 

The simplified issue policies for non medical life insurance don’t require a medical exam. However, you will still have to answer questions regarding your health. These questions will help them determine what they can offer. The maximum you will be able to get for these policies is $150,000 in coverage. The reason this is a smaller amount than traditional life insurance is that the company is putting themselves at greater risk by eliminating the need for a medical exam with this type of policy.

 

These plans are great because they will eliminate all of the trouble that you would have to go through with a traditional policy. You can have the coverage in just a few days, and you never have to deal with a medical exam. However, if you’ve been declined for life insurance within the past two years, you probably won’t qualify for this plan. The premium for this type of plan may be higher than others that you’ve considered.

 

The guaranteed issue policies are able to offer life insurance for you immediately, and you don’t have to answer any medical questions. You don’t have to take a medical exam, and you don’t need an underwriter. Even those who have been declined for life insurance in the past two years will be able to qualify. However, the face amount for these policies is usually limited. The limit is generally around $25,000. If you die within two years of the policy, the benefit is subject to return. However, this return policy doesn’t apply if you die of an accident.

 

Please feel free to contact Aman Kapur at www.youinsuranceguy.ca or by phone 1-416-509-2540 to assist with the plan of your choice. Or simply click here to request a quote.

 

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