A no exam life insurance is very useful for those with health problems or those who are at an
advanced age. This insurance doesn’t require a medical check-up. There are two types of no
exam life insurance policies. Let us see the types.
The Guaranteed Issue Life Insurance
This is the costliest life insurance policy available. There is ample reason for it to be costly.
There is no medical examination to be done for this policy. There is also no checking of your
medical records. Typically, the insurance companies will make you answer a questionnaire.
Usually, this questionnaire will have around 10 to 12 questions, mostly regarding your health.
One company has only as few as four questions only. Now we know why this is the most
The normal things they want to know about you are whether you are a smoker. Smokers are
considered high-risk by all insurance companies. They will inquire whether you are living in
a long-term health care hospital. Whether you are HIV or AIDS affected is another thing they
want to know. Lastly, they want to know whether you have been declared as terminally ill,
which means you have only less than two years to live.
This is not just costly, but also not very beneficial. Should the person die within 2-3 years the
beneficiaries will get only the premium paid plus the interest.
The Simplified Issued Life Insurance
This is the most common type of no exam life insurance. Here also you don’t undergo a
medical test, but they will ask for your medical records. They will also ask you a lot of
questions about your health. The insurance company will satisfy itself fully regarding your
health condition before issuing you the policy.
To be eligible for this policy the company will ensure that the premium should be a minimum
of $300 per year. They will also check whether you have been continuously working for the
past 6 months. If retired, they will check whether you can be employed full-time if needed.
These are just ways to ensure that you are not frequently ill to stay away from work.
Generally, the questions are regarding your ability to have a normal life. They will also ask
whether you have been affected by HIV/AIDS or have undergone chemotherapy for cancer.
Your ability to carry on with your daily activity without help is also ascertained.
The final benefits are better with this policy.