What you need to know
- Many life insurance funds will ask you to take a medical examination.
- People in good health can find policies that skip this step.
- You will still need to fill out a declaration about your health - it is crucial not to lie!
Here are some Finder partners that offer life insurance cover without the need for a medical.
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It's designed to help replace lost wages while you're unable to work, pay for any medical expenses that might pop up or even make sure your family can maintain their lifestyle without your income.
No medical life insurance is the same. The only difference is that you don't need to visit a doctor before you get a policy. It's less hassle than standard life insurance and can be approved much quicker, but it's not tailored to your specific circumstances so it's better suited to people who lead a healthy lifestyle and have no pre-existing health conditions.
Before you're approved for no medical life insurance, you'll have to fill in a questionnaire about yourself and your overall health. This means you have to disclose some details such as your BMI, whether you smoke and how much alcohol you drink. The insurer will also ask if you have any pre-existing medical conditions and may ask about your family's medical history.
Make sure you're honest in your disclosure. If you give misleading information, the insurance company can't determine the right coverage for you and may even be able to deny a claim further down the line.
If there are any signs that you need a more comprehensive check-up, the insurer might decline coverage or suggest you look at a life insurance policy that requires a medical.
We can't tell you whether you should apply for no medical life insurance, but we can say that no medical life insurance is better suited to the following people:
Yes, it is possible for seniors to take out life insurance without having to go through medical underwriting. There are a couple of things to be aware of though.
If you're over 65, you're probably going to pay a lot more in premiums due to your age. So if you don't have debts or a lot of financial commitments as you approach your retirement, have a think if life insurance is really worth the ongoing cost of the premiums you'll pay.
The other big consideration is that no medical life insurance can often have a lot more conditions making it harder to make a successful claim. If you're a senior and looking for a more comprehensive form of cover for your life insurance, it could be worth going through medical underwriting just to make sure there aren't any unforeseen issues when it comes time to make a claim.
In some cases, you may be able to get no medical life insurance even if you have a pre-existing condition. However, it's likely that this condition will be excluded from the policy. That means if you die as a result of that condition, your family won't receive a benefit.
If you have a pre-existing medical condition, always declare it to the insurer. It's the only way to make sure you have a policy you can trust.
Yes. It's important to be honest and upfront about any medical conditions you may have as well as your lifestyle habits such as smoking and alcohol consumption.
If you're not accurate in your declaration, your insurer may deny a claim when you or your family really need it. It's better to pay a bit more for a policy and be secure in the knowledge it will pay out when it comes to claim time.
Some people opt for no medical exam life insurance due to fear of doctors or discomfort with medical exams. However, it's important to understand what the process entails before making a decision. No medical exam policies can be a hassle-free way to get coverage quickly, but they may come with higher premiums and limited coverage. It's worth considering the pros and cons of no medical exam life insurance before making a decision.
Typically, you can expect a medical exam to look at the following:
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