4 Benefits of Opting For a No-medical Life Insurance￼
Life insurance is arguably one of the most important investments you can make, as it helps you safeguard your family’s future in case you pass away.
When you pass away with an active life insurance policy,, your beneficiaries will be entitled to the payout from your insurance which will be tax-free. Ideally, this amount must be seven to ten times more than your average annual income.
However, buying life insurance can seem like a tedious process as there are numerous forms you need to fill out and get medical exams done. Getting life insurance can take months, and even then, there is no guarantee that you will be eligible for one.
If you do not like medical tests and procedures, you can opt for a no medical exam life insurance policy. Herein, you only need to provide basic details about yourself and answer different questions about your health and lifestyle, and the algorithm will determine your insurance eligibility and rates.
According a 2022 Life Insurance study, generation Z is least likely to pay more for life insurance to avoid a medical exam . On the contrary, those who are married are willing to pay the premium rates for no medical insurance. However, people of any age group can opt for such life insurance.
Here are some benefits of opting for a no medical exam life insurance:
- Faster Approvals
When you opt for traditional life insurance, you might have to wait for one to two months to get approval. However, not everybody has the time to wait, and many people might need insurance immediately for personal reasons or maybe because of their work.
Unlike traditional insurance, you can purchase no medical exam life insurance at the last minute.
- Coverage of Health Issues
In many cases, people with underlying conditions are denied life insurance because it is too risky for the insurance providers to cover them. However,
guaranteed acceptance life insurance will prove a better choice for those over 50 years old with chronic illness
- No Medical Tests
Many people have a phobia of needles, and some are just anxious about undergoing medical examinations. For such people, a policy without medical examination is a great option..
- Funeral Expenses
In the United States, a funeral can be quite expensive as, on average, it costs about $7000.
Not everyone has the savings to cover the final expense; many people have to take short-term loans to cover the funerals. Life insurance is paid directly to your family
So, no medical insurance enables you to have similar premium rates without undergoing various medical tests, making them a perfect option for people who do not want to wait for approvals. If you are looking for a hassle-free life insurance policy, you can start by searching for companies that offer no medical life insurance policies online.