Can I get a life insurance without medical history?
In this next few paragraph, we will discuss the possibility of having a life insurance without medical history.
First of all, What is Life Insurance?
What Is Life Insurance
Life insurance is said to be a contract between an insurer and a policy owner. It guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.
The life insurance application must accurately disclose the insured’s past and current health conditions and high-risk activities to enforce the contract.
There are different types of life insurance:
- Term life insurance.
- Whole life insurance.
- Whole Life vs. Term Life Insurance.
- Universal life insurance.
- Final expense insurance.
- Simplified issue and guaranteed issue insurance.
- Group life insurance.
What Is Medical History
Medical History is a record of information about a person’s health. A personal medical history may include information about allergies, illnesses, surgeries, immunizations, and results of physical exams and tests. It may also include information about medicines taken and health habits, such as diet and exercise. A family medical history includes health information about a person’s close family members (parents, grandparents, children, brothers, and sisters). This includes their current and past illnesses. A family medical history may show a pattern of certain diseases in a family. Also called health history.
Life Insurance Without Medical History
So now back to the question, can I have a life insurance without medical history?
The answer is – No.
It is stated that some insurers offer no medical exam life insurance, usually called guaranteed issue or simplified issue policies. Typically, life insurance coverage requires a medical examination, including a physical and blood test, while life insurance with no medical exam allows you to qualify for coverage without an exam — sometimes without even answering any health questions. It may be possible to get a term or a permanent policy with no medical exam required, but this policy type can cost significantly more than those that require a medical exam.
It is vitally important that you answer all the questions as accurately as possible when applying for life insurance. If you die because of a medical condition that you did not divulge when applied for life insurance, then your insurance policy could be cancelled and not paid out in the event of a claim.
When you apply, you will need to provide certain information, so it is a good idea to have the following to hand:
- details of your medical history including dates and the names/dosage of any medication
- up to date height and weight measurements
- your dress/trouser size
- details of your immediate family’s medical history.
Some information needed when applying for life insurance include:
Personal Information and other information gotten from medical examination:
- Date of birth
- Lifestyle habits (i.e., smoking, drinking, exercise, extreme sports)
- Health histories of immediate family members
- Financial information, including your annual income and net worth
- Medical history (including medical conditions, surgeries, and any prescription medications)
- Immediate family’s medical history
- Blood pressure
- Listen to your heartbeat
- Check your height and weight
- Draw a blood sample
- Get a urine sample
- Ask about lifestyle habits that could affect your health (e.g. exercise, smoking, drinking, recreational drug use, frequent travel, high-risk hobbies), etc.
Best No Medical Exam Life Insurance Policies
According to Nerdwallet, here are their proposed list:
Learn more about each company in the top list by reading the brief summaries below and checking out the NerdWallet review links.
Haven Life: Best online experience
AARP: Best for senior members
Country Financial: Best for customization
Nationwide: Best for accessibility
Erie Insurance: Best for built-in benefits
American Family: Best for smaller coverage amounts
Bestow: Best for higher coverage amounts
John Hancock: Best for speedy applications