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There are plenty of reasons why you might feel apprehensive about sharing your personal medical history with a life insurance company. Below, we delve into the various circumstances where you won’t be required to undergo a medical or provide medical information but still receive life insurance coverage.
We should note that providing medical information and undergoing a medical examination are two different things. Not every company will ask you to undergo a medical exam. Usually, they will request you to provide an account of your age, medical history, occupation, health, and lifestyle.
Companies then utilise this information to determine whether you need a medical exam, which is usually not necessary. Now, to get life insurance without having to answer any medical questions is a bit harder, but not impossible. The best way to find such a policy is to contact life insurance companies and discuss your requirements.
Another way to get life insurance without having to disclose your medical information is to get an Over 50s policy. Most companies offer these with guaranteed acceptance, no questions asked.
Life insurance companies need to measure your risk before providing life cover. If you find a provider willing to give you cover without requesting medical information or examination, they’ll likely increase your premium to offset the added risk. So, it would help if you considered whether it’s worth not disclosing your medical information and which option will be cheaper for you.
Note that if you want to take out a term life insurance policy, you’ll have to provide medical information.
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Whether you need a medical exam or not is usually down to your lifestyle, medical history, and smoking status. A company will take all of these into account before deciding whether you need one. If you’re young and healthy, chances are you won’t have to undertake a medical, whilst an older applicant with a pre-existing health condition will.
If you’re worried about being accepted onto a policy and you’re over 50, getting an Over 50s life insurance policy is an excellent option for you. Most companies that provide this type of policy offer guaranteed acceptance, no questions asked. Usually, these policies will last for the rest of your life and are a great way to get life coverage if you have a pre-existing condition or other health issues.
If you’re worried about answering medical questions because you have a pre-existing condition, you should know that many companies will still offer you coverage. Insurers usually take it on a case by case basis, but more often than not, they will approve your application and charge you a higher premium.
You should note that there are certain health conditions and situations where you’ll likely be declined cover. It’s always best to discuss your option with a life insurance company or broker.
If you apply for life cover and you fail to disclose your condition to the company, your chosen beneficiaries could be declined a payout in the future.
As previously mentioned, most insurance companies will offer you coverage after you answer a few questions about your health, medical history, and lifestyle. However, there are times where a medical exam is necessary.
The most common situation is when an applicant has a pre-existing medical condition or an unhealthy lifestyle. This way, companies can better measure your risk and charge the appropriate premium.
Unfortunately, it’s impossible to get a term life insurance policy without providing medical information to an insurance company. Insurers need to measure your risk before approving your application correctly. However, most firms won’t ask you to undergo a physical examination.
Suppose you don’t opt for an Over 50s life policy or another type of life insurance that doesn’t require you to disclose medical information. In that case, you must ensure that you comply with the requirements of your insurance provider.
If you fail to disclose any crucial information, such as a pre-existing medical condition or whether you smoke, your family and loved ones could be declined a claim. If your insurance provider finds out that you weren’t truthful in your application during the coverage period, they might cancel your policy, charge you a flat fee for the premium you missed out on, or make it difficult to take out a new policy in the future.
It’s always best to be compliant with insurance companies to avoid any unwanted surprises in the future.
If you’re required to undergo a medical examination as part of your life insurance policy, it’s a good idea to be familiar with what they test for beforehand. This can allow you to work on certain variables that are under your control.
The primary function of the medical exam is to measure your risk of developing health problems in the future, such as diabetes, heart disease, stroke, or kidney issues. The exam will also determine your current health condition and whether you have any hereditary health issues in your family. Other common questions include:
Remember to be as honest as possible with your insurance provider to avoid any future issues.
There isn’t a one size fits all life insurance policy. The best one will depend on your requirements and needs. If you’re struggling to decide which cover is best for you, get in touch with an insurance company or broker to discuss your options. It’s essential that you have the right cover and that your family and loved ones are protected should something happen to you.