What is non-medical life insurance?
To exam or not to exam is the question, a policy with no exam does not mean they will not look into your medical history it means you will not have to take a medical exam to get life insurance. A medical exam is also known as “Paramed”. Its when a paramedic comes to your location to administer medical test and collect samples, ask questions, weight, and measure your height. This information is then sent to a Testing facility to administer a battery of test. To avoid this process, you can apply for non-med policy, a policy with no medical exam. There are advantages and disadvantages to both.
What are the benefits of getting a Medical Exam for Life Insurance?
Life Insurance with a medical exam tend to less expensive if you are healthy and don’t have any issues to worry about. The insurance company can offer you the best rates, because they have invested to know more about you and your medical history. So, if you are healthy and don’t have any issues you are worried about, life insurance with a medical exam is the best option for the best rates.
Therefore, to get the best possible rates, you will need to get a Medical Exam or a Paramed, this gives the insurance company all the information they need to offer you the lowest rates possible. The issues with a medical exam are the following:
- If you are declined it can go on your record
- Some issues might be found about your health
- It might take longer to issue a policy
Things to consider with Non-Med Life Insurance
Life Insurance companies like to know what they are insuring, therefore without knowing as much information as possible, they will issue a non-med policy, but at a higher cost. They must make up for the lack of information by charging a higher rate on this type of policy. Therefore, if you are healthy and have a good medical history, you are paying more than you must pay.
Still if there are any medical issues, the insurance company will still request medical information from your doctors and hospitals regardless of a medical exam. Also, the amount of coverage is limited without a medical exam also, insurance companies want to limit their risk without knowing all the details.