Life insurance is a vital part of financial planning. If you want to ensure that your family isn't left out of pocket if something happens to you, then you should consider buying life insurance. It can help your family cover expenses such as funeral costs, mortgage repayments, and other household bills they may struggle to pay alone.
With most types of life insurance, you'll usually be required to answer some medical questions before you can be accepted for cover. Your age, health, and family medical history can all affect the cost of your monthly premiums. If you're older or have pre-existing medical conditions, you may be worried about the cost of your policy or if you will be accepted for cover.
In this article, we help explain how you can get life insurance with no medical assessments, and the types of cover available...
Why might I need to undergo a medical exam to buy life cover?
The process of applying for life insurance is fairly straightforward. Before you take out cover, you'll need to apply for a quote - this is an estimate of how much you'll pay each month for premiums. At this point, your insurer will typically some health questions, regarding your:
Age
Health
Occupation
Smoker Status
Family medical history
Depending on these factors, combined with the level and type of cover you are looking to secure; you may be required to undergo a medical exam by your insurance provider.
The purpose of a medical exam is to assess your current health and for the insurer to better understand the potential risks in offering cover. Your insurer will ask for your consent to undergo a medical examination, or if they require a report from your doctor - most providers will cover the cost of the medical.
This then provides them with the necessary details to calculate a fair and accurate premium rate based on your health.
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Which life insurance policy can I get without a medical exam?
Most standard types of life insurance, such as whole life cover and term life cover, will require you to undertake a medical exam or questionnaire. While this may limit your choice for cover, there are two types of policies you can apply for without a medical - guaranteed life insurance & over 50's life insurance.
Guaranteed life insurance
Also known as guaranteed acceptance life insurance. This policy is designed to provide cover for those who would typically be denied cover for a standard life insurance policy. This can be due to their age, health, and family medical history.
Like any type of life cover, it pays out a cash lump sum when you die, which can help your loved ones with costs such as mortgage repayments and assisting with funeral costs.
The downside is that the pay-out is typically smaller than a standard policy, whilst premiums remain high. This is mainly due to the increased likelihood of a claim being made. Furthermore, the payout may be much lower if you die within the first 12 months of your policy - as always, we would strongly suggest reading your policy documents carefully for the terms and conditions of your cover.
Over 50's life insurance
If you're aged between 50 and 80 years old, you could benefit from over 50s life insurance. This type of policy is designed for over 50s who may be denied or cannot afford standard life insurance cover. The main difference between this type of policy and standard life insurance is that it doesn't require any medical exams.
The downside to an over 50s policy is that you cannot cash your policy in.. Your family may end up receiving less than what you've paid for cover, depending on how soon you die after taking out a policy.
With both types of policies, you are guaranteed acceptance for cover, regardless of your health. But if you're young and in good health, you may want to consider term life insurance or whole life insurance first.
Taking the next steps...
If you're struggling to get life insurance cover due to your age or health and lifestyle disclosures, we're here to help. At Cavendish Online, we provide 3 routes to buying online life insurance cover.
You can also speak to one of our trained life insurance advisors, who can recommend a policy for you. This option is ideal for those who have medical and lifestyles disclosures and hazardous occupations
Speak to the experts...
Give our advisers a call today.
Our team of friendly and professional advisers are on hand to help with any questions you may have regarding Life Insurance.
The advisers can also make recommendations tailored to your current situation and will research the market on your behalf, ensuring you secure the cover you need and supporting you every step of the way.
01392 43 61 93(Monday to Friday, 9am - 5.30pm)
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