7 of 15

Write now Article Tools

NO MEDICAL EXAM LIFE INSURANCE

No Medical Exam Life Insurance policies entered the insurance market about forty years ago. The purpose of the policies was to insure people over age sixty with no life insurance. A second group these policies covered was adults with chronic illnesses. Insurers consider adults living with chronic diseases of the heart, lungs, kidneys and other vital organs as non-insurable. Many people who purchased these policies have no other life insurance. The policies offer what insurers call a Death Benefit Plan with a face value of $1000-$10,000.

People who suffered illnesses such as cancer, tuberculosis, rheumatic fever, concussions, rheumatoid arthritis and similar diseases are non-insurable risks. The no medical exam life insurance policies offer coverage to people who otherwise cannot purchase insurance. People who apply for regular life insurance and receive a denial of coverage can seek coverage through a No Medical Exam insurance carrier.

The No Medical Exam Life Insurance plans written for these three groups are beneficial for those without insurance coverage. These Graded Benefit Policies provide coverage, to many people who otherwise could not obtain life insurance coverage. A Graded Benefit Policy pays a portion of the face value for when death occurs during the first two years of coverage. Usually this amount equals the total amount of premiums paid, less any overdue payments.

In the event of accidental death, during the first two years of the Graded Benefit Plan, the policy beneficiary receives the face value of the policy if, the policy includes an Accidental Death Benefit. Some of these policies include a loss of limb or loss of vision benefit. The amount paid for such loss is often one- half of the face value of the policy. These insurance policies are of great benefit for those adults who are non-insurable under a regular life insurance policy.

Learn more about this author, Mary C. Frederick.
Click here to send this author comments or questions.

Add your voice

Know something about Basics of no-medical-exam life insurance?
We want to hear your view. Write now!