Life Insurance With Current Cancer
Cancer is a serious medical condition that can have a devastating impact on your life.
Being diagnosed with Cancer often brings about the financial difficulty in addition to the emotional stress and physical pain associated with it.
Fortunately, Life Insurance can provide significant financial protection for those affected by Cancer.
This article will provide important information about obtaining life insurance with Cancer and the options available to help protect you and your familys financial security.
Benefits And Downsides To No Medical Exam Life Insurance
| Benefits | |
| Quick access to life insurance, sometimes within a day. | Premiums may be twice as high as for traditional policies with the same payout. |
| No check-up required although some insurers might ask you to answer a medical questionnaire. | Policies may have a graded death benefit. If you die within the first two or three years after buying the policy, your beneficiaries wont receive the full payout. |
| Available to applicants with chronic disease who wouldnt pass a standard medical exam. | Coverage options are usually limited to $500,000 or less, while traditional policies can offer as much as $3 million. |
| Available to older applicants who may not be eligible for a traditional policy. | Approval isnt guaranteed for all applicants. |
No Medical Exam Life Insurance Explained
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
Nobody likes taking life insurance medical exams. If youre in good health, it seems like an inconvenience. If youre not in good health, youre probably worried about the impact of the results on your rate.
Thats why life insurance without a medical exam has such an appeal. But the cost of skipping the exam may not always outweigh the benefits.
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No Medical Exam Term Life Insurance
If you don’t qualify for fully underwritten life insurance but need more than $50,000 in coverage, your best option is a no medical exam term life policy. Term policies are also among the cheapest forms of no medical exam insurance. No medical exam policies offer term lengths up to 30 years and can typically be purchased up until you turn 75, though some insurers restrict term lengths based upon your age.
When shopping for simplified issue term life insurance, you should make make sure that a policy is described as “level term” or as having “guaranteed level premiums” for the term length. These phrases mean that the term life insurance quotes you receive reflect the price you’ll pay for the entire length of the policy.
Some insurers offers a product called no medical exam term insurance where quotes based upon your age group . With these products, the term length is essentially just one year and premiums increase each time you enter a new age group, meaning they become incredibly expensive over the course of 15 or 20 years.
As an example, let’s say you’re a 45-year old male and want $150,000 of coverage for 20 years. New York Life offers coverage according to your age, so you would be quoted:
| Ages |
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Key Features Of A Guaranteed Issue Policy
Guaranteed issue life insurance, sometimes called guaranteed acceptance life insurance, comes in many different shapes and sizes, with varying age restrictions and death benefits. But there are a few features that apply to almost all guaranteed issue products:
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Premiums stay the same for the length of the policy. Failure to pay your premiums may result in cancellation.
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The death benefit wont decrease over time. However, withdrawals or loans taken out against the cash value may reduce the death benefit.
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A waiting period is enforced at the start of the policy, typically for two years. If you die of accidental causes during this time, the insurer pays out the full death benefit. However, if you die of natural causes during this time, your beneficiaries receive only a percentage of the premiums already paid into the policy.
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There are no medical exams or health questionnaires. Youll qualify for coverage regardless of your health.
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Policies are a type of whole life insurance. This means they can last your entire life and build cash value.
Term life insurance policies, which last for a set number of years before expiring, rarely guarantee acceptance.
You may see guaranteed issue life insurance referred to as no medical exam life insurance, but the exam is only one part of the medical underwriting process for life insurance. So if a policy skips the exam but asks you to complete a short health questionnaire, its not a true guaranteed issue policy.
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Usaa Life Insurance Review 2022
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
Bottom line: Fewer complaints than expected and lots of policy options make USAA a good choice for many buyers, especially those on active duty.
USAA’s products are designed specifically for active military members, veterans and their families, but the company’s life insurance policies are available to everyone. Most term and whole life policies are available nationwide. The company’s universal life is not available in New York, and its guaranteed issue policy is not available in Connecticut or Montana.
How We Chose The Best Life Insurance Companies
In order to compile our list of the best no-medical-exam life insurance companies, we developed a comprehensive life insurance methodology. We started off by researching what consumers want from life insurance companies, and for that, we looked to third-party consumer studies, including J.D. Powerâs 2021 U.S. Life Insurance New Business Study and the 2021 Insurance Barometer Study, by Life Happens and LIMRA.
With those findings in mind, we gathered more than 50 data points on 91 life insurance companies, including ratings for financial strength, customer satisfaction, and customer complaints, as well as information about years in business, online tools, no-exam options, dividends, maximum issue ages, and available riders.
Our review process gave preference to companies with solid financials, few customer complaints, high no-exam coverage amounts available, high-issue ages for no-exam coverage, and a broad product portfolio. Companies received ratings boosts for online resources, including online quotes and live chat, and included living benefit riders. We ranked each company according to the following categories and weights.
- 28%: No-med-exam availability and features
- 20% Policy types and features
- 15%: Financial stability
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Whats Involved With A Life Insurance Medical Exam
If you are healthy, you may want to consider a policy with full medical underwriting to get the most options and best rates. A life insurance medical exam is a relatively painless process that involves a few tests youre familiar with from yearly checkups, like a physical and a blood draw. Its normally free and takes about 30 minutes. Depending on your age and health, it can lower your premiums considerably.
Is Lemonades No Exam Life Insurance Offering Right For Me
In the Covid-19 era, you may need a life insurance policy promptly but also need to follow social distancing guidelines and thus not want a doctor all up in your face during a medical exam.
If youre in good health, and want to quickly and simply get a life insurance policy that would cover burial expenses, while also leaving money to carry your family into the future, Lemonades no exam life insurance offering might be right for you. The choice might suit you if you need to be covered quickly, and you dont want to deal with an intrusive health exam.
Know though that most no-exam life policies typically have lower limits and offer less coverage, dollar for dollar, when compared to their fully underwritten counterparts. That said, the term life insurance offered by Lemonade could be a solid match for your needsfeel free to consult an expert, or your financial advisor, if you need additional advice.
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What Do Life Insurance Blood Tests Look For
The health exam, including blood tests and urine tests, assesses you for several medical conditions, including:
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Elevated cholesterol: Your risk for heart disease and stroke increases if you have high cholesterol.
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High blood pressure: Your test could reveal high blood pressure or the usage of beta-blockers, a medication to control high blood pressure.
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HIV/AIDS and hepatitis: Along with other diseases, youre going to be tested for HIV/AIDS and hepatitis, which increase the risk of insuring you.
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Hyperglycemia or elevated glucose: This could be an indicator of diabetes.
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Organ issues: Kidney infections, liver problems and other organ-related issues can show up on a life insurance test.
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Prostate cancer: Male applicants over the age of 50 may also be asked to conduct a prostate-specific antigen test.
Results that show any of the above may lead to higher premiums or, in severe cases, a application. If you purposely conceal information thats revealed after the medical exam, your application could be denied or your coverage could be canceled. The life insurance company may also note on your Medical Information Bureau report that you were dishonest, causing other companies to deny you coverage in the future.
How Does No Exam Life Insurance Work
Traditional life insurance providers assess your weight, height, and blood pressure, along with other details of your lifestyle and medical history. You may also have to provide blood and urine samples.
With no-exam life insurance, insurers forgo the medical test altogether although some companies might still ask you for information through:
- A questionnaire: Questions may include those about your current health and smoking status, as well as your familys medical history
- Databases: Underwriters may obtain details about your prescription history as well as results from previous life insurance health exams
- Driving Records: Insurers typically research your speeding tickets and at-fault crashes. A history of dangerous driving may trigger higher premiums
- Your doctor: Underwriters may request a statement about your health from your primary care doctor
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What To Do If You Dont Get The Results You Want
If the medical exam doesnt provide the health classification that you had hoped for, you still have a few options:
Purchase the policy or a short-term life insurance policy so you have some preliminary coverage. Then ask for reconsideration in a year or two. A year of progress can make a big difference in how much you pay for life insurance premiums.
Shop around for other life insurance companies that might give you better rates for your individual health history. You can even use your medical exam to apply for a policy with another insurer or to apply for other types of insurance policies, such as disability insurance, for up to six months.
Whichever option you pursue, keep in mind that even for a healthy individual, the cost of purchasing life insurance increases by 4.5% to 9% each year that you age. A Policygenius agent can work with you to determine what the best option is for you.
Life Insurance Coverage Without The Medical Exam
Want to skip the health exam? You can still get affordable coverage without taking the medical exam though the application process is no less thorough. If youre in good health, you may be eligible for instant decision life insurance policies from Brighthouse and Lincoln Financial. Instead of requiring a medical exam, they do a thorough evaluation of your previous records to determine your coverage.
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How Does No Exam Insurance Work
With no-exam life insurance, applicants are only asked a series of medical questions without any physical exam typically being required.
Life insurance underwriters only use a limited amount of information to determine your eventual premium for life insurance coverage.
This means less chance of being declined because of adverse results on your insurance lab tests and a better opportunity for approval.
The two non-medical types of life insurance policies you can purchase are term and whole life insurance.
Buying term life insurance with no medical testing will always be the cheapest option for healthy, younger, and middle-aged applicants.
However, no-exam term life insurance for seniors is difficult to find because of the age limits imposed by most insurance companies.
Who Is No Medical Exam Life Insurance Meant For
A no medical exam life insurance policy may hold a certain appeal for older applicants and those in failing health. However, the life insurance market is the opposite of what you might expect. These policies are best for young people in good health. The no medical exam process is often more efficient, streamlining your approval, and life insurance companies can only do this with low-risk applicants.
If a provider sees red flags that might disqualify you, it won’t necessarily prevent you from getting coverage. Instead, the agent would most likely offer to run more conventional life insurance quotes for you.
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Who Is Eligible For Guaranteed Issue Life Insurance
Although your medical history isnt used to determine eligibility, your age is. In general, guaranteed issue products are available to applicants from 45 to 85 years old. Age restrictions vary among insurers and can be more narrow, with some accepting applicants from 50 to 80 years old only.
Your age can also impact the cost of your insurance premiums. As with all life insurance policies, rates are influenced by risk. The older you get, the riskier you are to insure, resulting in higher premiums.
The good news? Aside from meeting this one qualifying factor, everyone who applies for a guaranteed issue policy is eligible. However, not all insurers offer guaranteed issue products, and even if they do, availability can vary among states.
If You Have Health Issues That May Disqualify You
Its an unfortunate reality that many people start to think about life insurance only when they begin having health problems. By that time, it can be difficult to get the policy you want at a cost you can afford. If you want coverage but have health conditions that would likely disqualify you from receiving medically underwritten life insurance, no-exam life insurance may be your best option. A life insurance agent can help you decide.
No-exam insurance has benefits, but it also has limits youll need to consider. If youre in good health, regular life insurance policies may be a better choice. Whether or not you’re willing and able to complete a medical exam, we encourage you to speak to an agent, who will help you fully explore your unique situation and find the insurance product that best meets your needs.
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Best For Senior Applicants: Aarp
AARP caters to senior clients for insurance and many other financial products. Older adults between 50 and 74 may qualify as long as they are AARP members. Term policies are available with limits up to $150,000 in most states. Montana and New York residents may be eligible for up to $100,000. Whole life policy limits max out at $25,000. Whole life policies can be issued without any health exams or medical questions. The term policies, on the other hand, may ask some health questions.
- Health questions: For term life policies, but not whole
- Coverage limits: Up to $150,000
- Unique feature: No medical exam policy caters to older adults
How Much Does No Exam Life Insurance Cost
With a term insurance policywhich is far more common for no-exam life insurance, your premium is often lower and fixed for the duration of the term length. With a permanent or whole life insurance policy, your premiums will be higher but stay the same so long as you keep the policy.
The cost of life insurance depends on several factors including your:
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What Does No Medical Exam Life Insurance Cover
Usually, a no medical exam life insurance policy only covers death due to natural causes, although some insurers might offer an accidental death rider or add-on. This type of policy provides your beneficiaries with financial protection should you die from a car accident, drowning, poisoning or other mishap.
How To Prepare For The Life Insurance Medical Exam
There’s no “passing” or failing the life insurance medical exam. Your results will help determine the cost of your policy, but they are based on your overall health and elements that are mostly out of your control. That being said, there are a few steps you can take to give yourself the best shot at lower rates.
Be upfront. You should be completely honest about any conditions you have when applying for life insurance to avoid any delays or possible fraud.
Eat healthy foods.In the days leading up to your test, avoid high-sodium and sugary foods, which can raise your blood pressure or cholesterol.
Fast six to eight hours before the exam. The medical exam requires a fast to make sure your blood sugar and cholesterol numbers are not skewed. Pro tip: Schedule your appointment for the morning so you arent hungry all day.
Stay hydrated. Drinking lots of water ahead of your exam will help flush out your body and dilate your veins so theyre easier to find during the life insurance blood test.
Avoid strenuous exercise. When you do an intense workout, it can cause your blood pressure to spike and that might be picked up in your urine sample. To avoid a false read on the test, try not to exercise for a full day before your exam.
Avoid certain medications. Dont take over the counter cold remedies and allergy medication like Nyquil, nasal sprays, cough syrups, sinus treatments, allergy medication, and ibuprofen, as they can trigger false positives.
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