As new reports of the effects of COVID-19 are released every day, restrictions and limitations have been placed on businesses, social interactions, and many normal routines. Social distancing may be the new norm, but it shouldn’t stop you from getting the coverage you need.
As a result of self-imposed or government-required isolation, many people have avoided risks of infection by remaining indoors and staying away from others, venturing out only if necessary. By doing so, people all over the world are striving to protect themselves and the ones that depend on them.
While this practice of social distancing is helpful in limiting the exposure and spread of COVID-19, for those who are seeking to take out a life insurance policy, this situation could seem problematic. For many who should not be facing the risk of infection, it is not ideal or feasible to leave home to take a medical exam or bring a medical practitioner into the home for a personal exam.
But getting a life insurance policy is just as easy as it was before the virus. Social distancing doesn’t have to get in the way of getting the coverage you need. Fortunately, there is the option of no medical exam life insurance. With this type of policy, instead of having to go out and get a medical exam or having a medical practitioner come to you, you can apply for life insurance online or over the phone from the comfort and safety of your home.
If you have already done some type of research into life insurance, you may have learned about the two major types: term and permanent life insurance. Term insurance is cheaper and offers coverage for a set period of time, while permanent insurance is more expensive but offers more benefits in terms of lifetime coverage and use of financial payout.
These are the more traditional types of insurance which both typically require a medical exam in addition to answering questions about your lifestyle. No medical exam life insurance differs from these mainly through their process of underwriting. This is the process that determines your eligibility for various life insurance policies, which in most cases includes a health examination.
However, screening for no medical exam life insurance is instead done over the phone or online, in which you will be asked a series of questions about your health and lifestyle in order to provide the best insurance options.
With this different underwriting process, there are two types of no medical exam life insurance to choose from: simplified issue and guaranteed issue. With simplified issue life insurance, you will have to provide a more specific description of your health as they will be asking many questions about the details of your medical history, conditions, lifestyle, and more.
It is important to know that, although there is more convenience without taking a medical exam, there is still a risk assessment based on your medical information that will determine your coverage. Nevertheless, because of the amount of information you give with this type of insurance, you are likely to receive more coverage at a more affordable premium rate than guaranteed issue insurance.
On the other hand, guaranteed issue life insurance has its own set of benefits. Here, you will be asked fewer questions about your medical history and lifestyle that are much more basic. This is often called “guaranteed acceptance” insurance because the health requirements for obtaining a policy are few or sometimes even zero, with an age requirement often being one of the only factors that might prevent someone from qualifying.
This non-invasive questioning, however, does come at a cost. With guaranteed issue insurance you may have access to less coverage with higher premiums. However, this is not always the case, so be sure to ask your agent which option is best for you. Additionally, there may be restrictions on the death benefit payout if the insured happens to die within a short time after purchasing guaranteed issue life insurance.
Through all of the chaos and uncertainty that COVID-19 has brought, there has also been some worry about how this will affect purchasing life insurance. The good news is that for the most part, nothing has changed, especially in terms of premium pricing. However, for those who have traveled abroad recently or have plans to travel, the application process may be a bit more difficult or lengthy.
Other than this, the areas of investigation for eligibility will be standard when looking for any kind of life insurance. Your eligibility can be affected by many factors including not only your medical history and existing health conditions, but also your lifestyle choices, credit score, and even your driving record.
You will be questioned about all of these even for a no medical exam insurance application. However, because there is no medical exam, the time it takes to get approval for an insurance policy is dramatically decreased. This can be a better option for someone who is looking to get life insurance conveniently and in a short amount of time.
Of course, for any life insurance policy, you will receive better premiums, coverage, and payout the younger you are and the more healthy you are. With both of those factors in mind, simplified issue life insurance can often provide more affordable plans based on the assessment from the medical questionnaire. This plan is more suitable for people who may be in better physical health or who do not have preexisting conditions.
On the other hand, if you are not as comfortable disclosing your medical conditions to a provider, guaranteed-issue is a much better option. Older applicants are also more inclined to this type of insurance because of the even higher approval rate with lower requirements. This option is also beneficial for those with more financial assets. This is because, if you can afford the premiums for this insurance, you are essentially “guaranteed” a policy.
You never know what will happen in the future, and through all the uncertainty surrounding the virus, it is difficult to predict what will happen even in the next week. If you have people that depend on you in any way, life insurance is a great way to provide for them financially in the event that something were to happen to you.
If you have been looking to purchase life insurance for a while or have recently started considering it because of COVID-19, don’t let your current situation stop you from protecting those you love. Consider a no exam insurance policy to get quality coverage while effectively practicing social distancing.
Make safety a priority for yourself both now and in the future for your loved ones with LifeQuote. We offer both guaranteed- and simplified-issue no medical exam life insurance policies for a wide range of ages and health statuses. It is important to learn what policy you might be most qualified for as well as which factors might affect your eligibility for those policies. Here at LifeQuote, our agents can help you find one best suited for you. Contact us today and get a free quote from our online generator to take your safety to the next step with life insurance.