No Medical
Life Insurance
No medical life insurance does not require medical tests, to get approved for coverage. Some no medical plans do not even require questions to be answered to have a plan in place. These plans, however, have restrictions of being deferred for two years. This type of insurance is beneficial for those who would not be approved for traditional (also called standard) life insurance that comes with medical tests and a questionnaire to complete. Typically, the cost of no medical insurance is higher than standard plans, due to their convenience and speed to be implemented.
When is no-medical insurance beneficial:
If age is an obstacle in getting a traditional life insurance policy as some policies only cover their policy holders up to a particular age.
A medical exam is not something you want to go through due to personal reasons.
You want a “quick” insurance solution that offers coverage without any delays. i.e. to cover a mortgage, loan, or liability.
You have a serious a health condition that does not allow you to qualify for a standard life insurance policy.
No medical life insurance plans offer the value of convenience, for those who need to have insurance coverage quickly, without waiting to have medical testing done. Short term as well as permanent non-medical plans are available