Insurance is the best way you can ensure wellbeing of your family in an event of any tragedy. Unluckily, traditional life coverage isn’t the option for a lot of people for many reasons. More than 30,000 of traditional coverage applications are been turned down each single year. People find themselves getting rejected by the traditional life protection from having chronic illness or working at the dangerous job. Good news is there’s another way for such people and that is no medical insurance. It’s one kind of life coverage, which does not need require you undergo the medical examination for application to get accepted. There’re two types of the no medical policies: the simplified issue protection & guaranteed issue insurance.
Simplified Insurance Plan
While you apply for the simplified life insurance no medical requirement Washington DC policy, you don’t have to get examined by the doctor. However, you may have to fill out the questionnaire regarding your health records that generally includes between 3 to 12 questions. These will include questions of any chronic medical disease you are suffering from, if you were turned down for the traditional insurance in past, suppose your regular activities are putting you on risk (like smoking and high-risk occupation). Normally speaking, higher number of questions of these applications, lower will be the premium.
Guaranteed Life Insurance
The guaranteed life insurance plan doesn’t need applicants submit their medical examination and fill out the health questionnaire. Such policies are quite popular for the people with the severe illnesses. This said, downside of such policies is they’re very expensive and have lower coverage fees for the non-accidental deaths – normally over $25,000. On the top of this, with a lot of guaranteed issue plans, if you ever die within first 2 years, payout the beneficiary gets will get limited to return of premium. In spite of this, guaranteed issue plans are an only option for seriously ill, since no information of medical condition is needed to apply for such policies, some applicants will be turned down; common reason for the denial is applicant is above their maximum age limit that is generally 75.