When you apply for life insurance, many companies will ask you questions about your health or make you get a medical exam. These medical tests are often needed to prove that you are in the same health as you said you were on your application form. They are used by life insurance companies to decide how much to charge you for your insurance premium and, in some cases, whether or not to give you life insurance at all.
When you buy life insurance that requires a lot of medical questions and/or a medical exam, it's like you're being punished for having a health problem already. This makes the cost of life insurance go up. Getting a medical exam can also be stressful, especially for older people who want to get life insurance later in life.
Life insurance companies, on the other hand, are offering more and more plans that don't require a medical exam. Also, some life insurance companies will accept you even before you apply.
What does "no medical life insurance" mean?
To use a well-known phrase, "no medical life insurance" does exactly what it says on the box. It is a type of life insurance that doesn't need a medical exam. You might not even have to answer questions about your health if you want to be sure of getting life insurance. No-medical life insurance is available to people of all ages, so whether you're 20 or 65, you can have peace of mind knowing that your loved ones will be taken care of financially if you die during the policy's term.
You might be wondering at this point if such a life insurance plan is moral. Don't worry if you are! There is nothing shady about no medical life insurance. In fact, some of the most well-known insurance companies in the UK offer it. Even supermarkets like Tesco now offer insurance plans for people over 60 that don't cover medical care.
The premiums for life insurance that doesn't require a medical exam are also competitive. You can get life insurance for as little as GBP7 per month, and some insurance companies guarantee that the premiums on no-medical-exam policies won't go up over the life of the policy. How much you pay into the policy each month will, of course, affect how much money will be available when you die. Most of the time, there are no problems if you want to raise your life insurance premiums later on on your own.
