Life insurance with No medical

July 10, 2013 at 12:32 pm Leave a comment

Do I need a medical exam?

You may not need a medical exam for your life insurance policy, but this will often depend on whether you have any pre-existing conditions. The insurer will ask you a variety of medical questions and you must answer them honestly.

The aim of the questions is to assess your state of health so the insurer can assess the risk of you claiming on your life insurance policy. They will also usually ask for permission to contact your GP to get a fuller medical history.

 

What factors affect premium price?

A whole range of factors will be taken into consideration by the life insurance underwriters to determine the price of your premium.

Everything from your age, sex, how many units of alcohol you consume each week, your weight, whether you are a smoker or non-smoker, your family’s medical history, your occupation, any pre-existing conditions you may have had in the recent past, or any tests or investigations  you are undergoing for health concerns.

 

How to reduce premium cost

There are a number of things you can do to reduce your premiums, and some are easier than others.

For example, it would be impossible to change your family’s medical history, but you could reduce your alcohol consumption each week, stop smoking or lose weight.

All of these would help to reduce your premium, as the insurer is going to be less likely statistically to pay out in the short term.

 

The importance of answering correctly

Tempting though it may be to bend the truth a little to try and get a cheaper premium, it is a foolish thing to do.

There is no point in telling lies or giving half truths on your insurance form, as it will invariably come back to bite you when your family comes to make a claim after you have died.

If you do not declare a pre-existing medical condition, and it is this condition which is your eventual cause of death, the policy will be invalid and the claim will not be paid.

You could potentially be leaving them without the financial support that you had hoped for by buying the life insurance policy in the first place. Do not take that risk with your family’s welfare.

 

Is there anything else I should know?

Yes, if you have a life insurance policy that goes straight into your estate, your family could potentially face a tax bill if it takes your estate over the $350,000 threshold.

This will depend on what else your estate contains, but one sure way to get around this is to ensure your life insurance provider writes the policy into a trust. This usually does not cost you any more, but it will mean that the money you are leaving from the policy is going to get to your family.

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