No Medical Exam: Life Insurance for Orthopedic Surgeons

Qualifying for life insurance coverage can be a challenging endeavor for people with health challenges. Insurance companies often require medical underwriting that would reveal details about your health history that could disqualify you from coverage. Also, you will have to undergo a medical examination to ascertain your present health condition.

The medical examination would usually include collecting your blood and urine samples and recording some useful information about you, such as weight, age, height, health habits, etc.

The growing need for coverage has spurred many insurance companies to adjust their product portfolios. This allows them to accommodate the seemingly uninsurable applicants that sought to get covered through the traditional life insurance policy. If you are an orthopedic surgeon in need of coverage without a medical exam, this article is for you.

No Medical Exam: Life Insurance for Orthopedic Surgeons
Why Do Life Insurance Companies Have a Medical Exam

Why Do Life Insurance Companies Have a Medical Exam

The U.S. Centers for Disease Control and Prevention (CDC) revealed in 2017, the ten leading causes of death to be:

  • Heart disease
  • Kidney disease
  • Stroke
  • Influenza and pneumonia
  • Diabetes
  • Cancer
  • Chronic lower respiratory diseases
  • Alzheimer disease
  • Unintentional injuries, and;
  • Suicide

In 2016, the number of deaths for the leading causes of death showed that heart diseases alone had claimed 635,260 lives followed by cancer with 598,038. Figures from other types of diseases count into hundreds of thousands of deaths as well.

It is not surprising then to see why insurance companies want to access the risks involved in getting you covered. Hence, the need for undergoing medical examinations in the first instance.

Besides deadly diseases, another factor that demands a medical exam is the type of physical activities or lifestyle you usually engage in. Things like bungee jumping, scuba diving, and other risky activities are factors that insurance companies consider.

Your premium is charged based on the outcome of the exam and the type of physical activities.

How We Can Provide Coverage Without a Medical Exam

Life insurance is meant to protect your family from financial setbacks when you’re gone.  Everyone deserves coverage, and life insurance without a medical exam is specifically designed to address this need.

No medical exam life insurance works like the typical life insurance plan you know but often attracts a higher premium rate than the regular life insurance plans.

How We Can Provide Coverage Without a Medical Exam

How Guaranteed Issue Life Insurance Works for Orthopedic Surgeons

For orthopedic surgeons above the age of 50, guaranteed issue life insurance is ideal, not just because it requires no medical exam, but also because it offers the most specific coverage for final expenses such as funeral and burial costs.

With this policy, your insurance company cannot deny or cancel your application inasmuch as you can afford to pay your premiums regularly. Generally, guaranteed issue life insurance coverage can be purchased at face value, but some are sold at a higher rate if you’re buying multiple policies.

Another advantage of guaranteed life insurance is that it allows you to build cash value over time. Benefits are paid without tax to a beneficiary of your choosing.

One of the cons of guaranteed issue life insurance is the high cost of the premium. But when compared to being denied coverage due to medical history, it is an excellent option for orthopedic surgeons to provide that needed level of comfort and protection.

Graded Benefits

Graded benefits refer to the time it takes for your beneficiary to be paid the benefits of the policy. If your passing occurs as a result of health-related issues within the first two years of your contract, your insurance company pays the beneficiary only your premiums back as well as a small amount as interest. If, however, you passed unexpectedly from an accidental cause, the insurer pays your beneficiary full benefits after two years.

Matured Endowment

A typical guaranteed issue policy is set to mature at the age of 100. The insurance company will pay full benefits to you as the policyholder so far you’re still alive at this time. Interest value at this point is not tax-free unless you defer your benefits until after you’ve passed before it becomes tax-exempt interest payable to your beneficiary.

How Simplified Issue Life Insurance Works for Orthopedic Surgeons

Simplified issue life insurance is ideal for orthopedic surgeons with poor health and who are looking to get no medical exam coverage at flexible benefits and premium rate for life. By “simplified issue,” you’ll have a simplified interview with an insurer about your medical history but without undergoing an exam.

Depending on the outcome of the interview, the insurer may deny your request for simplified issue policy, or he may increase your premium. Applying for simplified issue coverage is quite easy and quick, which makes it ideal for orthopedic surgeons who would like to avoid going through the stress of a medical examination.

Additionally, a simplified issue policy allows you to build tax-free cash value over time, but much of it depends on your premium rate.

How Simplified Issue Life Insurance Works for Orthopedic Surgeons

How Gold Coast Life Insurance Can Help

If you’re concerned about getting a life insurance policy because of a medical examination, you’ve come to the right place. Gold Coast Life Insurance offers you a quick and easy way to get covered without the need for a medical exam.

We will design a custom policy that will get you covered for life, putting your unique needs into consideration.

One of the things that set us apart from others is that we provide a comprehensive platform for all applicants. We don’t discriminate, and as such we accept high-risk applicants and even those with pre-existing conditions. Get covered for life today by taking advantage of our free quote.

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