No Medical Exam: Life Insurance for Doctors and Physicians

Doctors and physicians dedicate their lives and careers saving and improving the lives of others. It is therefore crucial that they understand the best personal finance plans. As a physician, one of the ways to prepare for life’s many unforeseen circumstances is by owning a life insurance policy to protect the future of your dependent family members.

However, according to the Centers for Medicare & Medicaid, 1 in 2 Americans have pre-existing conditions that could deny them insurance coverage. To avoid experiencing denial of coverage from life insurance companies, no-medical-exam life insurance is often the best route.

No Medical Exam: Life Insurance for Doctors and Physicians
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Why Do Life Insurance Companies Have a Medical Exam?

Life insurance companies determine the premium amount to charge on a policy by evaluating an applicant’s morbidity and mortality rate. Each individual’s status is assessed via a medical test, which demonstrates an applicant’s health condition. Other factors that insurance companies consider include age, family history, and lifestyle.

The results of the exam will help the company arrive at the amount both to offer as benefits and to charge as a premium. The medical exam result will show if an intending policyholder is a no-risk, minimal-risk or high-risk applicant. The more critical an applicant’s health status is, the higher is the risk of death benefit payments on the part of the insurer.

This is why the same policy may have different premium rates from different insurance companies for different individuals.

How We Can Provide Coverage Without a Medical Exam

The life insurance medical exam is one of the obstacles that prevent people from having life insurance coverage. Many individuals get disqualified from getting life policies because of their health status. For some, the discomfort that they might experience during a medical exam dissuades some people.

If you are in any of these categories, and you want a life insurance policy, we can help you out. Gold Coast Life Insurance works with the best life insurance companies in the U.S. to get quality and affordable policies that require no medical examination for our clients.

As a medical doctor, Guaranteed Issue Life insurance and Simplified Issue Life Insurance are some of the no medical exam products available to you.

How We Can Provide Coverage Without a Medical Exam

How Guaranteed Issue Life Insurance Works for Doctors and Physicians

Guaranteed Issue Life Insurance, or guaranteed acceptance life insurance, works just like every other life insurance policy in terms of living benefits to the policyholders and death benefit payments to your beneficiaries. However, the significant difference, which makes it more preferred by many professionals, is that you are not going to be asked any health-related questions, meaning no medical exam is required.

Regardless of your lifestyle, health status, or the nature of your pre-existing condition, you cannot be refused coverage by an insurer as long as you can afford it, and you are within the age bracket covered by the available policy. Guaranteed issue life insurance policy often comes with a graded benefit and matured endowment options.

Graded Benefits

Guaranteed issue life insurance is a risk on the part of the insurance companies as they won’t be able to evaluate the health status of an applicant before signing coverage contract. In their bid to minimize the risk, they usually include some extra clauses in the policy.

The graded benefits option is one of the measures used to reduce risks by life insurance companies. It means the beneficiaries of a policy will only be entitled to the death benefits if the policy has been in force for a certain period of time (usually two years) before the policyholder passes on.

If you buy an insurance policy with graded benefit option, and you pass on before the graded period, your insurer will only pay your beneficiaries a refund of your premium instead of the lump sum amount of death benefit.

Matured Endowment

Matured Endowment is an insurance policy that offers both death risk coverage and savings account options. It pays a lump-sum amount at the maturity of the policy. For example, if you buy a policy with a 10-year coverage term, at the end of the 10 years which is the maturity period of the policy, you will get a payout from your insurer. The lump-sum is a combination of your accumulated premium payments plus a bonus from the policy provider.

However, if you pass on before the maturity of your policy, your family will get a death benefit payment from the insurance company.

How Simplified Issue Life Insurance Works for Doctors and Physicians

Simplified issue is very similar to guaranteed issue. The slight difference is that you will be asked to answer some medical questions. While most traditional life insurance policies involve a blood test and require answers to a series of comprehensive health-related questions, a simplified plan will only require that you fill a questionnaire with a few questions related to your health condition.

The questions typically cover your lifestyle and medical history. Among other things, the insurer would like to know use drugs or smoke, if you have been diagnosed with any terminal illness, if you are HIV positive, or you have been hospitalized recently. You may also be asked about your height and weight depending on the insurer you are buying from.

Although simplified issue requires no medical test, insurers still have some measures of checking applicants’ health history to see if it corresponds with the one submitted. They will likely contact agencies like the Medical Information Bureau (MIB), and Pharmacy Database to verify the claims made in your questionnaires. Working with an experienced insurance broker help you in answering insurance health-related questions the best way to avoid denial of coverage.

How Simplified Issue Life Insurance Works for Doctors and Physicians

How Gold Coast Life Insurance Can Help

Life insurance is an essential personal finance plan which every doctor and physician should have without any restriction. This is why, at Gold Coast, we work with medical professionals to provide them with the best no medical exam policies according to their needs.

It doesn’t matter if you are a high-risk applicant or you have a pre-existing condition, our licensed, trusted and experienced life insurance agents will get you a portable policy customized just for physicians and doctors. Getting coverage that protects you and your family is as simple as getting a free quote.

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