Life insurance, no medical exam, no waiting period
Insurance companies usually require a medical examination or health-related questionnaires to issue insurance policies. The medical examination is the detailed health analysis of the candidate, whereas a health-related questionnaire only requires answers to a primary health question.
In case of no medical examination, the option available is No Medical Exam Term Life Insurance. There is a simple health-related questionnaire to be filled to purchase this. This policy usually comes without any waiting period, but in case of early death, the companies thoroughly investigate the cause of death. The maximum coverage provided through this policy is $500,000.
If someone wants to get insurance without medical examination and health-related, they can pick guaranteed issue whole life insurance. However, there is usually a waiting period of 1-2 years for insurance policies that come without a medical examination. The waiting period comes as an assurance for the companies because No medical examination gives a blind end to the companies. They are unaware of the potential health problems of the insurer, and in case of immediate death, the companies would have to pay the full death benefit. Therefore, if the insurer dies during the waiting period, the companies do not have to pay the full death benefit. The coverage provided through this policy is as low as $25,000.