Non Medical Life Insurance
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Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.
The Insurance company pledges payment of a lump sum amount to the person who has taken the policy (or nominees) on the happening of the event which is Insured.
Guaranteed issue life insurance is a small whole life insurance policy with no health qualifications Guaranteed issue life insurance does not pay death benefits during the first two or three years the policy is in force, but it does return the policy's premiums plus 10% interest if the insured dies during this period.
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What is Non Medical Insurance?
As the name suggests, non-medical life insurance assumes no medical test when issuing a policy as opposed to a traditional policy where medical tests are required (e.g. blood test, blood pressure, etc.). If there are no tests, insurers see the risk higher and thus often would collect higher premiums for these type of policies. At the same time, there is often a coverage limit on these policies in order to minimize insurance risk.
The policy doesn’t require a medical exam, nor the insurer has to answer any health questions. Even if you are declined a policy during the last two years due to health conditions, you can still avail this policy.
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