For some individuals, obtaining life insurance can be harder than for others. This can be due in large part to having an adverse health condition, which essentially deems them as uninsurable for traditionally underwritten life insurance policies.
If you fall into this category, though, and you still need life insurance, there is good news. Just because you can’t be accepted for a medically underwritten policy, does not mean that you have to go without life insurance coverage.
There are still several options that you can choose from to get quality coverage and protection for your family. You can obtain life insurance coverage without the need to take a medical exam through HSBC’s no exam life insurance. This means that your acceptance for a life insurance policy is virtually guaranteed.
It also means that you can apply for your coverage quickly and conveniently – without the need to undergo the lengthy and time-consuming application process because you can apply for your policy directly via the Internet.
If you’re looking for the easiest and quickest way to get life insurance coverage, this is the way to go.
Remember though, that convenience is going to come at a higher premium. You’ll have to decide what is most important for you and your loved ones.
How Does No Exam Life Insurance Work?
With no exam life insurance, the applicant is guaranteed to be accepted for coverage – regardless of any type of adverse health condition that he or she may have.
That is why this type of coverage is oftentimes referred to as life insurance of last resort. In many instances, if an individual has been turned down for a traditionally underwritten type of life insurance coverage, they will apply for a no exam plan.
Typically, there are only a few basic questions on the application for no exam life insurance. Some will ask for basic health information, while others will ask for no health information at all from the applicant.
Because there are no medical questions and no medical exams required for these policies, there are only a couple factors that are going to impact how much you pay for coverage.
Those factors are:
- your age,
- where you live,
- tobacco usage,
- the company that you buy the plan from,
- and how much coverage you want.
Because there are so few factors that go into deciding what you’ll pay for insurance coverage, there is little that you can do about getting lower premiums. One of the best ways is cutting any tobacco that you use.
Smoking or using chewing tobacco will cause your insurance premiums to triple or double, and if you’re choosing a no medical exam policy, this could mean additional hundreds or thousands of dollars every year.
It is important to note that while no exam life insurance policies are easy to qualify for, their premiums are generally much higher than for a comparable amount of coverage from a medically underwritten plan.
This is because the insurance company has no idea what kind of health you’re in or if you have any severe health complications, which means they are taking a lot of risk by insuring you. The only way for them to offset all of the risks is to charge you more every month for coverage.
Likewise, the coverage amounts are usually low. Most plans are offered in the $5,000 to $50,000 range – although some can be higher. For a lot of applicants, this can be a major disadvantage.
There are a lot of people that are looking for much higher coverage amounts. If you need more insurance than one of these policies offer, you have several options. You can either purchase more than one plan or go with a medically underwritten plan that has much higher limits.
In addition, many no exam life insurance policies may also have long waiting periods before the full death benefit will be paid out upon the insured’s death. As an example, on some of these plans, if the insured dies within the first two years of coverage, the named beneficiary will only be able to receive a return of the policy premiums as versus the death benefit amount.
In most cases, these waiting periods are a deal-breaker, but it is something that you should be aware of when weighing the advantages and disadvantages of all the policy types. Nobody wants to buy a life insurance policy, pay for the plan, but not have coverage.
Benefits of a No Exam Policy
There are many advantages to no exam life insurance, starting with the ease and convenience of applying – and being approved. Because there is no health screening to contend with, approval can be obtained while you wait. This is not usually the case with traditional life insurance policies.
Those who have a fear of needles will also see this type of coverage as advantageous, as they will not need to worry about taking a required blood test. Without this to worry about, they can still obtain the life insurance coverage that they need.
No exam life insurance can be a great solution for seniors who need a way to pay final expenses, as well as for retiring business owners who may want to provide liquidity to keep their company running should they pass away before a suitable replacement can be found for them.
The average funeral costs around $10,000, which can be difficult for a grieving family to pay for, but that’s where a life insurance policy comes in. It will give them the money they need to pay for the funeral without having any additional financial strain.
What Does the HSBC Policy Have to Offer?
The HSBC no exam life insurance policy offers a number of options. First, unlike many of the other no exam policies in the marketplace today that offer low amounts of coverage, you can opt for a face amount of up to $500,000. For a lot of people, this is a huge advantage over other companies that only offer a small portion of that coverage limit, as we mentioned earlier.
Coverage is available to applicants up to age 65 – and, because applications are available online, it is possible to apply for coverage and to be approved within mere minutes. This means that your loved ones can have the protection and the peace of mind that they deserve almost immediately.
This important coverage is also available in all 50 states – including New York. If you’re someone that wants coverage as quickly as possible, this is going to be one of your best options. With any traditional plan, you could wait a month or more to get approved for coverage.
In addition, HSBC is rated as an A by A.M. Best. This means that this insurer is considered to be financially strong in its claims-paying ability and reputation – and this is a very good thing, as you want your insurer to be there when your loved ones need them most.
How to Apply
If you’re ready to apply for an HSBC no exam life insurance policy, we can help. In order to get the process started, we can assist you with obtaining a policy quote, based on the particular benefit amount that you need. Simply use the form on this page to begin.
If you’ve read through this article and realize that HSBC no exam policy isn’t the best option for you, there are plenty of other options that we can help you decide between. While you may think that you can only get coverage through a no medical exam, in most cases, this isn’t true. We can help you find a company that will work perfectly for you.
When you’re looking to purchase a life insurance policy, it’s vital that you find a company that is going to view your application favorably, especially if you have any kind of health complications. There are certain companies that have experience working with people with health problems like diabetes or cardiovascular issues, which means that even if you have some of these complications, you’ll still be able to get an underwritten plan.
Our agents can help you find the perfect plan to fit your specific situation. It’s vital that you get the insurance coverage you need without having to pay through the roof for it.
Should you have any questions along the way regarding premium quotes, no exam life insurance, or life insurance overall, our experts are happy to help. Please feel free to contact us directly, toll-free, at 334-380-4188 and we’ll get you the answers that you need so that you’ll be back on your way to obtaining the coverage that you need now.