Author: Cliff Pendell
One of the biggest hassles that keeps people from buying a life insurance policy is the requirement to complete a medical examination. It is time-consuming and not exactly a priority for most people with a busy schedule. Unfortunately, medical underwriting is one of the primary requirements to qualify for an affordable insurance policy with adequate coverage. Luckily, inexpensive no exam life insurance is available with a handful of highly-rated companies.
How does no medical exam insurance differ from other products?
To get approved for most term insurance policies, the insurance company requires for their applicant to complete medical underwriting to determine his or her “risk.” If a person has been diagnosed with a serious medical issue, the insurance company will charge the applicant a higher rate than someone who is in excellent health. If the person has multiple health issues, he or she might qualify for a rated premium, or may potentially be declined.
If you’re in excellent health, no exam life insurance may be your best option, especially if you’re always on the run. Unfortunately, if you’re in poor health, most companies won’t offer you more than $25,000 of coverage without taking an exam. In addition, no exam companies are more likely to decline your application if you take a few medications, or if you haven’t been to the doctor in more than 5 years.
One of the other distinguishing features of no medical exam life insurance is the amount of coverage you can secure. Even if you’re in great health, most companies will limit your policy’s face value to $500,000 or less. In addition, if you’re over the age of 50, your premiums may be significantly higher than they would be with a traditional insurance product that requires a free medical exam.
When is it best to consider a no medical insurance policy?
Although a no medical insurance policy is often considered convenient, fast, and affordable, it is not a suitable product for everyone. No exam life insurance is usually the best fit for:
- Individuals who are unable to complete an exam due to a busy work schedule or travel.
- Someone who needs life insurance in a hurry and does not want to go through the time-consuming process of scheduling and completing an exam.
- People who hate the sight of needles or the idea of giving blood.
- Anyone with “white-coat” syndrome, or people who have elevated blood pressure when they see the doctor.
If you can find time in your schedule to complete an exam, you might want to consider both options. Depending on your age, health, and gender, taking an exam might save you more than 30% on the cost of your coverage.
Finding the right insurance company
Finding the right insurance company takes a bit of homework. While you may be pressed for time and want to have an insurance policy in force as soon as possible, not all insurance companies offer the same plans or benefits. You need to compare different options in accordance to your needs and budget.
Most people rely on an independent agent to help them find the best no medical life insurance policy. A licensed agent can compare rates from dozens of companies to help you find the best options. There services are free and it will save you the hassle of calling companies, getting quotes, and feeling pressured to buy something.