Why Consider Life Insurance with No Exam?
Life insurance is something that almost all people know they should have—but many don’t. One reason people put off buying life insurance is the hassle of taking the insurance exam. The time, the inconvenience, the needles for the blood tests.
Life insurance without a medical exam is an option for those people who want to take care of their loved ones but don’t want the hassle of a life insurance physical or exam.
How Does This Work?
Insurance companies use your medical background to help determine who they can insure and what price to charge for the insurance. Insurance companies use the information collected on applications to help them project the life expectancy of someone applying for a policy. A rocky medical history, smoking, excessive weight, bad driving records and dangerous hobbies are all factors that tend to lower life expectancy and increase risk for the insurance company. To compensate for increased risk, companies charge higher premiums when applicants provide information that may predict a shorter life expectancy.
Insurance companies have less information when selling no medical exam life insurance since no exam and lab work is completed. This means that the premium is sometimes higher than if you had taken a physical. But not always.
The only way to know for sure is to work with an agent or one of many online life insurance comparison sites. Who benefits from no exam life insurance?
Who might want to consider buying life insurance with no physical exam?
1. I don’t have time for an insurance exam.
If you are healthy you probably can have life insurance in place immediately or in a day or two. Your schedule isn’t interrupted by any life insurance exam.
2. I hate needles.
Breathe easy. With no exam life you avoid the needle stick.
3. I have a medical issue and wonder if I will be turned down.
Some companies sell simplified issue life insurance with just a few health questions. Quite often people will qualify for simplified issue even if they cannot buy fully underwritten insurance.
4, I have a serious medical issue and have been declined for life insurance.
Look for guaranteed issue life insurance. The price is higher and the death benefit is limited for the first two or three years. But when you need life insurance and have been declined, life insurance without the health questions is just what you are looking for.
So, for anyone looking to help safeguard the financial security of their loved ones in the event of an unforeseen tragedy, No Exam Medical Life Insurance is a hassle-free option. The convenience and security that comes with this specialized life insurance coverage may be just what you need.
The Advantages of No Exam Life Insurance