Life insurance is one of the best investments that you can ever make for the future of your family. Since you can’t predict the future, it’s important that you plan for the worst, and purchasing life insurance coverage is one of the best ways that you can do that.
When you’re shopping for life insurance coverage, there are dozens of different factors that you will need to account for to ensure that you’re getting the best plan possible. One common option for life insurance is a no exam plan. As you can guess from the name, these plans allow you to purchase life insurance coverage without having to take the medical exam.
At InsuranceScored.com, it’s our mission to ensure that you’re getting the perfect life insurance plan possible. Every year, we get dozens and dozens of questions about life insurance coverage and about no exam coverage.
Too Old for No Exam?
Through the years, we’ve gotten a lot of questions about getting no exam life insurance coverage for people that are 50 or older. The majority of clients that we talk to assume that they are too old to get no exam coverage, but that isn’t true. Regardless of how old you are, it’s possible to get affordable life insurance coverage.
At first glance, the idea of getting life insurance without having to take a medical exam sounds like the perfect option. Nobody wants to have to go through the medical exam, have their blood drawn, and then wait for the results. Before you purchase life insurance, it’s important that you compare all of the life insurance options available to you. There are several pros and cons to no exam plans that you should take note of when you’re shopping around for coverage.
The Advantages of No Exam Life Insurance for 50 Year-Olds
One of the most notable advantages to no exam plans is that the insurance company won’t get a current picture of your health. If you’re out of shape, then you could end up paying a lot more for your life insurance coverage. With a no exam policy, the insurance company won’t get that information.
Another advantage is that you can get approved for coverage much faster than you can with a traditional insurance policy. With a no exam policy, you can be approved for life insurance coverage in as little as a few days. With a traditional insurance policy, you will have to wait for the insurance company to schedule the medical exam, get the results, and then review those results through their medical underwriting. If you want to get life insurance protection as quickly as possible, then a no exam plan is going to be the best option possible.
Disadvantages of No Exam Plans
On the other side of the coin, there are the drawbacks of these plans. Just like every other type of life insurance plan, these are going to be a few disadvantages that you should be aware of before you purchase one of these plans.
The most notable pitfall of no exam plans is that they are going to be more expensive than a plan with a medical exam. The purpose of the exam is to give the insurance company an idea of your overall health. Without that exam, the insurance company is taking a much higherrisk to accept you for life insurance protection. They are going to offset that by charging you drastically higher premiums.
Another disadvantage to these plans is the limit on how much protection that you can purchase. Most insurance companies are going to restrict you to around $500,000 worth of insurance protection. For most families, this won’t be enough life insurance. Not having enough coverage is one of the worst mistakes that you could ever make for your loved ones. There are a few companies that will sell you more than that, but those are rare and the plans are going to be more expensive.
Life Insurance For People Over 50
Even if you’re 50 or older, it’s possible to get affordable life insurance. For some people, no exam life insurance coverage is a great choice, but it’s not perfect for everyone. Because there are so many advantages to these no exam plans, it’s vital that you make the best decision for you and your loved ones.
If you have any questions about no exam life insurance coverage or the other options available to you, please contact one of our agents today. We would love to answer those questions and connect you with the best available life insurance policy.
We know that shopping for life insurance coverage is not a fun task, but that’s why we are here to help. It’s our mission to ensure that you’re getting the best plan possible. We work with dozens and dozens of highly rated companies across the nation, and we know which companies will offer you the best life insurance coverage.
Every insurance company is different, and all of them are going to give you drastically different rates depending on their medical underwriting and rating system. Finding the perfect no exam plan could be the difference in thousands of dollars of premiums every year. Instead of wasting hours and hours calling different agents, let one of our independent brokers do all of the hard work for you.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves. Contact us today, and we can get the process started.