Term Life Insurance Without the Exam

Life insurance is one of the most important purchases that you’ll ever make for your loved ones. It’s one of the best ways that you can ensure that your family has the insurance coverage that they need, regardless of what happens to you.

One of the biggest parts of any life insurance application process is the medical exam. The exam is the portion where the company will send a nurse or paramedic to your home to do a basic physical to determine what your current health is and how much risk you are to insure.

There is a large portion of applicants that don’t want to have to undergo the medical exam to get life insurance. Luckily, there are plenty of options for getting insurance without the medical exam. There are thousands of insurance companies across the country that offer no exam life insurance coverage. When you shop for life insurance, it’s important that you understand all of the advantages and disadvantages of these plans that you should be aware of to ensure that you’re getting the best plan for you.

Advantages of a Term Life Insurance Plan with No Exam

There are several benefits to no exam life insurance that make them a great option for some applicants. One of the obvious ones is that your current health won’t play a role in your life insurance coverage. If you have recently been diagnosed with a pre-existing condition, the company will not get a picture of your current health, which means that it won’t impact your premiums.

Another advantage of these policies is that you can be approved for life insurance protection much quicker than you can with a traditional policy. With an average life insurance plan, you’ll have to wait for the insurance company to receive the health exam results and run them through the medical underwriting. The whole process could take several weeks or even a month before your application gets approved. With a no medical exam life insurance plan, you can get approved for coverage in a matter of days. With some insurance companies, you can get coverage in less than 24 hours. If you want to get coverage as quickly as possible, these no exam plans are going to be the best option.

Disadvantages of a Term No Exam Policy

There is always another side to every coin. Just like with every kind of life insurance, there are going to be some drawbacks to the plans as well. No exam life insurance has some serious disadvantages that can make them a poor choice for life insurance coverage.

The most notable one is that they are going to be much more expensive than a typical plan with that requires a medical exam. The purpose of the exam is to give the insurance company an idea of how much risk you are to insure, but without that exam, the insurance company is taking a significant risk, and they are going to offset that risk by charging you higher insurance rates. If you want to get the most affordable plan, you need to purchase a policy that has a medical exam.

Another pitfall of these policies is that you’re going to be limited to how much life insurance you can buy. Most insurance companies will allow you to purchase around $250,000 worth of insurance coverage. For most families, that won’t be enough coverage, and having too small of a life insurance plan is going to leave your family with additional expenses and bills that they wouldn’t have the money to cover. Some companies will offer larger no exam plans, up to $500,000 or even $1 million, but those policies are rare and very expensive.

Who Needs a No Exam Plan?

A no exam plan can be an excellent way to get life insurance, but they are a unique type of coverage that is not designed to work well for everyone. There are a few groups of people that can take advantage of these plans, and it’s important that you get the perfect plan for you and your family.

If you have several pre-existing conditions and poor overall health, then a no exam option could be your best choice. If you’ve been declined for life insurance coverage, there could be a policy that is willing to give you no exam coverage, but just because you’ve been rejected in the past doesn’t mean that a no exam plan is your only option. Every insurance company is different, and they all will view your application differently.

Another group of people that should take advantage of no exam life insurance is anyone that is looking to secure life insurance quickly to satisfy a loan, or doesn’t want to go a month without coverage. As we mentioned, no exam life insurance is going to be one of the fastest ways to get life insurance, and if you want coverage quick, then these plans are going to be your best bet.

No Exam Life Insurance

We know that shopping for life insurance is not a fun process. There are dozens of different types of plans and thousands of life insurance companies on the market, which can make it a long and confusing process, but that’s why we are here to help.

We are a group of independent insurance brokers, which means that we work with dozens of highly rated companies across the nation. Our agents have years of experience working with all kinds of applicants in all different situations. We know which companies are going to give you the best plan to meet your needs.

You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the insurance plan that your family deserves. If you have any questions about getting term life insurance with the exam, please contact one of our agents today. We can answer those questions and connect you with the best plan available.

About InsuranceScored.com
About InsuranceScored.com

Susan Wright holds a BA from Michigan State University and an MBA from St. Louis University. Having over 20 years of working experience in the insurance and financial services industry, she has trained more than 10,000 financial services representatives. Susan has had licenses in real estate, insurance, and NASD Securities, and she has earned nine industry professional designations, including CLU, ChFC, RHU, REBC, CSA, CLTC, CCFC, CSS, and ADPA. Read more about her on Google+

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