When you apply for insurance, the goal of the agent is to figure out how much risk you are to insure. This is going to determine if you get accepted/declined and how much you pay for your plan.
There is a large portion of applicants that don’t want to have to undergo the medical exam to get life insurance. If you’re one of them, you have some choices.
There are thousands of insurance companies across the country that offer no exam life insurance coverage. No two of them are the same.
Just like any other product, every carrier has different factors and products. How do you find one for you?
Before you skip the exam, you need to know the pros and cons.
Advantages of a Term Life Insurance Plan with No Exam
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.
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. On the flip side, a no exam option gives you coverage in days.
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.
One of those biggest problems with these policies is the price tag. They aren’t as cheap as a plan with a medical exam. A good rule of thumb is, the more info the insurance company gets, the cheaper they can price your policy.
Another problem is the amount of insurance you can buy. Carriers are wary of giving a ton of life insurance to an applicant without taking a medical exam. They don’t know your health, why would they want to give you a million dollars in protection?
Both of these are serious problems you’ll need to consider. If you want a cheap policy, or if you want a life insurance plan with more than $500,000 of coverage, you will probably have to take a medical exam.
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. In fact, there are certain demographics which should consider these plans.
One of those is people who have declining health. If you haven’t been to the doctor in a while, and your health isn’t the greatest, then a no exam policy could be best. The insurance company will still pull your medical records, but they won’t get your current health.
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. If you don’t want to wait, you can buy no exam protection in days.
No Exam Life Insurance
Hopefully, you have enough info you need to make a smart decision about no exam protection. We hope you can make a wise choice between taking the exam or skipping it.
If you’re still left wondering what to do, you can let us know. Your next step should be to call us today.
Why should you trust us? it’s simple – we aren’t paid by a single company. We aren’t contracted agents who are restricted to one carrier.
Unlike other agents who will sell you a policy, even if it’s expensive. Our mission is a little different. We want to sell you the most affordable policy.
We aren’t going to sell you a plan with premiums which are through the roof. We won’t sell you additional plans or coverage you don’t need.
What we will do is connect you with a quality insurance carrier who will give you a plan you can afford.
If you’re ready to get the ball rolling, go ahead and give us a call or use the quote form on the side. Either way, you’re getting starting on buying the best plan.