One of the biggest parts of any life insurance application process is the medical exam. The medical exam is when the insurance company to get all of the information about your current health and any pre-existing health conditions that you may have. The health exam is going to play a significant role in your chances of getting coverage and how much you’re going to pay every month.
If you want to avoid the medical exam, for whatever reason, there are several options for life insurance coverage without having to take the exam. The best option is a no exam policy, but there are several things that you should know about these no exam plans before you purchase one. The most notable characteristic of no exam life insurance coverage is the waiting period that a lot of companies are going to attach to their plan.
At InsuranceScored.com, we know that shopping for life insurance is not a fun job. Nobody wants to think about this or her death, but that’s why we are here to help. It’s our mission to take that burden off of you and make the process as quick and simple as possible. This article is going to look at the no exam life insurance policy waiting period and help you decide if one of these plans will be right for you.
No Exam Waiting Period
When you purchase a no exam life insurance policy, the majority of insurance companies are going to place a waiting period on the plan, which means that if you were to pass away within the first two years, your family wouldn’t get any of the payouts from the plan.
There are several reasons that insurance companies place this waiting period on the no exam plans. The most common reasons that they place these restrictions on no exam plans is to keep people from purchasing one of these policies and then committing suicide. Before the waiting periods were in place, there were a lot of applicants would purchase a life insurance plan right before they committed suicide. They would do this so their families would get the money from the policy.
The other reason that the companies have these waiting periods in place is to offset all of the risks that they are taking. Depending on the no exam plan, the insurance company may not be getting a ton of information about the applicant. Because there is no health exam required, the insurance company may not know about any severe health complications that you may have. If you have a serious health problem, and the insurance company doesn’t know about it, the insurance company could end up paying out in the first year, which means they are losing money.
Do All No Exam Policies Have Waiting Periods?
If you want to purchase a no exam policy, but you don’t want to have to wait two years for your policy to be in full force, there are a few insurance companies that offer life insurance without the exam, but won’t have the waiting period. These plans are not very common, and they are going to be more expensive than a plan with a waiting period. If you’re looking to get the most affordable no exam plan, then you will need to purchase one that has a waiting period attached to it.
Getting Affordable No Exam Life Insurance Coverage
If you’re trying to save money, there are several things that you should do, aside from finding a plan with a waiting period. The most important thing that you can do is cut out any tobacco that you currently use. If you’re listed as a smoker on your no exam insurance application, then you should expect to get drastically higher rates for your protection. Smokers are going to pay at least twice as much for their life insurance coverage versus what a non-smoker is going to pay for the same plan. If you want to keep more money in your pockets, the best way that you can do that is to kick the bad habit once and for all.
The next thing that you should do is compare dozens and dozens of plans before you decide which one is going to work best for you. Every insurance company is different, and all of them are going to have different rating systems, medical underwriting, and waiting period standards for their no exam plans. Because no exam plans don’t get as much information, the premiums are going to vary drastically depending on which company that you get the quote form. If you want to guarantee that you have the lowest premiums, you will need to get quotes from all of the best companies around.
Because there are so many companies on the market, you could spend weeks and week calling agents to get the lowest rates, or you could let one of our agents do all of the hard work for you. Unlike a traditional insurance agent, we are a group of independent agents. We work with dozens and dozens of the best companies across the nation, and we can deliver personalized quotes directly to you.
If you have any questions about the no exam waiting period or about the available options, please contact one of our agents today. We would be happy to answer those questions and connect you with the best life insurance plan available. We know that shopping for life insurance can be complicated and confusing, that’s why we are here.
You never know what life is going to throw at you tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves. Contact us today, and we can get the insurance search process started.