What you should know about term life insurance with no medical exam.
Although life insurance isn’t at the top of everyone’s list of favorite things to think about, it’s important that you do take time to secure the right policy. Even a small policy can go a long way in helping to cover your remaining debts so that your family doesn’t have to think about it when you’re gone. More coverage can help to pay off the mortgage, your kids’ college tuition, and even help your spouse retire on time.
Yet, many families put off securing life insurance coverage because it seems time-consuming and confusing. These days, many insurers offer term life insurance with no medical exam to be taken, which attracts many individuals and families. But, what’s the catch?
For a fully-underwritten policy, such as a term policy with a medical exam, you may be required to fill out questionnaires, provide physician’s statements, undergo a medical exam, and lab tests. These extra steps may seem tedious, but these policies are often the most affordable and reliable.
Many people assume that “no medical exam” means that the insurer won’t ask any medical questions. This is not the case. These types of policies just go through other types of underwriting. Insurers will use third-party data vendors to check things like your medical history, financial history, driving history, and more. Keep in mind that if concerns are raised, you may still have to take a medical exam.
Securing the right life insurance for your family and budget doesn’t need to be difficult. Talk to a trusted life insurance advisor to determine your policy and coverage exactly. Contact Donald Weiss Insurance Services to get started on your coverage today.
