What you should know about no-exam life insurance policies.
Many people purchase life insurance to help secure the financial stability of their loved ones after their death. In most cases, you must submit to a medical exam in order to purchase a life insurance policy because the insurer wants to assess your risks. From your test results, the insurer will determine if you are eligible for coverage. However, some insurance companies offer life insurance policies without a medical exam.
What is no medical exam life insurance?
No medical exam life insurance is a way to skip the paperwork and exams to obtain life insurance. These policies are often term life insurance policies that are designed to pay a death benefit if the insured person dies within the policy term, such as 10, 20, 30 years. No medical exam policies often have lower face values and can often be purchased with only a few medical questions answered.
Who is it good for?
While a 100% no medical exam life insurance policy will usually cost more per month than medically underwritten coverage, it may be a good option for those who know they absolutely do not want to take an exam, such as an older person with health issues. It’s important to note that issuing the policy or paying its benefits depends upon your insurability, based on your answers to the health questions in the application – and your truthfulness.
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.
