For most of us, getting life insurance is essential. It works to protect our family, loved ones, and finances after we pass. However, getting a medical exam in order to obtain life insurance may not always be right for everyone. Although it’s relatively painless, if we don’t have the time or adequate health to get a policy that requires a doctor’s visit, then another option is to find a no medical exam life insurance policy.
What is no medical exam life insurance?
No exam insurance is a life insurance policy that does not require the policyholder to take a medical exam before approval to buy the policy. At first glance, this type of policy may appeal to you, especially if you have a busy schedule or have a real fear of doctors. Others may be afraid they will be rejected because of a preexisting condition.
However, you will need to disclose any and all conditions you have on medical questionnaires, even if you do not opt for a medical exam. If the insurance company finds that you have hidden something on your application that you end up dying from, then your death benefit could be withheld from your beneficiaries.
How does life insurance work without a medical exam?
In many ways, the no exam process is similar to the traditional life insurance process. Once you have applied for coverage and have been approved, you will pay a monthly premium in exchange for life insurance protection. If you die within the policy terms, you beneficiaries will receive the coverage amount.
The role of the insurer is to qualify the risk to insure you without a medical exam. This means that they will need to go through your documentation carefully with a fine-toothed comb. Without the exam, they won’t have a great understanding of your health and lifestyle. That means they have to cover their bases by charging you higher premiums. That means that although the no medical exam policy is certainly quicker and easier to obtain, you may be paying more for coverage.
What are the pros and cons of no medical exam life insurance?
Pros:
- Good alternative for individuals with health issues that could disqualify them for traditional life insurance
- No need to meet with a doctor
- No need to give a blood or urine test
- Faster approval times
- Transparent pricing
Cons:
- More expensive than policies that require a medical exam
- Few policies to choose from
- Lower coverage levels on offer
- Fewer riders available to add on
Should I get a no medical life insurance policy?
Generally, you should opt for a medical exam policy whenever you can. Typically, you will receive good coverage for a more affordable price if you take the exam, rather than if you choose to by-pass the exam. Because insurers charge more for no medical exam policies, it may be worth carving out 30 minutes of your time to take the exam and receive lower premiums. It will make the small hassle of the exam worth it in the end.
Purchasing life insurance is a priority that most people should consider. Don’t put it off any longer. When looking for the right life insurance coverage, don’t hesitate to contact the experts at Donald Weiss Insurance Services. Our dedicated team is ready to assist you with all your insurance needs.
