as t. ife insurance without medical exam or health questions is a very popular solution to insuring consumers quickly. Most people who are seeking life insurance without medical exam or health questions are looking to get coverage quickly and free of hassle. Consumers may not want underwriters digging through their medical records and may not want to deal with getting a medical exam.
Be aware, however, life insurance without medical exam or health questions is not the same as fully underwritten life insurance. If you dig a little deeper the no questions coverage often offered via mail, is extremely overpriced and has at least a two year waiting period to cover natural death. If you’re applying for life insurance without medical exam or health questions, we suggest reading the fine print!
Life insurance without medical exam or health questions is different than life insurance without medical exam but has a full application with health questions. The best no exam life insurance policy will depend on your personal risk factors and finding the right company and that is why consumers should always shop with an independent life insurance broker.
Every insurance company has its own strengths and weaknesses. The only way to know which no exam life insurance policy is right for you is by obtaining quotes and having a broker explain to you the specifics of each type of policy.. Your ability to get a no exam life insurance policy also depends on your health risks and the state in which you live.
Why Would You Need A No Exam Life Insurance Policy?
No exam life insurance is not for folks who are in bad health. If your healthy and simply busy, it may be worth the extra time to get a life insurance policy in the traditional way. However, you may be in a position where you best bet is a no exam policy. Consider these situations to make your decision.
No Exam Life Insurance Might Be Smart For Those Who Haven’t Visited A Doctor In two Years Or More
Has it been awhile since your last doctor visit? You may not be aware of underlying health problems that could impact your ability to obtain life insurance. If you visited a doctor today, he or she might require tests that could reveal any number of issues, from high cholesterol to unbalanced glucose levels in your blood.
If these tests are performed and you discover medical issues you weren’t aware of, you could find yourself being denied by life insurance providers. Diabetics may also decide to opt for a no exam life insurance policy to ensure that you and your loved ones are covered. The good news is the back up plan could always be the life insurance without medical exam or health questions.
No Exam Life Insurance might be right if You Are Too Busy To See A Doctor
Typically, life insurance applications are time consuming. A life insurance application can feel like a menial task that is easy to put off. If you’re looking to skip the complete process and simply get your family covered, a no exam life insurance application may be your best bet to actually getting it done.
No Exam Life Insurance Might be Good For Those Who Have A Medical Phobia
Medical trauma is not an uncommon occurrence and many people experience a medical phobia as a result. If you are willing to pay a higher price in order to avoid the doctor, then a no exam policy is a good fit for you.
You Only Need Life Insurance In Order To Fund An SBA Loan
You may not even need life insurance to protect your family. Even single, childless individuals will not be granted an SBA loan until their life insurance plan is set in stone. Skip the medical exam and get your life insurance policy quickly.
No Exam Life Insurance and How to Qualify For Term & Whole Life Insurance Without A Medical Exam
Life insurance without medical exam or health questions covers you with guaranteed life insurance. Everyone qualifies for guaranteed issue life insurance as it has no health questions. As long as you’re in the age bracket, you’re in. However, there is a waiting period before you receive your benefits.
Graded death benefits typically have health questions, but it’s often less expensive life insurance. Again, you must be within the provider’s outlined age range. Simplified issue life insurance is simply no-exam term life insurance, there is a formal application and health questions. You can get coverage immediately if you qualify, but they will usually check your MIB report, motor vehicle report, and your pharmacy report. Final expense life insurance is a smaller version of whole life insurance. You can expect to be insured between $5k-$20k. You do need to answer health questions, but if you qualify, you get access to your benefits straight away.
Insurance providers will typically qualify applicants for a no-exam term life insurance policy if they’re in good health. This includes controlled diabetics, controlled high blood pressure and cholesterol, mild asthma, and perhaps other minor health problems.
For small whole life insurance policies, meaning final expense or burial policies, you can usually get coverage more easily.
No-Exam Life Insurance Policies Check The Following
- Motor Vehicle Report – Insurance companies check for DUIs, reckless endangerment charges, moving violations, and suspended licenses.
- MIB, or Medical Information Bureau – This is the database of statistics that insurance companies use to gauge your risk factors against those of other applicants.
- Pharmacy Report – Insurance companies will request a list of all your prescriptions.
Tips For No Medical Exam Life Insurance
Remember: you do pay more to skip the medical exam. If you’re in good health and you know it, it may be wise to simply take a medical exam and get lower rates. However, if you simply can’t wait 6 weeks for a traditional life insurance policy because you’re just trying to obtain an SBA loan, go for the no-exam policy. If you haven’t been to the doctor in more than 2 years, don’t bother risking increased premiums because of underlying medical issues you aren’t aware of.
Lastly, many people are simply afraid of doctors or needles, especially due to past medical trauma. We understand that you want to avoid reawakening that fear. If that’s the case, a no-exam policy may be worth the slight increase in cost for you.
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About Sam Goldsmith
With over fifteen years experience in Finance and Insurance, Sam Goldsmith brings a wealth of keen judgment, knowledge and understanding to his profession. As the Principal broker of Goldsmith Insurance Agency, based out of Denver, Colorado, he is responsible for the sales and management of the organization specializing in Life Insurance, Disability Insurance, Annuities, and Pension Planning. Licensed in over 45 states has helped Sam grow his business exponentially. Since starting our website in 2007 Sam has helped placed over 800 policies into force, well over six hundred thousand dollars in annual premium.