No Medical Exam Life Insurance - Great Tips

A no medical exam life insurance policy may well be the best type of coverage for you and your family. For instance, if you have been applying for a life policy to no avail, you may consider getting no exam insurance as your last resort. Just make sure that any previous illness you had is not serious or life threatening. Insurance companies will still check medical records and if they find out that you lied about your condition, your insurance could be cancelled. Another situation in which you may need no exam insurance is when you do not want to incur delays in getting insurance approval. But whatever your reason is, this type of policy can address your needs.

No medical exam life insurance policies only require a potential policyholder to answer a questionnaire that asks for his past and existing health condition and lifestyle. You need to be really honest when answering the questions because these will form the basis of whether the insurance company you picked will approve your policy or not. Do not worry if you experienced getting sick in the past. For as long as your health condition or lifestyle does not make you a very risky policyholder, there will be insurance companies that will consider you as eligible for no exam insurance packages.

The average cost of no medical exam life insurance policy can reach around $100,000. Some insurance coverage of this type can even go beyond this figure, especially if the applicant is over 40 years old or has preexisting conditions. Older folks can still apply for a no exam insurance package but they may have to pay higher and their coverage limits may be significantly lower compared to younger policyholders. It must also be pointed out that no exam policies offer one type of coverage, so if you want to get more benefits, you may still be required to undergo a physical exam.

Indeed, if you want to avoid all the hassles of getting insurance coverage, you can always turn to no medical exam life insurance. You will be in a perfect position for this kind of insurance if you are in tiptop health and if you do not practice habits that are proven to be bad for your overall wellbeing. But even without the usual paperwork, you still need to read the fine print in your no exam insurance policy. Just like in standard insurance packages, signing a no exam policy right away without understanding the whole contract can lead to problems later on.

Term Life Insurance With No Exam - Is That For Real?

Surprisingly, the answer to that question is yes, though it depends on your particular situation. Term life insurance usually requires a complete medical examination to qualify for, but no exam term is the exception.You can get an affordable policy from the comfort of your home. No visits from a paramed or an insurance agent.

So how does term life insurance with no exam work?
It works the same way that regular term insurance does, except for how you qualify. It is temporary life insurance coverage that will last anywhere from one year to 40 years, depending on the term that you choose. Your premium is level for your term, and at the end of your term you can choose to renew at the current rate, or let your policy expire. You may also be able to convert your term policy to permanent whole life insurance if there is a conversion privilege in your policy. There is no argument that term insurance is the most basic and the most affordable kind of life insurance that you can buy.

How do I qualify for term life insurance without an exam?
Even though you don't have to get a physical, there are still several ways for an insurance company to learn about your health. The first bit of information that will be used is the application itself. You will have to disclose your height and weight, smoking status, as well as answer some medical questions about yourself and your family members (this is because illnesses and diseases are often genetic). Some companies will even require a telephone interview to record your answer to these questions. Once your application is submitted, an underwriter will request a medical history and prescription history report about you. The information on these reports can be compared to your answers on the application. Finally, some companies might request a motor vehicle report to see if you have any speeding tickets or DUIs. With all of this information, an underwriter will be able to determine whether you qualify for a policy, and at what rate.

If I have health problems, can I qualify for a no exam policy?
Not usually. A no exam term insurance policy is better suited for those who are healthy. Some minor health problems such as high blood pressure or cholesterol, controlled by less than 2 medications, are okay. Major health problems like diabetes, heart disease, or a history of stroke or cancer will be turned down.

Why are no exam policies more expensive?
Since the carrier is not completely checking your health through a medical exam, they are taking on a greater risk by offering you life insurance. They charge a higher rate in order to offset that risk.

Life Insurance With No Exam Option Comes to Your Rescue

You can get some of the most attractive insurance rates form leading insurers without much difficulty due to rising competition in the insurance industry. It is very easy to get all of the information related to choice of insurance policy and availability of cheap term quotes with the help of online resources placed at your disposal. However, there are certain aspects which you need to consider and plan to get the best results form your policy. Before buying insurance you are also required to undergo a medical exam which is meant to look for your life expectancy.

There are a number of factors which you need to take care of to ensure that your dependents get what they deserve at the outcome of the policy. You need to choose the right amount of coverage, suitable term duration and lower insurance rates to meet your insurance needs properly. If one of these factors is not conducive to your insurance needs it can affect the whole equation adversely. If you do not get affordable insurance rates for your amount of coverage it can affect the outcome of the policy by leaving your dependents with insufficient funds after your death. That is why it is better to leave out on these options and make an informed decision while buying the policy.

Term offers coverage for a limited term duration as opposed to whole life insurance which offers lifetime coverage. However, term offers cheaper insurance rates as compared with whole life insurance policy which also makes it a popular choice amongst users. The insurance rates keep rising in term life insurance with each term whereas insurance rates remain steady in whole life insurance. This may not help you much because insurance rates are much higher in whole life insurance as compared to term life insurance.

The term policy pays you only in case of death unlike some others which cover you even in case of injuries or accidents. The internet has made it even easier. Now all one has to do is feed in some details and ne gets the list of all the quotes which suits one, choosing a policy has got quite easy. All you have to do is compare various cheap term life insurance quotes and select the one that suits you best. Earlier this would have meant a long process of going through various insurance offices and then all those agents. All this has got easy.

Term life insurance offers a much convenient way of insuring against death which can also be used to cover for short-term liabilities. One can choose level term option which allows one to pay steady premiums but the coverage gets reduced with the passage of time which can help effectively cover for a short-term debt. It is important to choose the right term duration which make sit possible to manage the policy in an effective manner.

This policy may not have some features as in the case of other policies like whole life insurance. It does not provide help in case of accidents or at a time when coverage has finished but then it has the feature of paying money term by term which makes it affordable to many.

You are required to clear a medical test before buying insurance which can help assess your life expectancy and the insurer would offer insurance rates based on it. This test looks for certain health factors which can potentially affect your life expectancy which helps decide what kind of insurance rates would be suitable for the person. If one is looking to avoid medical test due to a medical condition one can opt for life insurance no exam option. However, this option comes at very high insurance rates as compared with the other options available.

One can easily get life insurance with no exam option by filling out a health questionnaire on the website of the insurer. No medical exam is carried out to look for signs of medical conditions and one can buy insurance online without the help of an insurance agent.

So life insurance no exam disadvantages to the person applying for insurance, like higher premium, less favorable sum etc. This disadvantage has reduced the number of takers for the policy but it is aptly suited for those who are wary of medical exams.

Term Life Insurance Without an Examination?

Are you looking to obtain life insurance coverage but are a little bit leary because you don't want to go through a medical exam. This is a common feeling among insurance shoppers. Some don't want to deal with the hassle of a medical examiner coming to your work or home. Others have a fear of needles. Whatever the reason is, there are options to obtain term life insurance without an examination.

Back in the day, you had to get a physical exam no matter what, and you had to wait for 4 to 6 weeks before you received your policy. Nowadays, getting a life insurance policy is fast, easy, and pretty affordable for almost anyone. There are many top rated companies that offer non med term policies, with approvals in 24 to 72 hours. There are even a few companies that will give you instant coverage, if you qualify. You can apply for a policy online, get an approval, and print all of the documents right from the privacy of your home. This means that there is no paperwork to wait for in the mail, no medical exam to go through, and no visits or phone calls from an insurance agent. What more could you ask for?

How do I qualify if I don't have to get an exam?
Because there is no physical exam to verify whether you have health problems, insurers have to use alternate ways to gather data about your overall health. The first way they do this is by asking you about your health on the application. You typically have to answer a set of health questions about yourself as well as your family. Insurance companies also want to know what your height and weight is so they can have an idea of what your body mass index is. Once your application has been submitted, insurers check your medical history report and prescription history report, which are available through various reporting agencies. Some insurers even check your motor vehicle report to see if you have had any DUIs or moving violations. All of this information is then used to determine whether or not you qualify for a no exam policy.

I have health issues. Will I be approved?
A no physical policy is typically for people who are in pretty good health. Some small issues like high blood pressure or cholesterol that is under control with medication may be okay, but major health problems will be declined.

What is the maximum amount of coverage I can obtain?
Most companies limit term life insurance without an exam to $300,000 worth of coverage. If you need a policy that is larger than this to adequately cover your financial obligations, then a fully underwritten policy is best for you. Another thing to keep in mind is that a no exam policy has higher rates. This is because insurance companies take on more risk by not completely checking your health through an exam. They charge a higher premium to offset that risk.

Should I get a no exam policy?
A no exam life insurance policy might be good for you if you want coverage in a short amount of time and you do not want to get a physical exam. Also, your health should be good and you don't mind paying a higher rate for your coverage.

The first step is to compare rates from several different companies. There are many websites that offer no physical life insurance quotes and no physical term life insurance quotes, so be sure to do some shopping around first. Rates can vary by as much as 70% from one company to another, so it definitely pays to compare.

No Exam Life Insurance For People With Bad Health History

First and foremost, no exam life insurance has, for the most part, a similar underwriting process as regular life insurance. There are two main variations between no exam life insurance and regular life insurance. If you do a no exam plan, at the minimum, all companies will check MIB, pharmacy report and other reports that can be easily accessed by the insurance company through your personal information (social security number, date of birth...). Companies that only check these reports tend to give you the fastest answers (as fast as one day).

Then they are no exam companies that, in addition to the previous, will also order medical records. These insurance companies tend to take a bit longer for an answer as medical records are often slow to acquire. In all instances, all companies will ask basic to extended medical questions which mostly need to be answered yes or no to pass or fail the preliminary approval process. As you can see, just because it is a no exam plan, does not mean that it is a no medical questions plan. You need to check before applying. There actually is one company we know of, that does not ask ANY medical questions and I am sure there are many more. The thing to keep in mind, though, is that the less information the insurance company requires to give you an answer on your application, the higher the premiums. Which makes full sense as the insurance company who offers a no questions or limited questions plan is taking a greater risk that a claim will be paid.

Bottom line is, the easier the underwriting process, usually, the more you will pay for the insurance! So don't be so excited about no questions asked life insurance as you may end up paying much higher rates than you should. The question is (no pun intended), how do you know which plan to choose. That is fairly simple. Ask a lot of questions! Give the agent broker as much as you can on your medical history and try to get a good idea of what might happen if you apply for a plan that has a more extensive underwriting as opposed to a plan with fewer requirements. Then ask another broker and at least another. Once you have at least three opinions, you should be able to make a much more educated decision and, in the process, possibly save a ton of money on premiums.

For example, if all you have is high blood pressure and it has been fully controlled for years and you have not been hospitalized for it, then a more extensive, no exam life insurance plan may be best. On the other hand, if you are on dialysis then a "no medical questions asked" plan may be best. Keep in mind that the no medical questions plans tend to have modified death benefits. Some may not fully cover you for two to three years. In other words, if you should die during the first year of the plan, your beneficiary(ies) may only receive a return of premiums plus some interest.

There is so much more to share on selecting the right plan that I could keep writing for a long time. The bottom line is, ask a lot of questions and get as educated as you can on the many options available before you make a decision. Feel free to select us as the first people to ask - click here