Life Insurance with No Exams

For all those people out there who are healthy and want their insurance faster and with less hassle, a no medical exam life insurance policy has developed as the latest trend in the market today. As long as you do not suffer from any chronic or life-threatening disease such as cancer, AIDS, diabetes or a heart condition, for example, you would probably qualify for such a policy. Tempting as it may sound, it would be prudent however to investigate a little further before making a final decision.

There are different types of No Medical Exam Life Insurance Policies available. Some are designed specially as a final expense policy while other offer coverage up to 95 years with a guaranteed level premium for periods of 5, 10, 15, 20, 30 and 40 years. Such policies can also be convertible during the first 10 years or to age 65, whichever comes first. The terms and conditions of the coverage will vary depending on which policy you apply for.

Some of the main features of No Medical Exam Life Insurance are:

• No medical exam or tests and as a result no waiting period and delay in processing.
• For certain age brackets (i.e. the younger you are) the rates are very competitive.
• There might be competitive rates available to tobacco users in some age brackets as well.
• Death benefits can range from $5,000 to up to $350,000.
• In most cases, there is no waiting period for the policy to come into effect and the policy may be approved in as little as a day.
• In case you are overweight, you may still qualify for relatively competitive rates.
• There is a simple application process that involves a phone interview and the use of an electronic signature.

Most definitely, the sheer practicality and ease involved with such a policy is its largest draw. All you have to do is answer a set of questions regarding your age, sex, health status, medical history and your application can be filled and processed online along with an electronic signature. Once the insurance company assesses your eligibility, your policy can come into effect within 24 hours. In this way, you can avoid scheduling a medical exam and undergoing tests such as a blood test, urine test and the like normally required for regular insurance policy.

Another advantage of a No Exam Policy is that the rates offered remain constant throughout the term or period of coverage. In case your health deteriorates after you purchase the policy, the insurance company cannot alter the premium or reduce the coverage amount in such cases.

On the other hand, most No Exam Policies offer only limited amount of death benefits. Depending on your age, you could qualify for a maximum of $300,000 without a medical exam. This amount will decrease, the older you are and most of these policies also demand a minimum amount of coverage as well. Since you are not taking a medical exam, the insurance company is within its rights to cancel or modify the policy within the first two years or ‘contestable period’ of its term. In case you have lied on your application or die within these two years, you may be at a risk of not receiving the death benefits. No Medical Exam Life Insurance is also more expensive than regular policies. The insurance company trusts you to provide information on your health and medical history and recognizes the risks involved in doing so. As a result, the premiums charged are higher than if you went underwent the medical exam.

When finalizing on a No Exam Life Insurance Policy, do your research well. Check and compare rates, special offers, amounts of coverage from a number of insurance companies. Check the insurance company’s A.M. Best rating and Better Business Bureau rating along with the eligibility requirements and terms and conditions of the policy. And always, always answer all questions honestly and completely on your application or risk your policy being canceled