Who Is No Exam
Life Insurance For?
If you’re interested in purchasing a no exam life insurance policy it’s probably for a good reason. After all, you know your current situation better than anyone else! Most life insurance companies will require you to submit to medical exams. This also depends on the benefit amount and your age (to form an accurate profile of the risk you might pose). Many companies now offer a no exam life insurance policy for those who just don’t want that exam.
Are you one of them?
Before purchasing, you should probably read more about it. You can do that here on how no medical exam life insurance works.
Choosing Life Insurance,
no exams asked- Why would you?
“No exam” policies do have their uses for some people. A policy like this might be helpful to you if you have some of the following things in common. Remember, when choosing life insurance you should always consult with a knowledgeable professional to thoroughly assess your needs. A good agent can help you determine what will suit you best. Learn more about how working with a life insurance agent can really help you in the long run! You can also read more about how to choose life insurance companies, and what to look for.
- Someone who is not looking for a large life insurance policy (the death benefit)
If you’re looking for a no exam life insurance policy please note that you are more limited on the coverage you’ll get. You’ll find out that no health exam life insurance is different from a standard policy such as whole life insurance or term policies that do require medical exams. They will differ because (in most cases) the death benefit will be much smaller on the no exam policy. You'll find this to be true especially with Guaranteed Issue Life which also has a weird clause attached to it. Be aware of the graded benefit clause! If the low death benefit is disappointing you may want to look into a more traditional policy which asks for exams such as term or whole life insurance here on Term Versus Whole Life Insurance. Compare them to see which may be a better fit! Okay... moving on now... The reason why a no exam life insurance policy won’t be as large is because there is an unknown risk involved… and that is your health! You know that you will be as truthful as possible when asked questions about your health and medical history (if this even applies since there are also no exam no questions asked policies). However, your insurer knows from statistics that since there is no medical exam involved, this puts them at a greater risk of a taking a loss. In most cases (though not all) this will result in your premiums being higher as well as a lower death benefit. This is where it really helps to shop around, because every company is different!
- Don’t have the time or don’t want medical exams done
If you’re like me, you don’t like to visit the Dr. or like being poked with needles!
But really… who does? In fact, when I first applied for my own life insurance policy, I was scared to death to have the blood tests and urine samples done. Why?
I was afraid they might find something that’s why! But my fear turned out to be all in my head. The tests were simple and afterward I was completely relieved that all was well! But your fears can be paralyzing, so if you are truly afraid of having tests done then life insurance, no exams required could be an option for you.
- You are not in perfect health
Maybe you are not in tip top health and are worried of being declined by a standard insurance policy. If so then a no medical exams life insurance policy might be of interest. Please note that a policy like this is not for people with serious health conditions, such as HIV, terminal cancer, etc.
However, there is almost always a policy for everyone and there are some companies who cater to those with serious illnesses so always shop around and compare companies to see which will offer the best product for you.
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