When you buy a typical term life insurance policy, the insurance provider typically requires you to complete a medical exam before coverage goes into effect. Your ability to qualify for coverage as well as your rate will be dependent on the result of this exam. This may not be practical or ideal for some people who would benefit from a term life insurance policy, and the good news is that you may be able to purchase term life insurance no exam required. Because this is a unique type of coverage that stands apart from a term life policy that requires a medical exam, it is important to learn more about it before applying for coverage.
Can You Get Term Life Insurance Without a Medical Exam?
Some people apply for a no-exam term life insurance policy because they want to avoid the stress and inconvenience associated with a medical exam. Others may have been turned down for term coverage because of health factors revealed during the exam. It is easy to assume that a no-exam life insurance policy is available to all applicants, but this is not the case. For example, the insurance company typically asks you to complete a detailed screening questionnaire as part of the application process. This questionnaire requires you to provide details about your health history, your lifestyle risk factors and more. Because life insurance companies do not have urine, blood and other tests to rely on for concrete information about your physical health, they may rely more heavily on the answers that you provide in your screening questionnaire.
The Many Benefits of No-Exam Term Life Insurance
Before you decide if term life insurance no exam is well-suited for your unique coverage needs, understand what you want to accomplish from your policy. For example, how much coverage do you want to purchase, and what term length are you interested in? Are you in good physical health? There are options to get life insurance with pre-existing conditions also. Do you need to set up coverage quickly or want to avoid an inconvenient and time-consuming medical exam? There are drawbacks associated with buying a term life insurance policy with no medical exam required, so the benefits that you enjoy from buying this type of coverage should outweigh the drawbacks. As you compare coverage options, these are some of the benefits associated with no-exam term life coverage compared to term life insurance with a medical exam required:
- No inconvenient in-home medical exams
- No fasting or needle pricks required
- Faster coverage
The Downsides for No-Exam Term Life Insurance
As beneficial as no-exam term life insurance may be, there are significant differences between exam and no-exam policies that extend beyond the exam requirement. Consider that insurance companies determine if you qualify for coverage based on your age, health status and other factors. Their rates are also dependent on these and other factors. Because the insurance company has less information to base their coverage decision on when you apply for no-exam term life insurance, these are some of the related drawbacks that you may have to contend with:
- May be more restrictive
- May be more difficult to qualify for
- May have potentially higher rates
- May have age limits and benefits caps
Each insurance provider that offers no-exam coverage has different terms and policies. However, you may find it difficult to obtain this type of coverage if you are older than 60 or 70 years old. You also may have difficulty obtaining coverage that exceeds $1 million or if your screening questionnaire indicates high-risk factors.
Is No-Exam Term Life Insurance Right for You?
You understandably want to take advantage of life insurance coverage as soon as possible, and you may not want to walk down a path that does not yield the coverage that you seek. A smart idea is to educate yourself about potential risk factors that may impact coverage through a medical exam policy versus a no-exam policy. You may also consider how your age and health status could affect availability of coverage. A few other factors to consider are your ability to pay a higher premium versus your need for a more affordable premium and the amount of coverage that you need.
Helpful Shopping Tips
No-exam term life insurance company may be more difficult to locate because many providers do not offer this type of coverage. In addition, the providers that do offer it may have different restrictions and requirements. Before you begin comparing policy options, analyze the variations between policies so that you can make the most informed decision possible. It may be helpful to find a life insurance agent online so that you can get firm quotes from several different providers to base your buying decision on.
The ability to purchase a term life insurance without a medical exam requirement can be truly beneficial in many cases, but this is not the right option for some people. Now that you understand more about what a no-exam term life insurance policy is, you can determine if this is the type of coverage that may be well-suited for your unique needs.