How Affordable Is Life Insurance With No Medical Exam 

How Affordable Is Life Insurance With No Medical Exam

If you are like many people, you may be worried about your family’s finances after you pass away. While you may be interested in setting up life insurance to address this concern, you may believe that coverage is not affordable, or at least that it is too expensive for your budget right now. Perhaps you are concerned that you would not pass a medical exam required to get life insurance, or you may simply not want to hassle with an exam. The good news is that you may be able to set up affordable life insurance with no medical exam required. Many people overestimate the cost of coverage and are pleasantly surprised to learn how affordable it can be to purchase desired coverage with or without a medical exam.

What Is Life Insurance with No Medical Exam?

The two main types of life insurance that most people are familiar with are term life insurance and permanent life insurance. Permanent policies will typically cost a bit more, but both permanent and term life insurance are more affordable than you think. Term coverage offers benefits for a specific and predetermined period of time. Common term lengths span from 15 to 30 years, but there may be some variation to this from provider to provider. Permanent life insurance has no expiration date, so benefits may remain active throughout your lifetime. Your ability to obtain these primary coverage options as well as your rate may be directly dependent on the results of a medical exam. With a medical exam, a trained medical professional will come to your home or workplace to collect blood and urine samples. Your height, weight and blood pressure may also be checked. You also may have to complete a health questionnaire. The provider will review all of this information to determine your health status and the rate that they can offer to you.

An alternative to this is to purchase affordable life insurance with no medical exam. Life insurance companies usually use the information from a medical exam to determine your health status based on factual data. Without data from a medical exam, they may estimate your health status conservatively based on your stated information as well as your gender and age. Because of this, rates for life insurance with no medical exam may be more expensive than what you may pay for coverage with a medical exam, but this is not always the case. In addition, life insurance companies usually set a lower maximum benefit limit for no-exam coverage.

Affordable Life Insurance With No Medical Exam

Who Would Benefit from Life Insurance with No Medical Exam?

There are several reasons why life insurance with no medical exam is preferred by some applicants. The most common reason why you may want to buy this type of coverage is to avoid the time and inconvenience associated with a medical exam. It may take several weeks between the time when you apply for coverage and the results of your medical exam are completed. While some people do not want to be poked and prodded unnecessarily, others may want coverage to go into effective as soon as possible.

You may think that buying no medical exam policies are well-suited for life insurance for seniors, or for individuals who have a serious underlying medical condition, but this is not the case. You will be required to truthfully disclose all known health insurance in your medical questionnaire when you apply for life insurance with no medical exam.

What Are the Pros and Cons?

As you decide whether to buy affordable life insurance with no medical exam, it is important to understand the pros and cons. Some of the benefits include:

  • No stress or inconvenience associated with a medical exam
  • The ability for coverage to go into effect quickly
  • Flexible term lengths and coverage limits, within reason

However, there are also several drawbacks to consider as you decide whether or not this type of insurance is ideal for you. These drawbacks include:

  • Some providers may have limitations on term lengths and coverage benefits
  • A medical questionnaire is still required
  • Insurance premium may be more expensive

Finding the Best Policy

While the premium for life insurance with no medical exam required may be more expensive in some cases, this is not a universal fact. In addition, life insurance with or without a medical exam may be more affordable than you think. Keep in mind that your premium will be based on the coverage amount selected, the term limit, your health status, your age, your gender, your lifestyle risk factors and several other factors. Many people are pleasantly surprised to learn how affordable life insurance can be. Before you decide which type of life insurance to purchase, it makes sense to explore estimates for both options. This can provide you with more detailed information that may be essential to your decision-making process.

The easiest and fastest way to make sure you are correctly shopping around for the best available coverage for your situation is by finding a life insurance agent or broker who can not only help you assess your needs and advise you on what types of policies are actually most beneficial for you, they can also shop multiple carriers for pricing for you to compare.

Disclaimer: TermLifeInsuranceUSA.com is not a licensed insurance agency or broker. The content of this website is for informational and comparative purposes only and is not intended to take the place of professional advice from a licensed insurance agent. TermLifeInsuranceUSA.com recommends that all consumers consult with a licensed insurance agent before purchasing any insurance policy.

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