If you are in the market for a new life insurance policy but you hate giving blood, you don’t have time to get your blood pressure checked or you have a chronic health condition, getting a no exam life insurance policy may be an avenue you want to explore.
What is no exam life insurance?
As the name suggests, no exam life insurance is an insurance policy that does not require a medical exam. Instead of having to receive a medical exam and run the risk of paying extremely high premiums or even being denied, you will instead fill out an application online and get a quote for a life insurance policy. It is important to note that this type of coverage is a lot more expensive than traditional life insurance coverage and can also be limited.
Why do most insurers require a medical exam?
Insurers want to get a clear picture of the insured’s health so they can determine how much they should charge them for life insurance and if the candidate is in fact able to be insured. The process typically involves a lengthy application with questions about your personal information, medical history, lifestyle and family medical history. Insurers will also typically get medical records from your doctors and use third-party sources to learn about your prescription history, driving record and past applications for individual life and health insurance. It’s a pretty invasive process, which explains why some people may be weary of doing it.
Types of no exam life insurance:
Simplified issue life insurance: These policies are generally available to adults over 18 until about age 75, but this varies by insurance carrier and state. The industry’s standard upper limit on coverage is generally $500,000.
Guaranteed acceptance life: This kind of coverage is also known as guaranteed issue or final expense life insurance because the limited proceeds are often used to cover burial costs. This kind of coverage is offered to people ages 45-75 and it is generally available up to $50,000, but some companies restrict it to lower amounts.
Group life insurance: You’ll most commonly see group life insurance in the form of an employer-sponsored plan. Basically, this is a single policy that covers a number of different people. Because of that, group life insurance often doesn’t require a physical.
Reasons to get a no exam life insurance policy:
Skipping the required medical exam for life insurance can make sense for several different reasons. Healthy adults who are looking to get coverage quickly or who may be reluctant to receive a medical exam may be able to get a no-exam policy with accelerated underwriting without paying more than they would for a medically underwritten policy with an exam. These types of policies also make sense for people who may not need as much coverage and are willing to pay more for the convenience that a no exam policy brings. No exam policies are also good options for older adults with chronic health conditions or underlying health issues in order to get a little bit of coverage that can help their loved ones cover the costs of their funeral and other final expenses.
If you are interested in learning more about no exam life insurance policies or signing up for one, click here to learn more about Diabetic Direct and get coverage in as little as 10 minutes.