No Medical Exam Life Insurance – Buying a traditional life insurance policy is not as quick and easy as you might like it to be. It often takes about 4-6 weeks to get the final approval for a life insurance policy. You’ll also have to get a medical exam before the company approved your policy.
Life insurance with a medical exam is how most people buy life insurance.
The life insurance company may even request copies of your medical records from your physician. These are just a few of the reasons why people choose to get a no medical exam life insurance policy. Medical exams can be inconvenient and time consuming.
You may also be interested in our article Best No Medical Exam Life Insurance Reviews
Advantages of No Medical Exam Life Insurance
There are several reasons why opting for a no medical exam is advantageous. Life insurance isn’t a one size fits all product. Depending on your specific situation, it may or may not be an advantageous purchase.
Here are some of the more common reasons for choosing life insurance without a medical exam.
Get Life Insurance In Spite of Health Issues
A serious health complication is prohibitive and costly when it comes to life insurance. It is one of the biggest reasons so many people choose life insurance without physical exams.
Even so, you must provide honest answers to questions about your health to maintain your coverage. If you tell a lie on the application, the insurance company may deny a claim filed by your beneficiary.
Get Life Insurance Quickly
The approval time for traditional life insurance policies is a deterrent for some people. The turnaround time is a lot shorter for no medical exam policies. With some companies, the policy will be effective within 24-48 hours after you submit the application.
Fast approval of a life insurance application offers some benefits.
The first is the assurance that you’re covered if something unexpected happens. Life insurance safeguards your loved ones if something happens to you, and it’s important to have that protection in place before the worst happens.
You may need to set up a quick coverage before taking a vacation overseas or to use as collateral for a business loan. A term life insurance policy may be applicable in the latter case, but the underwriting process may slow down your approval for the loan.
Once you’re approved for the no physical insurance, you’ll have the collateral for your business loan.
Fear of Needles
Some life insurance buyers hate needles. Just the thought of them makes them nervous and upset. A fully underwritten life insurance policy with a medical exam requires a blood sample.
The examiner will have to draw a little blood just like at your annual physical with your primary physician.
A non medical exam life insurance policy does not require blood to be drawn. This is a great option for those with a fear of needles.
Disadvantages of No Medical Exam Life Insurance
There are some disadvantages of life insurance without medical exams, which is the reason it’s not as popular as traditional term life policies. We’ll explore these below.
No Exam Life Insurance Costs More
You’ll need to do a medical exam before you’re issued a traditional permanent or term life insurance policy. The results of the exam are sent to the insurance company so they can determine the cost of your payments – if they decide to approve your application.
In essence, the insurance company calculates their risk, and since a review of your medical exam reduces their risks they charge less for traditional policies. Therefore, if cost is your primary concern, then you’re better off choosing a policy that requires a medical exam.
Low Life Insurance Coverage Amounts
A no medical exam policy is fast and easy, but there are limits on the amount of coverage offered. The total coverage varies from one company to another, but you can expect coverage in the region of $100,000 and no more than $350,000.
The amount of coverage may be a bit more if the life insurance is tied to your mortgage. To increase your coverage, you can take out policies from several providers or apply for a traditional life insurance policy where you’re required to take your medical exam.
Should You Get A No Medical Exam Life Insurance Policy?
No exam life insurance policies are ideal for young adults who do not need a lot of coverage. The fees for traditional life insurance for young people are about the same for no medical exam policies, so it makes sense for them to get their policy as fast and easy as possible without the exam.
Or if you need a policy quickly or are just too busy to do an exam, then no medical life insurance is the way to go. Non Medical Exam is also a good choice if you cringe at the idea of getting blood drawn or the sight of needles makes you upset.
In all other instances, it is advisable to get traditional term life or permanent life insurance.
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