No matter what age you are, getting life insurance is a smart way to plan for the future of you and your family. However, getting life insurance can be hard if you’re older or not in good health. If this sounds like you, you’ll want to find an easier way to protect yourself. One option is No-exam life insurance. This type of insurance can help get you covered faster and protect you when other plans won’t. These plans aren’t for everyone though, since they come with less coverage and higher premiums.
What Is No Exam Life Insurance?
Insurance companies usually make you get a medical test before they will cover you. This way, they can get a sense of your overall health. And figure out how much of a risk it is to cover you. To get a good idea of how your health is, they will need to know things like your height, weight, and blood pressure. However, there are life insurance plans, called “no-exam” plans, that don’t require a medical check.
Most of the time, though, “no exam” does not mean “no health questions.” Most insurance companies that offer these plans will make you fill out a health questionnaire. So they can get a general idea of how healthy you are. Traditional policies can take weeks or even months to go through the underwriting process. No-exam policies, on the other hand, are usually accepted in about a week. And in some cases, in just a few minutes.
Types Of No Exam Life Insurance
In the past few years, no-exam policies have become more common, and insurance companies are giving people more choices. About no-exam rules, there are two things you should keep in mind. First, most of the time, they only cover death from natural causes. However, some can also cover death from an accident. Second, your premiums will be higher than they would be with a regular policy because your insurance company will be taking on more risk by covering you.
As far as life insurance goes, guaranteed issue life insurance is the only one that doesn’t need a medical check. You won’t be turned down for one of these policies because of your health. You’ll just need to answer a few questions about your health to get your policy rate, and then you can get coverage in as little as a day. There are up to $25,000 that can be paid out if the policyholder dies.
What’s wrong with guaranteed issue life insurance? There will be more danger for your insurance company because they won’t know as much about your health, so your premiums will be higher than those for other life insurance policies. There is also a two-year waiting period before your family can get the death benefit of the policy. This means that if you die in the first two years that your policy is active, your beneficiary will only get a part of the death benefit. This plan is best for people who want to cover their family quickly and easily.
An increasing number of people are getting this type of term life insurance these days. These policies are a step up from guaranteed issue life policies; they cover you for a set amount of time, usually 10, 20, or 30 years. They cost more than regular life insurance policies but less than guaranteed issue policies, but coverage is often limited. When you apply for simplified issue life insurance, you won’t have to go through a medical test, but you will be asked a lot of medical questions and have a background check. Depending on the results of your test, these plans cover anywhere from $25,000 to $200,000. If you want ease of use, quick approval, and coverage even if you have some health problems, simplified issue life insurance is the best choice.
With a few small exceptions, this type of insurance resembles guaranteed issue life insurance. Depending on the insurance company, you may have to answer some health-related questions. These plans are a little cheaper than guaranteed issue life insurance because there may be fewer health-related questions. Up to $50,000 is covered by these plans. One main difference between graded death benefit policies and other types of policies is that the death benefits are paid out in percentages. The beneficiary will get a bigger share of your death benefit every year that the policy is active.
This type of policy is also called “burial insurance,” and its purpose is to pay for the costs of the funeral, burial, and any small loans that may come up after the death. This policy is something you should think about getting even if you don’t have any other kind of life insurance. It costs about $10,000 to have a service, which is a lot of money for your family to pay, especially if they are not ready.
There are plans that cover final expenses that range from as little as $2,000 to $50,000. These plans are great because your premiums won’t go up and your death benefit will stay the same as long as you hold them. If you have some health problems and only need a small amount of coverage to help with the costs of your death, this insurance is a good choice.
Pros and Cons
A lot of people might like it if they could speed up the screening process when they apply for life insurance. There is less time to wait, and no exam life insurance may be a good choice if you:
- Worry about certain medical tests in particular
- Would rather not be checked out by a doctor or medical worker
- Need to get insurance quickly and don’t have time to go through the whole screening process
- You rather apply for coverage from home, over the phone, or by mail (Many insurers will let you apply for coverage without having to make a meeting with an agent.)
- You want your life insurance to cover you in days instead of weeks like other types of insurance do
To put it simply, the cost is bad. The premiums for life insurance that doesn’t require an exam are often much higher than those for fully underwritten plans. So, getting life insurance with full screening may take more time and be more complicated, but it usually costs a lot less than getting insurance with no medical exam.
Why? Even though you might not want to answer a lot of health questions, talk about health problems in your family, or go through a medical test. The longer underwriting process gives the life insurance company more information they can use to decide if they want to give you a policy. To put it another way, they can see how much of a risk it is for them to insure you.
Who Should Get No Exam Life Insurance?
This kind of insurance is best for people who have a health problem that might keep them from getting a policy. It’s likely that the no-exam choice will not cover as much as a policy that requires an exam. But it’s better than having no coverage at all. Some people also like no-exam insurance because they don’t think a medical exam is worth the trouble it causes them and would rather pay the higher rates. The tests usually only last a few minutes, and the doctor can even come to your home. However, you might have to fast on the day of the exam and not be able to do your regular morning routine.
At the end of the day, not everyone should get a no-exam life insurance policy. However, this kind of policy will get you covered quickly and won’t be too much of a bother to you. No matter your age or medical background, you can get the coverage you need with a no-exam policy. Talk to your insurance company about what you might be able to get, and think about the pros and cons to help you decide what’s best for you. At EZ.Insure, we understand that you and your family want the finest protection possible, but we also understand that you must keep within your budget. We will do everything we can to assist you in making your decision to get you the finest coverage at the greatest price.
We will help you with everything, from answering all of your concerns to assisting you in selecting an insurance. As well as completing the registration procedure. The best part is that everything we do is completely free. Our team has put together a list of the best life insurance companies. You don’t have to get a medical test, but you should still look at more than one insurance site to find the best one for you. Anyone who wants to talk to a real person or has a question can call 877-670-3560 and talk to one of our agents. Or simply enter your zip code into the bar below for free instant quotes.