When you’re shopping for life insurance coverage, the insurance company is going to look at dozens of different factors before they accept or decline your application. If you’re in poor health or you have several pre-existing conditions, the insurance company could decline your application because you’re too high of a risk to insure.
If you’ve been declined for life insurance coverage in the past, don’t assume that you can’t get an affordable life insurance policy. Regardless of your health or any pre-existing conditions, there are several options for insurance coverage that you can choose from. It’s vital that your family has the insurance protection that they need, regardless of what happens to you. One option for coverage is to buy a no medical exam.
No medical exam life insurance is a specialized type of life insurance. While every company has policies that require a medical exam, some life insurance providers offer policies where you can get life insurance without medical exam. If you came looking to get quotes for no medical life insurance fill out the form on this page, or keep reading as we explore the basics of no exam life insurance.
Advantages of No Medical Exam Life Insurance
The obvious advantage of Life insurance no medical exam is you do not have to go through the health screening that the standard policies require. This key feature is very appealing to those who were denied coverage from a traditional policy or received very high premiums due to pre-existing condition. People with high cholesterol or blood pressure, diabetes, sleep apnea, or even smokers will opt to go with a no medical exam life insurance policy so that they can avoid the higher rates. What many people do not know is that a no exam life insurance policies are approved in much shorter time periods than a traditional policy. If you do not have to wait for an exam opening, for a lab to process the blood, or for the results and someone to look at those results then the policies do not take nearly as much time. This makes the process of getting life insurance no medical exam much simpler and faster than anything they may have experienced with a regular term or who life policy.
If you’re looking to get life insurance coverage as quickly as possible, then these plans are going to be the best option for you. You may have a business loan that requires that you have life insurance in order to fulfill the loan, and you need to get coverage in a matter of days. Then these plans will give you the coverage that you need without having to wait weeks to be accepted.
Disadvantages of No Exam Life Insurance
While the positives are great, the one real disadvantage to no exam life insurance policies is that they are more expensive than a normal term life policy. Since you are only being asked questions about pre-existing conditions and whether you are on disability and are not required to actually verify that you are healthy through the examination process. Since there is no exam to affect your premiums the only thing that will is your questionnaire. Factors like age, length of the policy, and what kind of activities you participate in (smoking, sky diving, etc.) will make the differences in how much you pay.
These plans are going to be significantly more expensive than a traditional plan that requires a medical exam. If you’re looking to get the most affordable plan, you’ll need to apply for a plan with a medical exam. The purpose of the exam is to give the insurance company an idea of your overall health and determine how much of a risk you are to insure through a plan, but without that medical exam, they are taking a much great risk. They are going to offset that risk by charging you higher premiums.
Another drawback of these plans is that you could be limited on the amount of life insurance that you can buy with a no medical exam plan. Most companies will only sell you $250,000 of life insurance, which isn’t going to be enough. If you need more life insurance coverage than this, you’ll have to buy two plans or apply for a traditional one.
Calculating How Much Life Insurance You Need
Before you buy a no medical exam, you’ll need to determine how much insurance your family will need if something were to happen to you. Not having enough life insurance is one of the worst mistakes that you could make for your loved ones.
The first number that you should look at is any debts or final expenses that your loved ones would be left with if you were to pass away. The most important purpose of your insurance plan is to give them the money that they need to pay off any major expenses that they are responsible for after your passing. Add up all of your debts and make sure that your plan is large enough to pay those bills.
The next number that you’ll need to look at is your annual income. The next goal of your plan is to help your family replace your paycheck if something tragic were to happen to you. If you’re one of the main income earners in your home, your loved ones could struggle to pay for any basic expenses. That’s where your insurance plan comes in. Your policy should give them the money to avoid having to sacrifice their standard of living.
These are only a few of the different categories that you’ll need to look at when you’re buying life insurance coverage. You’ll also have to calculate different factors like taxes and fees. If you need any assistance adding up your life insurance needs, contact one of our agents and we can walk you through the process.
Our Life Insurance No Medical Exam Recommendation
Because of the cost of no exam life insurance we recommend that everyone try to get traditional life insurance before you go the no medical exam life insurance route. If you know you are in a high risk category you may be able to find an insurer who will issue a regular life insurance policy and save yourself some money.
Every insurance company is different, and they are all going to have different underwriting based on their specific requirements. That means that you could get drastically different rates depending on which company that you get a quote form, or they could be a company that declines your application while others will approve you for coverage. There are dozens of companies that work with high-risk clients with various conditions to give them affordable life insurance. Instead of waiting your time looking for those companies, we can bring all of the best insurance premiums directly to you. We know which companies are going to work best for you, based on your specific health.
If you get rejected for the traditional life insurance policy and end up going the no medical exam life insurance route you know you got the best rates. At TermLife360.com we are dedicated to helping you find the best life insurance for your needs. So whether you need a normal policy or life insurance no medical exam we can make sure that you get the best rates.
You never know what life’s going to throw at you tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your loved ones deserve. Nobody wants to imagine his or her death, but it’s vital that you plan for the things that you can’t avoid. Life insurance is the best planning that you can do.
We know that buying life insurance is not the most fun purchase and it can be an overwhelming process, but it doesn’t have to be. There are several ways that you can get affordable coverage without spending hours calling different agents. Working with one of our independent insurance brokers can save you both time and money on your insurance plan.
Our independent insurance agents have years of experience working with all kinds of clients and we can help you decide between a no medical exam policy or another option for insurance coverage. It’s our mission to ensure that you’re getting the best plan to meet your needs.
If you have any questions about no medical exam plans or about getting the most affordable coverage for your family, please contact one of our agents today. We would be happy to answer those questions and start the process of getting a quality plan at an affordable premium rate.