The Pros and Cons of Life Insurance with No Exam
The convenience of getting life insurance with no medical exam is a great option to consider. Most no exam term life insurance policies may be issued in days, and there are even a policies that may be approved and issued online in about 10 minutes.
Compare that to traditional life insurance underwriting times of 6-8 weeks or more and it’s easy to see why term life insurance with no medical exam appeals to many. We wanted to share our insider information with you so that you may make an informed choice when it comes to no medical life insurance.
The Pros of No Exam Life Insurance
- It’s convenient – Online applications, voice and e-signature programs.
- It’s FAST – Policies may be issued within days, and some may be approved in about 10 minutes.
- No Exam – No paramed exam, no blood, no urine, no visiting examiner to your home.
- Underwriting – No medical records required, limited underwriting for healthy insureds.
The Cons of No Exam Life Insurance
- Price – No exam life insurance costs more than a fully underwritten policy.
- Limitations – Coverage amounts, term lengths available, riders, issue ages may be limited.
- Underwriting – Health issues may slow underwriting with some types of no exam life policies. Some policies may decline coverage or offer a graded death benefit or a modified death benefit policy.
No Questions Asked Life Insurance
If you are looking for a life insurance policy with no questions, there are a handful of guaranteed issue life insurance companies available that will offer between $10,000 – $20,000 of coverage. Underwriting consists of submitting your application and waiting about a week for your approval.
With a No Questions Asked type of policy, the death benefit is limited during the first few years, meaning that if you died soon after buying the policy, the payout may equal the the amount of premiums paid into the policy. Usually after 2-3 years, the full death benefit of the policy becomes available.
No Exam Life Insurance
With this term life insurance no exam is require. You will complete an online application or over the phone application. Underwriting will review your application and may call you to conduct a phone interview. The process is quick and convenient and again, with this term life insurance no physical will be required.
Accidental Death Policies
We have some accidental death policies available through an online e-application process. It takes about 15 minutes to complete and the insurance company will mail the policy to you in about a week. It’s a great supplemental type of policy to consider if you are not able to qualify for traditional life insurance. Sometimes when a client is limited to a guaranteed issue policy, the accidental policy is a great option to add.