Is the thought of having a paramedical exam bringing you down? Or, do you just really hate the thought of dealing with needles? Some people might have “white coat syndrome” and have skewed blood pressure readings from being in a doctors office. Whatever your reason, you can bypass not only the nurse and needles, but the whole paramedical exam in full.
I am putting together today’s article on Life Insurance with no medical exams to help those who really want to get their life insurance taken care quickly, painlessly and yet affordably. Hope that sounds good to you.
Life Insurance Without an Exam
Aside of being a more convenient way to obtain medically underwritten life insurance, no exam life insurance can be issued much quicker as there is no delay in the insurer waiting on and receiving the paramedical report like a traditional life insurance application. With no exam life insurance, approval can be done instantly in many cases by the insurance companies electronic application processing to just a few short days in other cases. Your not waiting 4-6 weeks for approval or the actual rate class your were approved at.
For many people, this life insurance without an exam is a real winner. The coverage is just easier to obtain, and for many, less invasive and strenuous to apply for. Having a nurse scheduled to fit into your schedule at home may be something you just don’t want to deal with. No exam life insurance is a option worth considering if you want go the fast and easy route.
Now, I am going to point out the downside to no exam life insurance…
While having ease of issue, life insurance without an exam, does come at a price. The premiums will be a bit higher than policies that require a paramedical exam. The insurance companies will not have up to date health information if they do not require a paramedical exam as part of the application process. Therefore, the risk you would pose to the insurer is greater than the traditional route with an exam requirement. To negate their added risk, the life insurance company will apply a reasonable increase to the premium to offset this. That is the nature of the beast, so to speak.
There are also limits to the maximum amount of coverage (death benefits) you can obtain with an no medical exam policy as well. Term life insurance policies exceeding $1,000,000 are readily available. Whole life policies for end of life planning to $50,000 are readily available. Some carriers go beyond this if your health is very good for your age.
If you are needing a large life insurance policy and have rocky health, you may be forced to go the traditional route. Keep that in mind. No medical exam life insurance is not always the best solution. With large life insurance policies, insurers need to put the insured individual under the microscope. At this point and assuming approval from the life insurance company, the amount of money being saved by having the medical exam they pay for is in your best interest. It will likely translate into a lot of savings in your premiums as it removes the uncertainty factor that the insurer will otherwise have. Why? The exam gives them up to date where your health is at. Uncertainty equals higher premiums all else being equal.
Hope this article has given some insight on no exam life insurance. For a lot of consumers, it is an excellent solution, convenient and in obtained in minutes right over the phone.
Is is right for you? Give us a call and lets talk about your situation and go from there. Consultations with us are always free, 269-230-3464.
Michael is a licensed and veteran independent life and health insurance agent who specializes in guiding people with even high risk conditions thru the insurance process. He is passionate about helping individuals and families get their unique financial protection needs met, providing his experienced based advise and delivering affordable and dependable coverage people and families can count on.
