How no exam life insurance policies could benefit you

No-exam life insurance policies have multiple benefits that are worth exploring.

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If you have loved ones you want to care for after the transfer, life insurance can help you do that. With life insurance policies, you beneficiaries get a cash payment when you’re away — one they can use for funeral expenses, unpaid bills or other expenses they may be facing.

However, before you buy coverage, consider: Many life insurance policies require a Medical examination. If that’s not something you’re comfortable with — or want — there are some exceptions you can explore.

If you’re in the market for life insurance – or just want to enhance the coverage you already have – A life insurance agent can help you get started with a free quote right now.

How no exam life insurance policies could benefit you

Here are the benefits of these no medical exam life insurance policies — and when you might want to get one.

A fast underwriting process

Because there’s no waiting for an appointment or getting a physical or blood test, you can usually get a no-examination policy much faster than you could other types of life insurance options (often within days). This can be useful if you need cover quickly (perhaps you’re getting divorced or need collateral for a loan) or you’re just not on time.

Covers all types of people (even those considered dangerous)

No-examination policies can be smart if you have a pre-existing health condition, are a smoker, or have a hazardous career (like construction or firefighting, for example). With traditional life insurance policies, these factors would make it difficult to sign up or, at the very least, make your coverage too expensive.

Talk now to a life insurance expert who can help you create a plan that works for you.

It offers guaranteed coverage

If you wouldn’t qualify for life insurance or wouldn’t seek it (due to fear of doctors or needles or other personal reasons), no-exam insurance can be a smart way to provide life insurance protection for your loved ones. In some cases, you might even be able to withdraw cash from your policy later if you need it.

It’s much more convenient

Life insurance policies that require exams can be a hassle. You need to schedule an appointment (usually through the insurer), attend the exam, submit a questionnaire, have blood drawn, and more. If you have dependents to care for, a busy job and other obligations, it can be difficult to say the least. No-exam policies offer a much more hassle-free strategy for obtaining life insurance coverage.

There are also disadvantages to no-exam life insurance

Despite its benefits, no-exam life insurance also has some notable drawbacks. First, the death benefit (the payments it offers to your beneficiaries) may be limited. It can also come with higher monthly payments/premiums from certain other types of life insurance. This is because the insurer does not have a pulse on your medical history or health condition and therefore takes on more risk when insuring you.

Finally, some no-exam policies have age limits, so if you’re older, you may not qualify for this type of coverage.

At the end of the day, there are many types of life insurance including no medical exam insurance, whole life insurance, term life insurance, universal life insurance and variable life insurance. Be sure to talk to an independent insurance agent if you need help choosing the right type of life insurance coverage or if you want help comparing insurance companies. Getting the right policy is critical to protecting your loved ones should you pass away.

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