What is no medical exam life insurance? It is for the insurer’s security to know your medical condition before issuing you whole life insurance. A type of life insurance that does not require you to take a medical exam is no exam life insurance. You can opt for full life insurance without a medical exam if you think you do not qualify for the traditional life insurance, or you can’t undertake the inconvenience of going through a medical exam.
The medical exam you need to go through to get traditional life insurance includes weight and height measurement, blood pressure measurement, and evaluation of samples of your blood and urine.
Since the insurer does not know about your medical condition in case of no exam insurance, he will charge you more to better secure himself against any future losses and uncertainties.
52% of Americans have life insurance in 2021.
Who should go for no medical exam life insurance?
If you are an older person or physically unfit to go through the medical exam to get traditional insurance, you should go for this insurance. You will get this life insurance regardless of your medical condition. It is an ideal life insurance policy for those who have poor health. When you apply for this, they ask you several questions. These questions are related to your health and medical condition. Your answers will determine whether a particular insurance company will cover you or not under this type of life insurance.
It would help if you answered these questions with complete honesty. If you lied during the interview and the company caught your lie afterward, it has the right to cancel the policy within the first two years without paying you any refund. So answer these questions with honesty and rest assured even if one company rejects you, another company will cover you despite your medical condition.
Below are the two types:
No medical exam whole life insurance
You use this life insurance policy to ensure that you can fulfill your final expenses. You go for this policy to leave behind some cash to meet your final costs. But the death benefit you get with this policy is much smaller than the one. You get through the traditional life insurance policy. The death benefits you get under this policy are limited to a range of $25000 to $50000.
Life Insurance Estimator
No medical exam term life insurance
If you fail to qualify for traditional life insurance for whatsoever reason and need more than $50,000 for coverage, you can go for this policy. It is the cheapest insurance, and it may cover you for the next 30 years. When you sign up for this policy, make sure it has guaranteed level premiums. To ensure that the benefits you get at the end of the term match the price you have paid during the period.
What is best for you?
You need to pay a higher cost to get insurance under no medical exam life insurance. It also limits the number of options at your disposal compared to traditional life insurance. You don’t get a chance to increase your death benefit under this policy, and you can neither change the term life insurance to whole life insurance.
So, if you are young or have sound health, going for insurance does not sound like an excellent deal for you. Instead, it would help if you went for traditional life insurance policies. That need you to pay smaller premiums and generate higher rewards at the expiry of the policy.
You should weigh the pros and cons of different types of life insurance policies and make a choice that is best for you and your family. You need to understand your end goal and choose the option that will lead you to achieve your goal.