No Exam Life Insurance
No exam life insurance can be a good investment, but it is often an expensive one.
For some people, having the life insurance exam is too risky and it is something they just do not want to do.
For others, the worry of not having approval for the life insurance is the underlying reason for not wanting to get the life insurance exam.
For those who wish to avoid this step in the traditional process of obtaining life insurance, it is possible to do so using a no exam life insurance policy.
The Benefits And Disadvantages
If you are healthy and you have no concerns about rejection based on your physical health, this type of life insurance is not the best fit.
A simple medical exam will help you to qualify for far less expensive policies that can protect your family from any risk of your death.
On the other hand, those who believe they may not qualify with a medical exam may be able to obtain this kind of life insurance, but note that it is not that easy.
First, you do not have to have a medical exam but you will pay a much higher premium to obtain and keep the life insurance.
The life insurance company compensates for the risks it is taking because you do not have adequate life insurance.
Second, there are a series of medical questions you will need to answer prior to being able to purchase the no exam life insurance. In particular, the insurance company will want to know about your past health.
Looking back one, five or even ten years, the insurance company may ask questions regarding your past health, diagnosis of disease or illness and any hospital stays you may have had.
The insurance company uses this information to determine if you are healthy enough to obtain life insurance.
Why not lie, you may ask. Some people do try to be dishonest on the application, but the problem is that the insurance company is likely to investigate and verify the information you have provided.
In addition, if they find that you were dishonest, the insurance company may cancel your policy without refund.
This type of policy may be a good fit for those who are looking for an opportunity to get into a policy quickly without an exam. But keep in mind the extra costs could be taxing.
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