There are some good reasons to purchase no medical exam term life insurance, and a few not to. If you’re weighing whether or not to get no-exam or regular term life insurance, there are a few things you should take into consideration.
No medical exam term life insurance that will cover you for a specific stretch of time, be it years or months and it does not require you to take a physical exam.
- You can get insured quickly.
One of the biggest complaints about getting regular term life insurance is that it takes so long. A no-exam policy gets you covered in a matter of hours or just a couple of days. Regular policies can take weeks to finalize.
- You don’t have to deal with a home visit and exam.
With a regular term life policy application you must have an exam by a nurse who comes to your home. This can be inconvenient and awkward for some people.
- No-exam policies can cost more.
Because they’re taking on a bigger risk, the insurance provider will likely charge you more for your premium than you would if it was a traditional policy.
- Not all providers offer no-exam policies.
Many insurance companies only sell regular term life policies.
- Age limits are enforced.
Most no-exam policies are only available if you are 65 years of age or younger.
- You have to be healthy.
Just because an physical exam isn’t required doesn’t mean you can be unhealthy. You’ll be asked questions that you must answer truthfully. The company will check with the Medical Information Bureau (MIB), pharmacy and motor vehicle department to see if your claims of good health can be backed up. You may still qualify for no-exam policy that comes with a waiting period, but these policies are the most expensive.
Is A No-Exam Term Policy Right for You?
There are certain circumstances that make no-exam life insurance a good choice:
- You may be going on a trip and can’t wait four to eight weeks for traditional term coverage. If you’re going to a country that is mired in unrest you may not be able to get coverage, though. Check to see if there are any travel restrictions for your destination.
- Some people take out a no-exam policy for quick coverage until they can take the time to get a traditional, less costly policy.
- You haven’t been to a doctor in years. You can use no medical exam term life insurance as a placeholder before applying for traditional coverage. You’re covered in the meantime and if you later qualify for regular term coverage you can cancel your no-exam policy.
Learn more about life insurance first and be sure to compare quotes before making your choice as to which provider to go with.