No exam life insurance is a great option for those looking for an affordable, convenient way to secure term life insurance protection. Offered in a variety of terms and coverage amounts, no exam life insurance policies provide peace of mind when you need it most. These policies offer many of the same benefits available through medically underwritten coverage, without the hassle of an arduous application process.
No Exam Life Insurance Coverage
Also known as nonmedical issue life insurance, many consumers are surprised to learn that no exam coverage is available. Unlike traditional policies, which require 4-6 weeks to issue, no exam life insurance can often be secured in less than 24 hours. No exam coverage is available in three forms:
- Guaranteed Issue Life Insurance – Also known as guaranteed acceptance, applicants are not required to answer any health related questions during the application process. Coverage is available for anyone who applies.
- Graded Benefit Life Insurance – Graded benefit coverage usually involves a few health related questions. Though the terms are a bit more complicated than guaranteed issue policies, the application process is relatively simple and coverage is available to many persons who might not qualify for a traditional product. Full policy benefits may not be available during the first years of this type of policy.
- Simplified Issue Life Insurance – In order to complete the application process, applicants simply complete an application with health related questions. The application is underwritten, but there is no need to undergo a medical examination or submit a blood test.
Benefits of No Exam Life Insurance
Like all life insurance policies, no exam coverage provides financial assistance for your loved ones in the event of your death. There are however a number of benefits when comparing no exam coverage with traditional policies.
- Shortens the Application Process – Many people choose to invest in no exam life insurance for ease and convenience. These quick issue policies shorten the underwriting process and avoid the need for blood tests or a medical examination.
- Guaranteed Coverage Option – Guaranteed issue life insurance enables applicants with health risks to obtain life insurance coverage. Before issuing a traditional life insurance policy, carriers evaluate an applicant’s insurability based upon a variety of risk factors including: age, health complications, tobacco use, family medical history and more. Those who are unable to obtain coverage based upon these, or other, health factors can often secure a guaranteed issue life insurance policy.
- Avoid the Doctor’s Office – Individuals who simply prefer to avoid visits to the doctor often choose to apply for no exam coverage.
- Get Coverage Faster – By shortening or eliminating the underwriting process, many no exam policies can be issued same day.
The Cost of No Exam Coverage
It is important to note that no exam coverage does generally cost a bit more than medically underwritten policies. Traditionally insurance companies have assessed risk based upon medical evaluations and perceived life expectancy. Providing coverage without a medical exam comes with a risk, a risk which translates to those higher premiums. Many consumers do however choose to invest in no exam policies as a result of the ease and convenience of purchasing no exam coverage.
Who Should Invest in No Exam Life Insurance?
Graded Death and Guaranteed Issue life insurance can be ideal for those with medical complications that may lead to a denial of traditional coverage, while Simplified Issue can be a good fit for those in good health who simply want to avoid a prolonged application process or the need for a medical examination. If you fall under any of these categories, now is a great time to secure no exam coverage.
At Protect My Family we work with the top carriers in the industry, providing side by side comparisons of the most competitively priced policies on the market. Request your free quote and secure no exam life insurance coverage today.