Applying for life insurance is typically a matter of determining how much coverage one needs, and then applying for a policy. For those who are in good health, it is usually just a matter of undergoing a required medical examination and then waiting for the coverage to be approved.
Unfortunately, for some individuals, getting the approval that they hope for isn’t always so easy. This could be due to an adverse health condition. Or, it could alternatively be due to advancing age, or to a job, such as life insurance for a pilot, or a hobby that is considered by the insurance underwriters as being risky or dangerous – in turn, either raising the premiums by a great deal, or declining the person for coverage altogether.
However, there are companies who offer coverage for specific needs such as life insurance policies for those who are overweight or Veterans Life Insurance. We can certainly help find you the coverage you deserve.
While not being able to qualify for traditionally underwritten life insurance coverage can be frustrating, today there is good news. Coverage is again within reach – thanks to no medical exam life insurance.
If you’ve been turned down for a life insurance policy, don’t think that you can’t receive insurance coverage. One of the worst mistakes that you can make is it to give up on your search and go without life insurance.
Life insurance policies are one of the most important purchases that you can make for you and your family. These policies provide peace of mind knowing that if anything were to happen to you, you family would have the funds they need to get through the stressful time in their lives.
Every year that are countless stories of a family that lost a loved one unexpectedly, not only are they forced to handle their loss, but they are also left with thousands of dollars in debt that they don’t have the money to pay those bills.
What is a No Exam Policy and How Does It Work?
A no medical exam life insurance plan is one in which the applicant is guaranteed to be approved. These insurance policies do not require the individual who is applying to go through the required paramedical exam that is typically necessary as a part of most “traditional” life insurance underwriting procedures.
Because of this, there is no need for the applicant to submit a blood or a urine sample. Also, there is no requirement to wait for the long and tedious underwriting process to be completed before the individual’s policy can be approved. Therefore, most of these policies are typically approved within just a few days – or sooner. In some cases, a no medical exam life insurance policy can even be approved on the same day that it is applied for.
No medical exam life insurance policies may be either term or permanent life insurance coverage. With term coverage, the individual may purchase a plan that covers him or her for a certain period of time – or term – such as 10, 15, 20, or even 30 years.
After the period has elapsed, the policy will expire. Should the insured still want or need coverage, however, he or she will need to obtain another life insurance policy at their then-current age. Because of this, the premium will typically be much higher at that time.
A term life insurance policy will be comprised of death benefit coverage only, and will not offer any cash value or savings build-up. Permanent life insurance, however, will offer an insured both death benefit protection, along with cash value. The cash in the policy is allowed to grow on a tax-deferred basis. This means that there is no tax due on the gain until the time of withdrawal, essentially allowing the funds to grow and compound exponentially over time.
The amount of coverage that can be purchased on a no medical exam life insurance policy – whether the plan is term or permanent coverage – will vary from one insurer to another. Some insurance companies will only offer smaller face amounts of $10,000 or $25,000 while others will provide higher face amount options in the range of $500,000 or more.
Types of No Medical Exam Life Insurance
With no medical exam coverage, it is important to understand exactly what it is that you are being offered, as there can be more than just one type of coverage. For example, with a simplified issue policy, you will usually be asked just a few general health questions so as to determine your insurability. The answers to these questions will also help to determine the appropriate premium for the insurer to charge.
Some of the questions that may be asked on the application of a simplified issue life insurance policy application may include the following:
- Have you been diagnosed with HIV / AIDS-related complex?
- Do you smoke?
- Do you reside in a nursing home / long-term care facility?
A simplified issue life insurance plan can typically be approved and issued to the insured within just a few days or weeks. This is compared to several weeks or months with a traditionally underwritten life insurance policy that must go through all of the traditional channels of underwriting and approval.
There is also a type of no medical exam policy known as a guaranteed issue plan. These are similar to the simplified issue policies; however, there are no health questions for the applicant to answer on the application for coverage. Therefore, as long as the individual pays the premium due, they are guaranteed to be approved for the coverage – and, as long as he or she continues to pay the premium, the policy will remain in force.
In these policies, however, it is important to note that the full amount of the death benefit may not always be available to the beneficiary within the first several years in which the policy is in force.
For example, if the insured should pass away within the first couple of years, the beneficiary may only be allowed to receive a return of the premiums that were paid in – and sometimes a small amount of interest – in return.
After two or three years, however, of the policy being in force, should the insured pass away, the beneficiary would be eligible to receive the full amount of the death benefit. The reasoning behind this is that these policies are often sold to the riskiest of applicants. Therefore, the insurance company has to hedge its risk.
While these two-year exemptions shouldn’t keep you from getting one of these policies, it is important to take note of them. Fully understanding your policy and its exemptions can keep you or your family from being blind-sided if tragedy were to strike.
Who is a Good Candidate for a Policy?
While a no medical exam life insurance policy can seem to be beneficial due to the non-existence of the medical exam requirements, these types of life insurance plans may not be ideal for everyone. One reason for this is because the premiums tend to be much higher than for comparable coverage that is traditionally underwritten.
Why is this? The key reason is that these types of policies are usually purchased by those who are thought to be riskier than the average, or standard, insured. Because the insurance company must compensate for the additional amount of risk that it is taking on, it must charge a higher amount of premiums to these particular policyholders.
Good candidates for a no medical exam life insurance policy may be:
- Individuals who cannot qualify for a traditional life insurance policy due to adverse health conditions like advanced diabetes
- An individual who works in an occupation that is considered to be risky or dangerous and is unable to qualify for traditionally underwritten life insurance coverage
- An applicant who is ineligible for traditional life insurance coverage due to age limitations
- Individuals who may be fearful of needles and do not wish to undergo the blood draw that is required for the paramedical examination of a traditionally underwritten life insurance policy
The Benefits of Having This Type Life Insurance Plan
Even with a higher amount of premium payment, there can still be some nice benefits to owning a no medical exam life insurance policy. One key advantage is that these policies are much more simple in terms of their application process. Here, there are usually just a few short health questions to answer on the application for coverage. Because of that, the application process is usually very fast and easy to complete.
As there is no medical underwriting to contend with, policy approval times are very short – sometimes just days, or even mere hours. This can provide an individual with the life insurance coverage that they need much more quickly and easily than they may have anticipated – giving them and their loved ones peace of mind.
For those who may have recently lost employer-sponsored health insurance coverage – and who also have health conditions that make it impossible to obtain life insurance from any other source – no medical exam coverage can be the ideal fit. Whether this coverage will be used to fill in some coverage “gaps,” or for larger life insurance needs, it is good to know that there are options available – even when traditionally underwritten coverage is no longer one of them.
Things to Consider Before Purchasing a No Medical Exam Life Insurance Policy
Prior to purchasing any type of life insurance coverage, it is important to take several things into consideration. The same holds true when contemplating a no medical exam insurance plan. Some of the key considerations here should include the following:
- Term or Permanent – The purchase of term or permanent coverage is a big decision. This is because term insurance will provide death benefit protection only, while permanent will provide both death benefit coverage, along with cash value build-up. For some people, the cash value is an excellent feature of their life insurance policy, but it normally comes with a more expensive premiums. The best answer here will depend on each individuals’ specific coverage needs and goals.
- How the Benefits Are Paid Out – Because some no medical exam policies do not pay out the entire amount of death benefit until the plan has been in force for two years or more, this could be a major factor in the type of policy that is purchased. Be sure and inquire as to how and when death benefits are paid prior to purchasing any life insurance coverage.
- Face Amount of Coverage – The amount of coverage is a big decision in any life insurance buying decision. This will entail a determination of coverage needs, which will typically include final expenses, any outstanding debt, and possibly income replacement needs.
- Amount of Premium – Because the premium amount on no medical exam policies can be quite a bit more than that of traditionally underwritten coverage, this can be a big factor in your decision – especially if you could potentially qualify for a traditional policy. You should apply for several different traditional policies before you switch to a no exam policy, it could save you thousands.
- Other Coverage Options – If you have other life insurance coverage options that are available to you such as an employer-sponsored plan, this too should be factored into your overall coverage decision.
How Large of a Policy Will You Need?
One of the most common questions during the life insurance policy search is, “how big of a policy should I look for?”, there is no “one size fits all” policy that works for everyone, but there are a couple of factors that go into determining how much you need.
The first factor to look at is how much debt would be left behind if something were to happen to you tomorrow. Would you family be left with a huge mortgage or mountains of student loans? Make sure that your life insurance policy would be able to pay for any expenses that are left behind.
Not only do you have to look at any debts left behind, but you also have to account for any income that your loved ones would lose. If you don’t have anyone that relies on your annual income, then you can consider having a smaller life insurance policy, but if you have a spouse and children that would suffer from your lost income, then you will larger plan. Most financial experts suggest that you get a policy that is around ten times your annual salary.
How and Where to Obtain a Quote for No Medical Exam Life Insurance Coverage
If you’re seeking a quote for no medical exam life insurance, the best way to do so is through a company or an agency that has access to more than just one life insurer. This way, you will be able to directly compare policies, benefits, and life insurance quotes that will best fit your specific needs and budget.
When you’re ready to move forward, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can get you all of the important information that you need quickly, easily, and conveniently – all from your home computer, and without the need to meet in person with a life insurance agent. If you are ready to get the process started, all you have to do is just simply use the form on this page.
Instead of spending hours on the phone with dozens of different agents answering the same questions over and over, let us do all the work for you. We can save you time and frustration from dealing with different companies and jumping through all of the hoops. If you are thinking about applying for a no exam life insurance policy, we would love to help.
What You Will Need to Purchase a No Exam Life Insurance Policy
If you’ve never purchased a life insurance policy before, or it’s been a long time since you have, you might be wondering what you will need to finalize your policy. Purchasing a plan is easy and only needs minimum information, it’s as easy as opening up a bank account.
You will need basic personal information like name, address, and Social Security number. You will also need to provide banking information to pay the monthly premiums. The other information they will need is the beneficiary and their information. This is the person that will receive the payout from the policy. It’s important to give accurate information to avoid any serious confusion or complications in the future.
What Affects your Monthly Premiums?
If you’re looking to get the cheapest monthly premiums, there are a few factors that can impact your rates. Because no exam policies don’t teak a physical exam or draw blood, there are only a couple of factors that are calculated to determine your monthly premiums. One of the biggest factors is your age. The older that you are when you apply, the higher your monthly premiums are going to be.
The other biggest factor in determining your monthly fees is the company that you choose. Each company has difference rates. One of the ways to get better rates on your policy is to receive quotes from several of the best life insurance companies before you choose one.
Because these plans don’t require a health exam, they are going to be more expensive, but that doesn’t mean that you still can’t work to receive the lowest monthly rates possible. Just because you aren’t applying for a traditional life insurance plan doesn’t mean that you have to break you bank account for coverage.
Should you find that you have any questions regarding no medical exam life insurance coverage – or even about any life insurance coverage at all – please feel free to contact us directly. Our experts will be happy to walk you through, step-by-step, any of the details that you need. We can be reached via phone, toll-free, by calling 888-229-7522.
We understand that the decision to purchase life insurance can at times seem overwhelming. There are so many parameters – and so many factors to consider. We want to ensure that you have all of the important details that you need prior to moving forward with your decision, such as:
- What is the right type of coverage for you – term or permanent
- How much in face amount do you need
- What is the right life insurance carrier for your specific situation
While it isn’t going to be the most enjoyable purchase you can make, life insurance is one of the most important. Don’t let the confusion or frustration that can come along with life insurance keep you from keeping the coverage you and your family deserve. You can’t put a price tag on the peace of mind that life insurance gives you.
So, give us a call today – and we’ll make sure that you get the benefits that you need, at a premium that fits into your coverage budget. Contact us now – we’re here to help.