Do you think about life insurance? If you answered no, you should be. Life insurance is not something you want to put on the back burner and wait until later. The thing with life insurance is that you never truly know when you’ll need it. It could be when you least expect it.
You get life insurance to help out your loved ones if you were to pass away unexpectedly. Although it’s not something we want to think about, it’s a reality for many families. Having life insurance ensures that those you leave behind will have the money for funeral expenses and everyday living. Without it, your family could end up with any remaining debt, all the costs for a funeral, and the struggle of losing an income.
The issue with traditional life insurance for many is the medical exams required before the possibility of approval. Some do not like going to the doctor or are afraid of needles. Others may not have the time to go through everything the insurer requires. That is where no exam life insurance comes into play.
Take a look at some of the benefits and drawbacks of no-exam life insurance to decide if it’s an option for you.
No Medical Exam
One of the biggest appeals of no-exam life insurance is the fact that applicants do not have to go through a medical exam. That doesn’t mean you simply fill out a few papers and you’re approved for life insurance. There are still many steps to take.
You’ll be required to answer a handful of questions regarding your health. Your answers will determine if the insurer accepts or declines your application. So, there is still the chance of getting declined if you a terminally ill, have a history of heart disease, or even if you have diabetes.
Another major appeal of no-exam insurance is the simplicity of applying for coverage. Many insurers allow you to fill out an application online, answer the required questions, and get approved the same day. There is no need to go to the doctor, and you avoid any of the waiting periods after getting your medical exam. It’s a quick and easy process for almost instant coverage.
One drawback of no-exam life insurance is the price of the monthly premiums. Because there is no health exam and the insurer grants you coverage almost instantly, the premiums will be higher.
Insurance premiums are higher for those who have poor health, and when the insurer thinks there is a higher chance of them having to pay out your policy. Without the medical exam and instant approval, the insurance company is taking a higher risk on you. Also, if you answer your questionnaire that you’re a smoker or drink a lot, you can expect to have higher premiums.
Is No-Exam Insurance Better
Depending on how you look at it, no-exam insurance may be the better option for some, while traditional life insurance might be better for others. If you’re someone who does not like going to the doctor, doesn’t want to go through a medical exam, or do not have the time for the process, then no-exam life insurance would be for you.