If you want to support your loved ones after you die, life insurance can help you do that. With life insurance policies, your beneficiaries get cash payment when you’re away – one they can use for funeral expenses, unpaid bills or other costs they may face.
Before buying coverage, however, take note: Many life insurance policies require medical exam. If this isn’t something you feel comfortable with – or don’t want – there are a few exceptions you can explore.
How No Exam Life Insurance Policies Could Benefit You
Here are the benefits of these no-medical life insurance policies — and when you might want to get one.
An accelerated subscription process
Because there’s no waiting for an appointment or getting a physical exam or blood test, you can usually get a no-exam policy much faster than you can. could other types of life insurance options (often in just a few days). This can be useful if you need quick coverage (perhaps you are going through a divorce or need collateral for a ready) or you’re just running out of time.
It covers all types of people (even those considered at risk)
No-exam policies can be smart if you have a pre-existing health condition, are a smoker, or have a risky career (like construction or firefighting, for example). With traditional life insurance policies, these factors would make it difficult to qualify, or at least make your coverage very expensive.
Speak with a life insurance expert now who can help you build a plan that works for you.
It offers guaranteed coverage
If you wouldn’t otherwise qualify for life insurance or haven’t sought it out (for fear of doctors or needles or for other personal reasons), no-exam insurance may be a smart way to provide life insurance protection to your loved ones. In some cases, you can even withdraw money from your policy later if you need it.
It’s much more convenient
Life insurance policies that require reviews can be a hassle. You must make an appointment (usually through the insurer), attend the examination, submit a questionnaire, take a blood test and more. If you have dependents, a busy job, and other obligations, it can be difficult, to say the least. No-exam policies offer a much simpler strategy for obtaining life insurance coverage.
There are also downsides to no exam life insurance
Despite its advantages, no exam life insurance also has notable disadvantages. First the death benefit (the payouts it offers to your beneficiaries) may be limited. It can also be higher monthly payments/premiums that some other types of life insurance offer. This is because the insurer has no idea of your medical history or state of health and therefore takes more risks when insuring you.
Finally, some no-exam policies have age limits, so if you’re older, you may not be eligible for this type of coverage.
Ultimately, there are many types of life insurance, including no medical exam insurance, whole life insurance, term life insurance, universal life insurance and variable life insurance. Be sure and talk to an independent insurance agent if you need help choosing the right type of life insurance coverage or want help comparing insurance companies. Getting the right policy is key to protecting your loved ones in the event of your death.