Quick Tip: After quoting your coverage, and if you wish to purchase no exam life insurance, give us a call at 1-888-393-9003 and we will tell you which carriers offer no exam life insurance.
What exactly is no exam life insurance?
No exam life insurance means basically exactly that. The insurance carrier does not require a medical exam for you to be considered for coverage.
No matter if you want to purchase whole life insurance or term life insurance, typically their is an option to purchase without a medical exam.
What are advantages of purchasing no exam life insurance?
The traditional way of purchasing life insurance coverage typically involves a medical exam, blood testing and perhaps a resting EKG. This sometimes can take up to 4-6 weeks or longer to complete.
So, one of the primary reasons someone may opt for no exam life insurance is simply it is a much quicker turnaround on getting coverage completed.
You may be in need of getting coverage bound quickly due to other coverage has ended or perhaps you need coverage to use as collateral for a business loan.
Perhaps, like many people you aren’t particularly fond of needles, and thus would like to by-pass the blood testing. Or, maybe you have some medical history that you think might keep you from purchasing insurance. (Remember, you must still answer health questions about your medical history).
What are the disadvantages of purchasing no exam life insurance?
The number one disadvantage of purchasing no exam life insurance is that it typically costs more than coverage with a medical exam. From an insurance company’s point of view this only makes sense. Since you will not be going thru a typical medical exam, lab testing, etc. this presents the insurance carrier with some additional risk.
Another disadvantage of purchasing no exam life insurance is the amount of coverage is usually limited.
Most carriers will offer somewhere between $50,000 and $400,000.
If your need is for more coverage than the maximum available, then an exam or more information is usually required.
What else is required with no exam life insurance?
Most carriers that offer no exam insurance still do some underwriting of the policy. As mentioned, most will ask health questions. Many will order a MIB report to see if you have ever been declined or rated for coverage by another insurer.
The insurance company will also usually check your driving history by ordering a motor vehicle report. One other report that is typically ordered is a pharmacy report. This is a database that collects all your prescription medications.
How many carries offer no exam life insurance?
Nowadays, there are several high quality affordable no exam life insurance carriers. Some of the companies that offer the best plans include:
- Assurity Life
- Met Life
- Fidelity Life
- Sagicor Life
- Mutual of Omaha
- Transamerica
Each carrier has their own strengths. Some even offer online applications to make the process even quicker. We would be happy to talk to you about the rates and benefits of each carrier.
Does no exam mean guaranteed issue coverage?
In most cases no. Most people that are looking for no exam coverage realize they will still have to be underwritten an approved for coverage. But, for small amounts of coverage, there are policies available that can be issued on a guaranteed issue, simplified issue or graded death benefit basis.
These particular types of policies are generally issued for individuals that have some high degree of medical history and cannot qualify under a traditional no exam life insurance policy.
These policies may have a death benefit that has a waiting period of up to two years before full death benefits would be paid. In addition, the cost of guaranteed issue policies is usually much higher than a traditional no exam life insurance policy.
Is a no exam life insurance policy right for me?
If you are between the ages of 18-65 and in relatively good health and do not want to wait to go thru the typical 4-6 weeks of underwriting before a policy is approved, then a no exam life insurance policy may be exactly what you are looking for.
If you need coverage quickly to close a loan or do not like needles, then again a no exam life insurance policy may be right for you.
If you only need a small amount of coverage up to $400,000 and want to lock in coverage quickly and don’t mind paying a bit more for coverage then a no exam life insurance policy might be right for you.
Remember, with a no exam life insurance policy you are paying for the convenience of not taking a medical exam.
If you are in the market for no exam life insurance please contact us at 1-888-393-9003 or mike@specialriskterm.com and we would be glad to answer any of your questions.
