The Pros and Cons of Life Insurance with No Exam
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No Exam Overview
Compare this type of policy to traditional life insurance underwriting.
Pros of No Exam Life Insurance
The convenience of getting life insurance with no medical exam is a great option to consider.
Most policies are issued in days, and there are even policies that may be issued online in about 10 minutes.
- It’s convenient – Online applications, voice, and e-signature programs.
- It’s FAST – Policies may be issued within days, and some may be approved in about 10 minutes.
- No Exam – No paramed exam, no blood, no urine, no visiting examiner to your home.
- Underwriting – No medical records required, limited underwriting for healthy insureds.
Cons of No Exam Life Insurance
- Price – Costs more than a fully underwritten policy.
- Limitations – Coverage amounts, term lengths available, riders, issue ages may be limited.
- Underwriting – Health issues may slow underwriting with some types of no exam life policies. Some policies may decline coverage or offer a graded death benefit or a modified death benefit policy.
No Questions Asked Life Insurance
If you are looking for a life insurance policy with no questions,
There are a handful of guaranteed issue life insurance companies available that will offer between $10,000 – $25,000 of coverage.
Underwriting consists of submitting your application and waiting about a week for your approval.
With a no questions asked type of policy, the death benefit is limited during the first few years.
If you died soon after buying the policy, the payout may equal the number of premiums paid into the policy.
Usually, after 2-3 years, the full death benefit of the policy becomes available.
You will complete an online application or over the phone application.
Underwriting will review your application and may call you to conduct a phone interview.
The process is quick and convenient and again, with this term life insurance, no physical will be required.
Michael Horbal is the founder and owner of RiskQuoter.com and a licensed life insurance agent who has helped thousands with affordable protection for families and businesses.