No Medical Exam- Term Life Insurance
No medical exam term life insurance is a term life policy that can be purchased without the need for a medical examination.
Sounds like the best option, right?
But over the years things have evolved…
Let me explain.
Typically, in todays insurance world everything is done on-line. When you apply for life insurance you start with a quoter. These quoters are found all over the internet.
Like ours, you fill in your age, height/weight, answer some simple medical questions and instantly you get a list of insurance companies willing to cover you along with the premiums they can offer.
Now with these quotes sometimes they will say, “no medical exam needed,” based on the information you provide. Other times they may note, “possible,” medical exam and finally an exam may be, “required.”
You can choose which insurance company and premium you prefer and continue the process.
If the insurance company you choose offers to cover you without an exam-you’re done. The policy is yours.
You pay the premium for the policy and you’re covered-instantly/quickly.
That’s what makes these policies so great.
However, if you find that the companies are requiring an exam- take heart. The process is easy and often you can get the coverage you need in less than 1 month. We are your guide and help keep the application process moving so you get the coverage you are looking for-quickly.
I want to see how much this may cost me?
Who is best suited for a no exam policy?
People who are young and healthy!
Typically less than 35 years old, not on any medications and no prior medical issues.
These policies can be just the same amount as your “typical” term life insurance policy. You may pay the same premiums without all the hassle.
Life insurance companies recognize that typically, those under the age of 35 have little in the way of medical history. They are also aware that the death rates in this age group are relatively low.
For this reason they will sometimes provide a term life policy without requiring a full medical evaluation. In some cases they will allow the purchase of this type of policy up to the age of 65 years.
But not everyone falls into this category- you need a guide.
Who should NOT apply for no medical exam policy?
If you are > 40 years and older and/or have health issues, even if managed, a medical exam and traditional underwriting may serve you better, meaning- better rates.
Typically, after applying for an insurance policy that requires an exam, the company will send out a nurse aid. The exam is often done at your home or office, at your connivence free of charge.
The medical aid will collect some simple health information such as your:
- Blood pressure
- Heart rate
- Urine test
- Blood work
Another component of the process is requesting your medical records from your providers.
The insurance companies use all this information to help determine the premium they will quote or offer you. In other words how much will it cost you to get the coverage you desire.
Often times we are helping get you quotes from different companies to get you the best deal. That’s where having an agent is VERY helpful.
Is this the right policy for me?
If you think you may qualify for a no medical exam policy policy- go for it.
It doesn’t hurt to try and there are no obligation.
Then, if you also want to shop some options with us and see if better coverage is out there-we are happy to assist you. Our goal is to find the best deal and coverage for you.
We want you as a client forever-we’re here to be your guide.