Life Insurance Without Medical Exams Pros and Cons

While life insurance without medical exams has increased in popularity as of late, it may or may not be the right option for you. Find out the pros and cons of no medical exam life insurance coverage.

If you’re currently looking for life insurance without submitting a medical exam, then before deciding to sign up it makes sense to look at the pros and cons to see if it works to your advantage. The reason most life insurance companies require you to submit your medical information or undergo a medical exam is so that they can determine the level of risk you pose. The policy fee you will be required to pay will be directly linked to your state of health; the poorer your state of health is then the higher the fee you are required to pay will be.

Companies that offer life insurance with no exam will charge you more than traditional life insurance firms because of the added risk they are taking on. The benefits of this for you are that you have less paperwork to deal with, you don’t have to go through a medical exam and there shouldn’t be a delay in being accepted onto a term life insurance policy. The downside of trying to get no exam life insurance is that you may not qualify for coverage. There are still requirements on your part that require you to be in general good health in order to be accepted.

The procedure to qualify for life insurance without a medical exam is straightforward; there will generally be a series of simple health related questions that will enable the insurance company to give you a quote. If you are accepted you are then you are required to accept or decline the fee, if you accept then you will be sent your policy documents and can arrange a convenient monthly payment agreement. You might be given the option to pay an annual fee that will probably offer you a savings when compared to the monthly rates; however you need to look at your financial circumstances to see if you can afford a lump sum payment.

Posted by on Jan 26, 2012 in Blog | 0 comments