Top Tips for Buying Life Insurance No Medical Exam Online

There are many insurance companies out there that offer no medical exam life insurance policies, but not all of these will be beneficial to you. Make sure you do your research and go with the right type of policy for your needs and those of your family.

If you’re looking for life insurance no medical exam is a definite possibility for you. The difficulty isn’t necessarily in finding this type of insurance—many different companies offer this option—the trick is to find the right amount of coverage for the lowest possible price. Below are listed some of the most important steps for finding exactly the right type of insurance for your situation.

The first step is to determine what type of insurance you are looking for. The main split is between term and whole policies. Term policies limit for how long you will have the policy in action, while whole life policies last for your entire life. You can get either without a medical exam, but whole is much easier to get this way than term is.

This is partially because term policies deal with much larger amounts of benefit money. There are many types of whole life policies out there, but one of the more popular options will not payout full benefits until you have had the policy in place for two years. This might seem pointless to have, but it really does serve an important purpose. When you pass away, the money in your estate is subject to taxation once it is passed down to your heirs, but if the money is placed within a life insurance policy, your heirs will receive the money tax free. With the above example, if you die before your two year probationary period is up, your heirs will receive the amount of money that you have paid out in premiums tax free even though you haven’t had the policy active long enough in order to receive the full benefit amount.

Getting a policy without a medical exam is not without difficulties, however. The general rule here is that you will not have the same benefit options that you would have if you submitted to a full medical examination. If you are younger and healthier, it is probably in your best interest to have the insurance company give you an exam. These exams are completely covered in cost by the company and can even be conducted within the comforts of your own home. 

Basically, what it comes down to is that the ball is in your court. You have a lot of options out there, you just need to narrow them down and figure out which one is best for you. You can meet with financial advisors or insurance specialist to get yourself started out, but beware. Many of these so called professionals are salesmen at their core. What they recommend to you might not necessarily be what’s best for you. Rather, their help might be designed to give themselves as big of a commission as possible. For this reason, it is very important that you take your time and think this decision through in a thorough manner. You don’t want to be taken advantage of and you don’t want what’s best for someone else. Do your research and act in your own best interests.

Posted by on Jul 22, 2013 in Blog | 0 comments