September 23, 2022
  • September 23, 2022

6 reasons to consider no-exam life insurance

By on September 15, 2022 0

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There is no single life insurance. For some, no exam is the way to go.


Key points

  • A no-exam policy is generally more expensive than traditional life insurance.
  • For some, buying a no-exam policy is the quickest and easiest way to get life insurance.

Traditional life insurance policies generally require a medical examination. It’s a way to give the insurance company some insight into your overall health and lifestyle before they approve your claim and offer you a quote. Some insurers offer no-exam policies, which means no medical exam is required. Although a no-exam policy costs more than traditional life insurance, it is still worth considering for some people.

1. You need immediate coverage

Let’s say you go on safari in Africa and leave young children at home with their grandparents. You worry about what would happen to your kids if a hippo knocks over the truck you’re driving in and a lion devours you. Maybe you don’t have life insurance or your current policy is too small to take care of your children after you leave.

There is no set term to get traditional life insurance coverage, but it will definitely take longer than a no-exam policy. After all, with a no-exam policy, you don’t have to make an appointment with a medical professional and wait to be seen. You don’t have to worry about how long it will take for lab test results to arrive.

If you need a policy fast, no review may be the answer.

2. You are young

Maybe you’re young and single and don’t really see the need for a policy yet. Still, if you want to leave enough money to pay for a funeral or leave for your parents or siblings, buying a no-exam policy is a solution.

3. Nobody counts on your income

If you are the only person relying on your income, buying a large traditional policy may not make sense. Let’s say you want to leave your car to a sibling when you die, but you still owe a balance. A smaller no-exam policy might be just what you’re looking for.

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A word of caution: just because no one is counting on your income right now doesn’t mean you won’t someday in the future. The sooner you buy life insurance, the cheaper the policy will be. In fact, you might be surprised at how inexpensive a term life insurance policy can be.

4. Your job or hobby is dangerous

If you string power lines or tame lions for a living, insurers know you have a higher than average risk of dying on the job. The same is true if your idea of ​​fun is hang gliding, mountaineering or cliff diving. If you’re having trouble getting traditional coverage, you might want to try a no-exam policy.

5. You have a medical condition that would make it more expensive to purchase traditional coverage

If you have a high-risk medical condition, it may be beneficial to compare the premium cost of a no-exam policy to that of traditional coverage. It’s possible that the no-exam policy will cost less once an insurer raises the price of their traditional policy.

6. You’re too old for a traditional policy

Once you’re past a certain age, it can be difficult to find an insurer willing to underwrite a life insurance policy (exact age varies by insurance company). And the older you are, the higher the cost of a new life insurance policy. This is another situation where it may be beneficial to compare the quote for a traditional policy to the quote for no-exam life insurance.

Whether you get life insurance the traditional route or opt for a no-exam policy, life insurance can be a solid part of your overall financial plan.

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Life insurance is essential if you have dependents. We’ve combed through the options and compiled a list of the best life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.