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Life Insurance With No Exam Does Exist

If you are looking for life insurance but are worried about taking a medical exam, have no fear because no exam life insurance is a viable option for many life insurance applicants.

No exam life insurance is a type of life insurance policy that does not require you to undergo a blood test or any other medical examinations. Since there is not a medical exam, the policy premiums are calculated based on a few lifestyle and health related question as well as an applicant’s age and gender. When shopping for no exam life insurance it's beneficial to shop around because often times the premiums vary from one company to the next. Here are a few questions to think about before purchasing a policy.

Five Questions to Ask When Buying No Exam Life Insurance

1. Do I Need Life Insurance?

To answer this question ask yourself if there are people that depend on you or if there are expenses you have that you don’t want to fall on loved ones should anything happen to you. The reasons each individual needs life insurance vary. Ask yourself questions like: Do I have a family that will need additional income if I’m not there to provide it? Do I have a mortgage to pay off? Do I have other debts that I don’t want to fall on friends or family? Do I want to leave a financial gift to a loved one? Do I want life insurance to cover funeral related expenses? The great thing about life insurance is that it can financially protect the ones you love in several ways.

2. How Long Is The Policy Guaranteed For?

When buying a policy you can customize how long you want it for. You can choose to purchase for terms including 5, 10, 20 or 30 years of coverage. When choosing a term length, consider the reason you are purchasing life insurance. For example, are you purchasing term life insurance to protect your family while you pay off your mortgage? If so, consider purchasing a policy with a term length that lasts through the duration of your mortgage. 3.

3. How Much Coverage Do I Need?

Consider your insurance objective, for example, providing income to your loved ones in the event you pass away. Depending on your age, stage in life and financial ability to cover your premiums you can purchase enough insurance to cover any of the following:

• Income replacement (consider how many years you want to replace for) 
• Existing debt 
• Cost of remaining mortgage 
• Funeral expenses 
• Future obligations (ex. kid's college costs) 

4. Should I Insure My Spouse and/or Children?

If you can afford it, additional life insurance for your spouse is a great idea. In cases where your spouse is the primary care giver, although income replacement may not be a concern, the added costs for childcare, funeral costs and other unanticipated expenses can be covered by a smaller policy on your spouse. A rider, which is additional coverage not already included in your policy, may also be added to cover your children on either yours or your spouse’s policy.

5. What Type of No Exam Life Insurance Should I Purchase?

There are three main types of no exam life insurance:

Graded Death Benefit Life Insurance: This type of no exam coverage requires a simple application with a few health related questions. Typically full benefit under this type of policy is not available for the first few years or is "graded," meaning benefits increase over time (when you have paid more into the policy).

Simplified Issue Life Insurance: This is an underwritten policy that includes detailed medical history but does not include a medical exam. The process of obtaining life insurance is simplified and quicker than it is for a traditional underwritten policy.

Guaranteed Issue Life Insurance: This type of insurance is exactly as the name implies. Everyone is guaranteed a policy regardless of medical history because no medical questions are asked in the application. However, this insurance is expensive and in most cases should be a last resort.

No exam life insurance premiums are generally a bit higher in price than traditional life insurance policies because life insurance companies are taking a bigger risk by allowing you to skip the medical exam. However, the speed, ease and convenience of purchasing a no exam policy, plus the benefit of avoiding the doctor's office and protecting your medical privacy, are all valid reasons to purchase no exam life insurance.

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