No Medical Exam Life Insurance

No medical exam life insurance, also known as life insurance with no exam, is one of the many policies available for life insurance. However, if your health is good, and you are young, you may want to also consider looking for traditional life insurance, instead of getting life insurance with no exam, as you could save some money.

These are some of the most common questions asked regarding life insurance with no exam:

What is no exam life insurance? What does it mean?

It is life insurance with no medical exam. Instead of a medical underwriting process contingent on an exam, your insurance rate may be determined by how old you are, your gender, and in some cases, a few questions about your health. The rates generally may cost more for the insurance policy than for a life insurance policy that is underwritten after a medical exam.

Is there more than one type of no medical exam life insurance out there?

There are three general kinds of no exam life insurance:

• With guaranteed issue life insurance, there generally are no medical questions, and no medical exam involved. Because you generally cannot be rejected unless you are living in a nursing facility or hospital, it is called guaranteed.
• With a graded benefit life insurance policy, you have no questions of a medical nature to answer. But getting it is can be bit more complicated than guaranteed issue. Graded benefit policies are usually targeted to those 50 and over.
• With simplified issue life insurance, you usually have no medical examination, but the insured will have to respond to some specific medical questions.

Can you explain why does life insurance with no exam can cost more than other types of insurance?

This is usually due to the lack of an underwriter getting to review a formal medical exam, which can mean more risk for an insurer.

How simple is it to buy a life insurance with no exam policy?

Because no medical examination is needed to buy the policy, you may see your policy approved much quicker with than with a standard policy. Standard life insurance policies may take as long as six weeks to go into effect, be activated, while a no medical exam life insurance policy may be effective in significantly less time.

So why should I consider such a policy?

Although it can cost more than standard policies, it may also give coverage to people who may be ineligible for a policy because of health problems or old age. The policy might also be a decent choice to those who have an aversion to medical examinations. And finally, some consider getting the policy simply for their beneficiaries to be used for funeral expenses after they were to pass away.

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