What to Know About No-Exam Life Insurance

Did you know you could secure life insurance without a medical exam?doctor taking blood pressure

When you secure a regular term life insurance policy, you will have to complete a medical examination that includes a health questionnaire, lab tests, and statements from your physicians.  However, many people think this process is too time-consuming and, as a result, they fail to secure life insurance coverage.  To entice people to secure this essential form of insurance, some carriers have started offering life insurance policies that do not require medical examinations.  But is this coverage really worth it?  Here’s what you need to know.

 No-Exam Life Insurance

No-exam life insurance goes by many names.  For instance, insurers may call it simplified-issue, accelerated, or algorithmic insurance.  During the underwriting process for no-exam life insurance, third-party partners will verify your medical and prescription history, financial history, driving history, and so on.  However, what no-exam life insurance providers don’t tell you is that you may still need to complete a medical exam to secure coverage.  If your medical and prescription history raises concerns about your state of health, then the insurance company may make you undergo a health exam anyway.

Is No-Exam Life Insurance Worth It?

No-exam life insurance is only worth it if you meet the following criteria:

  • You are in good health (few or no pre-existing conditions)
  • You are in your 20s, 30s, 40s, or 50s
  • You need less than $1 million in coverage

If you need these criteria, then you might find that no-exam life insurance is worth it because the application process is faster, and you can usually secure a policy completely online.  However, you must also weigh the cons of this coverage.  For starters, the stricter underwriting makes it harder for people to qualify for this coverage.  Additionally, the amount of coverage you can secure is limited, and these types of policies tend to be more expensive than standard term life policies.

This is what you need to know about no-exam term life insurance.  Do you have additional questions about your life insurance coverage?  If so, then contact the experts at ISU-Wissink Insurance in Culver City, California.  We are ready to get you the coverage that you need today.