By Hollie Smith

Life Quotes, Inc.

Non-medical or ‘no exam’  insurance is life insurance that doesn’t require a medical examination and can be issued in a matter of days.

There are certain advantages to purchasing non-medical life insurance. It lessens the demand for a medical professional (without a paramedical exam, there is no need for a medical examiner), and it eliminates the delays of taking a medical examination. It is also an alternative solution to getting approved for life insurance when the policyholder has a chronic medical condition that may otherwise render them uninsurable.

Read the HealthReform.gov article “Coverage Denied: How the Current Health Insurance System Leaves Millions Behind” for more information about pre-existing conditions and uninsurability.

A disadvantage is that a nonmedical policy typically costs more than a traditional policy because the insurance company knows very little about the policyholder’s current health status and the risk involved when it comes to insuring them. Even so, if you are under the age of 35, there is less of a chance you have a pre-existing medical condition, so the premiums are more reasonable than they would be for someone who is older.

Before a policyholder decides to purchase a nonmedical life insurance policy, there are other options to consider. Some companies may be willing to issue insurance up to a certain limit on the applicant’s declaration of good health if the policyholder has obtained standard insurance from the same company within 3 to 6 months, and a medical exam was given.

Other companies have extended this option to policyholders who apply for additional insurance five years later.

There are also instances where a policy would be considered guaranteed issue under a group life insurance policy or a policy provided by an employer. Group life insurance companies accept all applications for insurance (regardless of group health status) up to a certain limit.

And still, there are insurance companies that will accept a simple examination through a nurse or medical technician. This includes a basic exam with blood and urine specimens. Although this reduces the physician’s fees and offsets some of the risk involved when it comes to insuring an individual, it does not include heart exams or detailed reports that most insurance companies require before offering a policy.

This article was originally published by Life Quotes, Inc.