- What are the advantages of no exam life insurance?
- February 3, 2014
Non-medical or no exam insurance is life insurance coverage that doesn’t require a medical examination and can be issued within a matter of days.
There are certain advantages for purchasing non-medical life insurance.
First off, it lessens the demand for a medical professional to administer a paramedical exam, and it eliminates the delays of taking a medical examination. This is extremely beneficial for those who need coverage right away.
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.
A disadvantage is that a non-medical 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’s a smaller chance you have a preexisting medical condition, so the premiums are more reasonable.
Before a policyholder decides to purchase a non-medical 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 received a medical exam and obtain standard insurance from the same company within three to six months.
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.
Also keep in mind that life insurance rates are currently at an industry all-time low, which makes getting coverage even more affordable.
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