Regardless of who you are, if you wish to receive a traditional life insurance policy, you must first get a physical exam.
The series of testing that a candidate can go through may be quite extensive depending on the insurance provider.
Unfortunately, extensive testing can be a drain on your time that is very valuable when it comes to insurance.
Every day that passes, is another day that you are not insured.
One way that all of this can be avoided though is by taking a no physical life insurance policy. These policies are great in that they require no physical exam. If time is of the essence and you need to be insured right away, this may be the best option. Another great benefit to this is if you believe a physical may uncover some new health problem that hasn’t previously been diagnosed.
This allows you to get insurance at a lower rate than if you were known to have a certain health condition. You can get up to $350,000 of life insurance coverage with most companies and sometimes much more without a physical exam. Knowing your options and whether or not a no physical policy is really the right fit for you is important in finding an insurance that meets your personal needs.
No Exam Policies Compared to Traditional Term
In most cases the policy is very similar to other term life policies. There is a beneficiary that is issued funds due to the death of an individual. These funds are based on the type of policy and any conditions associated with it. It is usually the case that the insurance will issue funds regardless of the cause of death. This might sound like basic common but some miss this obvious point: you must pass away for your heirs to collect on the policy. There is no cash build up like you would have in a whole life insurance or universal life policy.
Term life insurance allows multiple time periods for insurance. The only real key difference between a policy that requires a medical exam and one that does not is the cost.
With this being said, if you are confident that you can qualify under a traditional insurance plan, this is the best route to take. This is the case because of the fact that traditional premiums are far less costly than alternative insurance policies.
How Fast Do No Exam Policies Issue?
Regardless, there will still be a lag in time where you will not be insured while you are awaiting your physical results. This is the opportune time for a no physical insurance to fill the gap. When your physical does finally come back, you can cancel your no physical insurance. This is at no additional cost to you and ensures you are covered in the event of an accident.
We have several carriers that will issue a no exam policy in 4-5 days. Now that’s fast!
Advantages of No Exam Policies
Despite all of the obvious advantages of receiving coverage without a medical exam, there are always other factors to consider. Some of these factors may not be as important to an individual but it really all comes down to individual circumstances and preferences. The one major difference that has been mentioned is cost. When there is no medical exam to rely on, many factors such as age, length of term selected, etc are weighted more heavily. The guaranteed acceptance is what it all comes down to and ultimately is why the cost is so much higher.
With these types of insurance it is also very difficult to find the exact policy that will fit your needs. The options are more limited when you do not submit to a medical exam so getting full coverage is sometimes difficult. Finding help from an experienced insurance agent will help you navigate your way through the sometimes complicated maze of insurance.
It is usually advised to seek the guidance of an experienced agent who knows the ins and outs of the business. They can assist you in find the best policy for your specific needs without breaking the bank. Life insurance is important so it is never a good idea to take shortcuts or not do your research on different options that are available.
How Cheap is No Exam Insurance?
Here are some sample rates from some of the non-medical carriers that we work with. Are top carriers are Fidelity Life, Assurity, 1-Click and several more.
| $250,000 30 Year Term Policy | 30 Year Old | 40 Year Old | 50 Year Old |
|---|---|---|---|
| Fidelity Hybrid | |||
| Male | $24.58/mo | $37.19/mo | $92.00/mo |
| Female | $20.44/mo | $29.58/mo | $66.12/mo |
| Assurity Non-Med | |||
| Male | $34.76/mo | $70.84/mo | $170.06/mo |
| Female | $28.38/mo | $51.04/mo | $110.44/mo |
The important thing to remember is that life insurance is something that provides peace of mind and protects your family in the event that something should happen to you. Keeping this fact in mind is a good motivation to find the very best policy available no matter how much time and effort it may take.
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