Traits Of No Medical Exam Life Insurance
What is a no exam life insurance policy? It is simply that, a life insurance policy that you can obtain without having to have a medical exam done prior to coverage beginning. While these policies are nice, they do come with a few drawbacks. Traditional insurance policies will typically require you to have a medical exam, and that physical form submitted before the underwriting process can be started.
One of the main drawbacks to the no exam life insurance policy is that you will probably pay higher premium rates than you would for a traditional policy. The more a potential insurer knows about your lifestyle and medical history, the more likely you are to receive the best possible premium rate for your policy. It is possible for you to pay as much as three times the premium price for your no exam policy as you would pay for a traditional policy.
One positive to the no medical exam policy is that you can usually obtain coverage much quicker than with the traditional policy. You will not have to wait for an exam to be scheduled and for the physical form to be submitted for coverage to begin. Usually you will be asked a series of medical questions on your application. Your policy will be decided on the answers to these questions.
As you can see, there are both positives and negatives to obtaining a no exam life insurance policy. It would be best for you to discuss your personal situation with an agent that deals in both traditional and no exam insurance policies. By doing so they can give you the best recommendations for you and your family. Insurance agents are there to help you get the best policy in the quickest amount of time. Use their expertise to benefit you.