Should I consider a life insurance policy that doesn’t require a medical exam?

  • Oct-31-2013
  • Richard Reich

In a previous post, we discussed how important the results of a medical exam are in determining how much your life insurance premiums will be. There are, however, life insurance polices that do not require an exam, many of which are offered by major companies. According to the Life and Health Insurance Foundation for Education (LIFE), an increasing number of families are opting for this type of coverage despite its typically higher cost.

For clarity, the type of no-exam policies that we are discussing are not the guaranteed issue plans that will give anyone coverage with no questions asked. Despite not undergoing a physical, any applicant for a no-exam policy will still have to fill out a health questionnaire and consent to have their medical records reviewed by the insurance company.

You may be wondering why anyone would choose a no-medical-exam policy if they could qualify for a less-costly alternative. Some of the most common reasons include:

  • Don't like invasive exams – Many folks just don't like medical exams and would rather pay more for coverage than endure poking and prodding.
  • Not having seen a physician in several years – Some people who have not had a physical recently may be wary of what new lab results would show. High cholesterol and elevated blood pressure are things that can change over time unnoticed. It may be wiser for those individuals to rely on older medical records that they know will present them positively.
  • Pressed for time – It can take up to eight weeks to qualify for a traditional life insurance policy. Some people want to purchase a policy before they leave for a major trip or may need it in order to apply for a loan.

Life insurance without an exam may not be the best option for everyone, but it does open an avenue for more people to be covered. If you're interested in finding out which life insurance policies you may be eligible for, use our online quote engine to browse life insurance quotes.

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