How To Buy Life Insurance Without A Medical Exam
Did you know you can buy life insurance without a medical exam? Actually, several insurance companies specialize in this type of life insurance, but there are a few things you should consider before you decide to avoid the medical exam.
Why Buy Life Insurance With No Medical Exam?
If you’re the type of person that breaks out in a cold sweat just thinking about going to the doctor you’re probably a perfect candidate for this type of policy. Buying life insurance with no medical exam is an attractive option for people who don’t want to get stuck with a needle or go through the hassle of getting examined by a strange medical person.
Others who are not in the best of health or overweight will find no exam life insurance a perfect alternative because they don’t have to subject themselves to extensive medical questions or intrusive background checks.
But be aware that a no exam policy will cost you more and limit your life insurance options. So, if you are considering going this route, here’s what you need to know if buying term life insurance with no medical exam is right for you.
How Can I Qualify for Term Life Insurance with No Medical Exam?
First, you need to know that if you buy term life insurance without a medical exam you will have limits on your death benefit and term period being offered in the policy. Most insurance companies put a limit on how much you can buy.
You also want to watch out for not being able to renew the policy once it expires. If you want a renewable term policy, then you will have to submit to an exam.
Typically, the cap on life insurance policies issued without a medical exam is $100,000 to $250,000. Most companies offer no medical exam life insurance to those that are between ages 18 to 65.
Fidelity Life and American National offer coverage up to $250,000. Sagicor Life offers up to $399,999 of coverage. Transamerica specializes in coverage for folks over 55 and offers up to $250,000 of coverage up to age 60 and up to $50,000 for those between ages 60 to 70.
What You Need To Know Before You Apply
There is a basic medical history form that you will need to complete asking such questions as whether you have any pre-existing major illnesses or if your immediate family has a history of heart disease or cancer. Your answers to these medical questions will only have a slight effect on your rates, given the low coverage amount and short length of term, but the insurance company wants to be certain you are a good risk for this type of insurance.
In some instances, depending on the amount of coverage you are applying for, the insurance company might request a credit report or run a motor vehicle report (MVR).
Life insurance with no medical exam policies can provide the protection you need at affordable rates. It’s worth a few minutes of your time to get quotes and decide if you want the coverage. There’s no hassle, and no sales pressure. Call us at 914-633-1717 for a free no obligation quote.
