What to Know About Life Insurance With No Medical Exams

stethoscope on medical paperwork

Is life insurance without a medical exam worth it?

While most recognize the importance of having life insurance coverage, studies have shown that 43% of Americans still don’t have this protection.  Some of the common reasons that people cite for not securing a policy is the length of the underwriting process, unfamiliarity with life insurance as a whole, and the expense of the coverage.  However, the most common excuse for not getting life insurance is that people do not want to undergo the medical examination.  Insurance companies have recognized this, and now, many offer the ability to secure term life insurance without the medical exam.  However, is this option really better?  Here’s what you need to know.

  • Is No-Exam Life Insurance Worth It?

No-exam life insurance goes by many names.  For instance, insurers may call it simplified-issue, accelerated, or algorithmic insurance.  During the underwriting process for no-exam life insurance, third-party partners will verify your medical and prescription history, financial history, driving history, and so on.

However, what no-exam life insurance providers don’t tell you is that you may still need to complete a medical exam to secure coverage.  If your medical and prescription history raises concerns about your state of health, then the insurance company may make you undergo a health exam anyway.

  • Consider the Pros and Cons

Some find that no-exam life insurance is worth it because the application process is faster, and they can usually secure a policy completely online.  For instance, people who are in good health and who do not have pre-existing conditions may find that no-exam life insurance is more convenient.

However, you must also weigh the cons of this coverage.  For starters, the stricter underwriting makes it harder for people to qualify for this coverage.  Additionally, the amount of coverage you can secure is limited, and these types of policies tend to be more expensive than standard term life policies.  So, if you are older, have health concerns, and are looking to secure more than $1 million in coverage, then no-exam life insurance probably isn’t your best bet.

This is what you need to know about no-exam term life insurance.  Do you have additional questions about your life insurance coverage?  If so, then contact the experts at Udell Family Insurance.  We are ready to get you the coverage that you need today.

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