Buying life insurance can be a real pain, what with the lengthy questionnaire, medical exam, and then waiting between 4 and 8 weeks to get an answer from the insurance company. That’s why no exam life insurance makes a lot of sense for many people.
Whereas in the past, no exam policies were quite pricey, today insurers have adjusted their premiums to reflect the increased demand and competition in the field. Not only are prices being lowered, but coverage amounts are being raised. Today, you can get up to $1 million in no exam coverage.
While coverage can go up to $1 million, one of the most popular amounts is $500,000. Many people feel that a $500,000 policy is affordable (i.e. the monthly premiums won’t break the bank), but at the same time, it’s enough to get their loved ones through a tough financial situation.
If you’re in the market for life insurance, considering a $500,000 no exam term policy can end up saving you lots of hassle. Read on to find out how.
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1. Convenience
No exam policies are extremely convenient. You don’t need to undergo a medical exam that includes being poked and prodded by a medical professional that you don’t know. You don’t need to wait for your doctor to send your medical records to the insurer. You don’t need to wait for underwriters to assess every detail of your health. And you certainly don’t need to wait 4 to 8 weeks to get an answer from the insurance company.
2. Riders
Just as traditional life insurance policies come with riders, additional features that can be added, so do no exam policies. While riders are not necessarily the main reason for choosing a specific policy, they can sway your decision one way or another.
Popular riders for no exam life insurance include:
- Accelerated death benefit – This rider gives you the option to receive a portion of the death benefit early if you’re diagnosed with an illness that is covered by the policy. In other words, this allows you to get a portion of the death benefit while you are still living.
- Accidental death benefit – This is an additional benefit that can be added to the standard death benefit, and it includes a payout if you die in accident, not from health-related issues. That means that there will be two payouts to the beneficiaries: the standard one and the one from the accidental death.
- Waiver of Premium Benefit – This rider allows you to have your premiums waived by the insurer if you become disabled or gravely ill. This ensures that you will be able to keep the policy active even once you are no longer able to work or afford the monthly premiums.
3. You Don’t Need Great Health to Qualify
When it comes to traditional life insurance, people with minor or moderate health issues usually get slapped with higher rates. With no exam life insurance, you don’t need to be in perfect health to qualify. Since these policies are only partially underwritten, qualifying for no exam life insurance can be easier than qualifying for a traditional policy.
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4. Fast approval process
Traditional life insurance involves an approval process that can take months. In this day and age, there’s really no reason to wait that long for anything. No exam life insurance, however, can grant approval in a matter of days, or even immediately (depending on the type of policy and carrier).
People who are applying for an SBA loan or trying to finalize a divorce settlement often need life insurance quickly, and no exam life insurance is the only kind that can meet their needs.
Additionally, the application process for a no exam policy is much quicker, since you don’t need to wait for a medical exam and there is a much simpler questionnaire to fill out.
5. Competitive rates
Certain types of no exam life insurance are costly, like guaranteed insurance, but a term policy, also known as simplified issue, can offer fairly competitive rates. While a fully-underwritten traditional policy will most likely offer the lowest rates, today simplified issue can get pretty close. In some cases, the difference is negligible and is well-worth the conveniences of fast approval and skipping the medical exam.
Bottom Line
No exam life insurance has some wonderful benefits, but they’re only wonder if they make sense for you and your loved ones at this point in your life. If a $500,000 term no exam policy can meet your needs, there’s no reason you can’t find a competitive offer. Remember that a term no exam policy allows you to skip the medical exam and get life insurance quickly, plus, you don’t need to be in the best health in order to qualify.