No exam life insurance is exactly what it means – there is no medical examination required for traditional life insurance policies. The coverage is the same as the policies that require medical exams. However, they may not lower the coverage but have a whole batch of medical questions you need to answer. This can also include a pharmacy report that tells them what medications you have purchased in the last five to ten years, motor vehicle department report, medical insurance report (if insurance has been denied previously) and credit history.

Over the years many different types of policy options have come up changing the requirements for a life insurance. Many insurers to speed up the process of underwriting have foregone the medical examination for policies up to $250,000. Application for such policies become fast and easy and can be applied online or over the phone. This also allows the insured to get instant coverage on approval. Many reputable insurance companies provide full benefit on death without having a waiting period.

There are three important things that you need to look at before you go in for insurance. First, it has to be affordable; many no exam insurance companies are expensive. Second, do check for how long the company has been in business, how is their financial situation and are they paying the claims. Third, find out how long does it take to get the insurance approved.

No one company will have all three things, but they have to be affordable and reliable.

No exam life insurance mistakes

A lot of mistakes have been seen in the no exam life insurance; you have to make this as the best option possible. The most common mistakes we make are not comparing company quotes, paying too much life insurance coverage, choosing the first company that comes along, jumping to the conclusion that you have very few options available. Getting the best life insurance without medical examination can be confusing to some.

Qualification for no exam life insurance

You can skip this section if you are healthy, but if you have blood pressure or high cholesterol, you need to read this. No exam is based on your health qualification and your application may be accepted or rejected on those bases.

Your answers to the questions in the application will clear you of the no examination. All this depends on your medical information bureau report, pharmacy report and motor vehicle report. Many insurance companies run all three to verify the answers you have given. Many ask 15-20 questions while a few just ask a few questions.

Some common questions asked are –

• Do you have a terminal illness?
• Do you smoke or use tobacco?
• Do you have HIV or AIDS?
• Do you reside in a long-term care facility?
• What are your height and weight?
• Do you take any medications?
• Do you have any history of cancer or heart problems?
• Any activities that are dangerous have you been declared bankrupt or are there any felonies in your name?

Even if you take medication for cholesterol or high blood pressure, insurers may not accept your application even if it is in complete control. Be honest with your agent there is life insurance available even in these conditions.

Good candidate

There are a few reasons that you require a no exam life insurance. Many want the process to be completed in a few easy steps. And not take over four to eight weeks to complete the process. You don’t want to get poked with a needle or do tests. Many who fear tests can still get a life insurance. No exam life can get you coverage in sometimes 48 hours or maybe in a day. If you are going on a trip and your insurance has expired or lapsed.

If you have not gone to a doctor in a couple of years, then your test results will be problematic in getting coverage. Applying for no exam life insurance will ease your mind. First get a no exam insurance and then go in for a full underwritten coverage. Those who do not qualify for a life insurance due to a medical condition may find no exam policy a good aspect, and it is also for those who cannot face tests.

Advantages of no exam life insurance

Life insurance is taken to secure loved ones even after your death it will also cover funeral expenses and other types of debts. Traditional life insurance can take a lot of time; it has several steps including medical examination.

No exam life insurance requires that you provide blood and urine samples, only that you answer health questions to qualify for the insurance. It is more feasible for those who have been refused a life insurance due to medical issues.

Medical exams assess the applicants’ health and risk factors.
Young qualifies for a type of life insurance called Accelerated underwriting that has affordable rates on term life insurance. Older applicants with covering for end-of-life expenses qualify for permanent life insurance given with small coverage amounts that do not require a medical examination.