When should you consider no exam life insurance?
No exam life insurance is a helpful option for people in one or more of the following circumstances:
- People who need life insurance right away, for various personal reasons.
- People who have an existing medical condition, and have trouble finding affordable traditional term or whole life insurance policies.
- The elderly, who may have similar difficulty finding other coverage.
- Those who wish to avoid laboratory tests and medical examinations.
- Those who lack the patience or time to fill out an extensive medical questionnaire.
Before you begin your search for no exam life insurance, you should be aware that premium costs are significantly higher than for traditional life insurance policy types.
What types of no exam life insurance are available?
There are three main no-exam life insurance policy options from which to choose.
- Simplified issue life insurance. This option entails no medical examination, but still requires applicants to provide medical background information to the insurance company. It’s tempting to fudge on your answers to medical background questions. Don’t do this – the insurance company will drop coverage in the event of a claim if their investigation turns up evidence that you provided incomplete or misleading information.
- Guaranteed issue life insurance. This option asks no medical questions, and you can’t be turned down. In return, expect significantly higher premium amounts.
- Graduated benefit (also called “graded benefit”) life insurance. Like the guaranteed option, graduated benefit life insurance entails no medical questions or examinations. However, the policy death benefit is significantly less than the face value for the first two to three years of policy life. If the policyholder dies of natural causes during the probationary period, only the premium payments are refunded, plus interest. If the policyholder dies in an accident, however, the policy pays the full face amount.
Consider your options carefully!
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