ArmandoWInsurance | ArmandoWInsurance | United States
Term Life Insurance No Medical Exam
Medical exams are a standard life insurance applications, but we know you’re busy or you just don’t want to do a medical exam.
Most of my customers don’t need a medical exam. If you’re in good health, it seems like an inconvenience. If you’re not in good health, you’re probably worried about the impact of the results on your rate.
Let me explain what is required and the advantages and disadvantages of a Term Life Insurance with no medical exam policy.
What is Term Life Insurance No Medical Exam?
No medical exam term life insurance refers to policies that don’t require a physical exam to qualify for coverage. A medical exam is done by a independent contractor who usually sends a nurse or paramedic. The nurse or paramedic will get blood and urine samples and other depending on the amount of coverage, age, and life insurance company.
Medical exams involves getting you to commit a day, time, and for best results it is recommended you abstain from food or drink (fasting) since your weight and height are checked, supplying blood and urine samples, getting your blood pressure checked and perhaps taking other tests, such as an electrocardiogram. Insurance companies use the results to help decide whether you qualify for coverage and to set your premium rate.
No medical exam, insurance companies rely on other data to assess the risk of insuring you, such as your answers to health questions, your prescription history, and evaluation of your medical history, including your previous lab work results, prescription history, surgeries, and any past diagnoses.
Rates
Rates for insurance policies with no medical exam still depend on age, sex, answers to health questions, prescription history, and driving record.
Rates are geared toward people in poor health who want to avoid any medical questions, while others focus on young, healthy people who want a quick application process. You can still be denied by insurance companies based on your past medical history, prescription drugs, and other factors.
Rates for healthy, good weight, and no medical history applicants in the 20-30 age range will pay a higher rate than if they chose to do a medical exam.
Advantages
Some advantages for a Term Life No Medical Exam policy are:
► Faster to get approved.
► Application is short
► Application is approved based on your (truthful and provable) health information and sometimes your health records. If you take a medical exam and you get a unfavorable result from blood pressure, or high sugar, or other your rate will be higher.
► Some Insurance companies offer no medical for $100,000 up to $500,000 coverage. Contact us for updates.
► Convenience – You don’t have to worry about schedule and logistics hassle of a medical exam application.
► Avoid the needle. No insurance company allows you to avoid the blood sample when you do a medical exam application.
► Budget – Term Life Insurance No Medical rates have reasonably rates. Highest coverage amount is around $500,000.
Disadvantages
Some disadvantages for a Term Life No Medical Exam policy are:
► Coverage amount limited. – your coverage options can be more limited than they would be with a traditional plan with a medical exam. It will depend on your particular health and life insurance needs and budget.
► You pay a higher rate – no-exam life insurance is more expensive than a policy requiring a medical exam. Specially if you are healthy, good weight, and favorable medical history.
► Limited Death Benefit – most life insurance companies have no-exam with a maximum death benefit of $500,000. Check current max amount.
► Denied coverage – Unfortunately your application can still be denied based on your medical condition, medical history, height and weight. Your other option is to apply for a Final Expense Life Insurance policy.
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