If you are looking to insure your life you have a number of options to explore. For example, do you choose term or another kind of coverage? Here is a look at some common life insurance no medical questions that may help you make an informed decision.
Q. What does a no exam policy mean?
A. You apply for coverage and there is no need to see a doctor for an examination, x-rays, or blood work. You provide sufficient information to the insurer and will receive a policy.
Q. Is there a waiting period on this kind of policy?
A. It is much quicker than standard policies (usually a few days) as standard ones require exams and must be underwritten. The process (for normal policies) can takes weeks for approval. It should not take long at all for you to receive coverage for a no-exam policy. However, it is important to check with your insurer about waiting periods for death benefits, as that varies according to policy and some can be as long as a year or more.
Q. Can they really guarantee my approval if I have a serious health issue?
A. Yes, many insurers provide guaranteed acceptance. However, there may be some restrictions on the policy. This depends on your health and the company.
Also, serious pre-existing health conditions may be covered for fewer benefits and higher rates. In other words, if you are in good health you may qualify for a much larger policy. This is all about risk taken by the company.
Q. If I am healthy, should I consider no-exam coverage?
A. That depends on your situation. For instance, if you do not want to go through all the trouble of a complete physical then you may want to consider this option. Also, some people do not enjoy being stuck with needles, and this can be a reason to choose a no-exam option.
Q. What about the cost?
A. Cost varies from company to company. Also, you must consider risk factors like age, sex, and health. That is why it is very important to check out several providers and compare the rates and benefits. That can easily be done online. All you have to do is visit websites and apply for information. This does not take long and can be done any time of the day or night.
Q. Why should I choose a no-exam option?
A. There are many good reasons to consider these policies. For example, you may not have any way to cover the expenses of your funeral and burial. Most people do not want to place a financial burden on their loved ones and getting coverage for these expenses is a good way to take care of your family after you are gone. They will have enough to deal with, and certainly do not need to worry about finances.
Q. Where can I get more information?
A. Talk to an agent who sells these polices. He or she will be more than happy to discuss all of the details. You can call on the phone or contact them via email.