Life insurance is something many people overlook, either because they don’t understand what it’s for, or because they can’t justify the expense. A third reason people generally pass on it, however is that they are concerned about passing the medical exam that is usually required in order to get it. If the third reason is why you do not carry life insurance, you should be aware that there is such a thing as “no exam” life insurance.
While the medical exam required to get standard life insurance is pretty basic – generally comprised of blood and urine samples and a basic physical – and most applicants have no trouble passing them, if you are morbidly obese, diabetic, a smoker, or have a heart condition, you are among those who are generally disqualified. As well, some insurance companies will not insure people who have been diagnosed with clinical depression.
If you have one of the above conditions, or just don’t have time to schedule necessary medical appointments, let alone an insurance exam, you have three options for obtaining life insurance without an exam. They are open enrollment through a work-sponsored benefits plan, regular life insurance without an exam, or term insurance without an exam. We offer quotes on the latter two, here at InsuranceSpecialists.com.
Non-term insurance that doesn’t require a physical exam can be difficult to find, but insurance companies – many that operate exclusively online – do offer it. Generally, you will be required to answer several questions about your medical history, but the exam requirement is eliminated. The premiums on this type of life insurance are higher than they would be if you were getting a policy that included a physical, because the insurance company has to compensate for the perceived risk of a client who is likely to have conditions that would prevent them from passing a medical exam. Since this is not term insurance, the policy will remain in effect as long as you continue to pay the premium.
Alternatively, you may want to consider term life insurance, which is a life insurance policy that is effective only for a specific term, usually from five to twenty years. Because there is no expectation that the insured party (you) will die during the term of the policy, it tends to be less expensive than standard life insurance, and it almost never requires an exam. If you’ve seen those commercials for “people from fifty to eighty,” those represent one kind of term insurance.
While you can get life insurance without a medical exam, you cannot, and should not, hide your medical history from your insurer. If they discover an undisclosed medical condition after the policy is instated, it can be canceled summarily.
Life insurance can be a valuable asset to your dependents if something happens to you. Don’t leave them unprotected. Even without a medical exam, coverage is available.
