Many people don’t aspire to learn or apply for term life insurance simply because they don’t want the hassle of a medical exam as a part of the application process. The excellent news is that it has never been easier to obtain term life insurance without a medical exam. Whether it is speed of approval, simplicity of the process, or just because you’d like to avoid the hassle, obtaining term life insurance without a medical exam is the best way.
Here, we will guide you through everything you need to know to fast-track your Term Life Insurance Without a Medical Exam and get your protection without the waiting and medical tests.
What Is Term Life Insurance With No Medical Exam ?
Term life covers a specific period, usually 10, 20, or 30 years, with a death benefit paid during the period in the event of the insured person’s death.
Term life insurance without a medical exam is exactly what it sounds like: a policy without the familiar medical examination that accompanies most applications for other forms of life insurance. Instead, insurers may use alternative methods such as health questionnaires or electronic health records to determine your eligibility and rates.
Why Option for Term Life Without Medical Examination ?
There are many factors that come into play, which makes term life insurance without medical exams the best option for you:
1.Quick and Easy Application Process :
The major benefit of term life insurance with no medical exam is that it can immediately cover you by having the policy coded into an insurance company or agent’s system. Traditional applications now require a medical exam result to be submitted, which at the least takes weeks to schedule, take, and process. Without a medical exam, you’re usually good to go within days and, in some cases, even hours.
2.No Requirement for a Physical Exam :
A medical exam was always an impediment that kept many people away from considering life insurance. The blood test, urine samples, and physical check-ups, which may be unpleasant and time-consuming, all form part of the process. This step is eliminated in term life insurance without medical examination, and a much easier walk is available.
3.More Accommodation for the Unhealthy :
What’s more is that under normal situations when you would apply for term life insurance, medical exam requirements traditionally cause higher premiums and/or denial of coverage due to intolerable health issues. But because of term life insurance without medical examination, you may likely avail of a policy since these insurance providers utilize other means in analyzing risk.
4.Available Affordable Choices :
Many think that foregoing a medical examination means pricier coverage, but that’s not entirely true. There are a myriad of cheap term life insurance options taken without a medical exam. The rates may be a tad higher than for the traditional ones, but the ease and speed of getting approved may be really worth it.
How to Get Term Life Insurance Without a Medical Exam  :
Below are steps to securing term life insurance without a medical exam:
1.Compare Insurers Providing No-Medical-Exam Coverage :
There is a reason your friend might not have bought term life insurance without an exam: it may not be offered by all companies. So, find out which company offers this option by researching. Some actual big insurers worth checking are Ladder Life, Haven Life, and Bestow and get a shot at comparing quotes right from these companies for best rates and coverage.
2.Amount of Coverage Consideration :
Obtain a term life insurance policy that is free from medical examination, and typically, there will be limitations on how much coverage you can take out. Most terms will place coverage amounts below $250,000 or $500,000, depending on the company involved. If you require more coverage, however, you will probably have to go through the traditional application process.
Tip: Term life insurance without a medical exam is perfect for smaller amounts of coverage needed for a specified period.
3.Respond to Health Questions Honestly :
Even though there’s no physical, questions about your health history will still be asked during the application process. Be honest when answering these questions, as your responses will be the basis of evaluation of your health and determination of your premium. Inaccurate or dishonest answers can lead to denial of the policy or cancellation later on.
4.Present Other Documents, When Necessary :
When needed, you must also prepare for some insurers to require other documents such as recent medical records or a health history report. This is another method they could use to assess risk without doing an exam. So be prepared to give this info if they ask for it.
Who Is Eligible for Term Life Insurance with No Medical Examination ?
Not all candidates are eligible under these plans offered by insurers; these insurance companies typically choose to limit such policies to the younger and healthier. Usually, the following criteria would apply:
- Age: Most insurers provide no-exam policies to people aged 20-60. However, the eligibility and age limits tend to vary.
- Health: An applicant with no major pre-existing conditions would have a much easier time qualifying.
- Coverage Amount: You may be allowed to get smaller coverage amounts (generally not more than $500,000) without a medical exam.
Conclusion :
Thus, term life insurance without a medical examination should be the fastest route for anyone looking to acquire life insurance. Easy and instant approval, keep the hassle out of the application process, and avoid the hassle of having to submit to a medical exam. While rates could be marginally higher than for some traditional policies, usually the benefits of speed and convenience exceed the expense.
Start comparing quotes from leading insurers today so that you find term life insurance that fits your needs and budget and let it give you the coverage you deserve—without the wait!
