Term Life Insurance No Exam - How Does it Work?
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What is Term Life Insurance No Exam?
Term life with no exam is a form of term insurance that requires no physical exam in order to qualify for coverage.
The application process is simplified, meaning that you answer some basic health-related questions online to find out (usually within minutes) if you qualify for a policy from the carrier.
There are no medical exams, no urine tests, and no blood tests. However, the insurance company may check the medical insurance bureau to find out about your health, as well as use the answers to the application questions to decide if you qualify.
How Does It Work?
You answer some brief health questions (around seven) to get an instant quote online. If you like your quote you answer some additional questions about your health to apply online. If the insurer accepts your application, you may start your policy the same day using a credit card, in most cases. Full coverage may or may not begin on that day, subject to the carrier and terms of the policy.
Term life insurance with no medical exam usually comes in the form of level term life insurance. That means your life insurance premiums and coverage amount remain the same each year for the entire term of your policy, usually, 10, 15, 20 or 30 years.
Who Can Apply For Coverage?
Anyone may apply for life insurance with no exam online. However, in most cases you need to be healthy to qualify. But, there are some carriers that offer guaranteed acceptance policies with graded benefits the first 1-2 years.
Why Do People Buy Term life Insurance with No Exam?
There are several benefits to buying term life insurance no exam policies, including:
- Quick and easy quotes online.
- Instant Approval if you qualify.
- Same day life insurance coverage.
- No mailing delays.
- No sales pressure.
- No medical exam required.
- Protect your family starting today.
What are the Drawbacks to Term Life with No Exam?
There are some drawbacks to this type of life insurance coverage.
First, you may or may not qualify based on your current health.
Next, the amount of coverage available may be limited to only $250,000 or less.
Also, the premiums for your policy may be higher than for a policy from an insurer that requires full underwriting, and a complete physical exam.
The reason more insurers offer term life insurance with no medical exam online today is because the market for your business is more competitive, and technology has not made it possible to offer you Instant Coverage if you qualify.
Term life insurance with no exam offers you the option of comparing instant quotes online, applying for your life insurance in a matter of minutes, and buying a policy that starts today.
However, you should learn about the coverage you select, understand all terms, conditions, and exclusions of your policy, and compare rates and plans before you buy your life insurance policy.
Also, consider the financial strength rating of the insurance company, and contact the Department of Insurance in your state to find out if the insurance carrier has any complaints.
Term life insurance no exam coverage may or may not be the right choice for you, but it is another option you may want to consider.
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Term Life Insurance No Exam Resources
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Childrens Life Insurance - Learn about Globe Life's Child Life Insurance Plan that offers quality, affordable coverage for all of your children from a name you can trust.
