In most cases, when an individual applies for health insurance coverage, he or she must undergo a thorough medical examination before the application is approved. However, there are several types of no-exam life insurance available including:
Graded Benefit No-exam Life Insurance
- No medical examination, or even questions about your health, necessary;
- Primarily purchased by the late-middle-aged and the elderly;
- Somewhat complicated application procedure;
Guaranteed Issue No-exam Life Insurance
- AKA Guaranteed Acceptance Life Insurance;
- No medical examination;
- No health history questions;
- Guaranteed acceptance;
Simplified Issue No-exam Life Insurance
- No medical examination;
- You will have to answer health history questions;
- Relatively simplistic application procedure;
Traditionally, the application process for obtaining life insurance is lengthy and complicated. Besides having a thorough medical examination performed, applicants are drilled with a battery of health history questions. Then, 4 to 6 weeks will elapse before the entire underwriting process is complete. With No-exam life insurance, a policy can be issued within just a few days.
Many applicants who would otherwise be uninsurable are able to obtain no-exam life insurance. Preexisting health complications, advanced aging and a variety of other factors work against traditional health insurance policy applicants. Because of this, many no-exam life insurance policyholders are individuals who are actively preparing for the end of their lives. They may be diagnosed as terminal and wish to keep all death benefits coming to them intact for funeral expenses, and for easing the financial burdens of their loved ones.
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How Much Does No-exam Life Insurance Cost?
No-exam life insurance is expensive. Individual premium rates will be determined by the applicant’s current life expectancy. If an individual has a relatively positive prognosis, premium rates will be quite manageable. However, because no medical examination is required, an insurer is taking on substantial risk of payout. Since there is no way to accurately predict how long the insured will live, the insurer must raise the rates charged for the insurance considerably.
Life insurance is something that people purchase in order to have something to leave behind after they die. They want for their loved ones to be able to comfortably sustain their lifestyles. They want for people to be able to grieve their passing and not be further stressed by insensitive bill collectors. They want to provide peace of mind, security and confidence for their family members that must go on in this world without them. No-exam life insurance provides that, even for individuals who have otherwise been deemed uninsurable. The cost is high, but the payoff is excellent.
Fast Facts About No-exam Life Insurance:
- You can find the lowest rates in just a few minutes by comparison shopping online;
- Life insurance coverage is available for all individuals, regardless of current or past health complications;
- No medical examination is required;
- No need for submitting urine or blood samples;
- Guaranteed qualifying for most types of policies;
- Pricey, but worth it;
Discover your options for obtaining no-exam life insurance today. Providing the financial security that your loved ones will need when you pass on is of profound importance.