No Health Exam Life Insurance

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Based on a US Life Insurance Ownership Study, 60% of Americans who said they were thinking of buying life insurance in the future did not do so because they simply "haven't gotten around to it yet". Buying life insurance is generally viewed as a tedious process primarily because a medical exam is needed to qualify for it - a no health exam life insurance directly addresses this issue.

People who view it as a hassle to see a doctor and undergo an exam just to get insurance have the option to get a no health exam life insurance policy, which many US insurance companies now offer.

What's Different About No Health Exam Life Insurance Policies

Insurance companies call life insurance without a health exam a 'term life insurance' since you opt for a fixed term. Some companies refer to it as a 'guaranteed issue policy' or 'simplified life insurance'. Regardless of what a company refers to the no health exam life insurance policy they offer, they will generally limit benefits to a lower amount than other types of insurance policies in their portfolios.

The reason for this is that the premiums for a life insurance without a health exam are higher, and if companies raise the benefit amount, it would send premiums through the roof! This would make premiums cost much more than anyone would want to pay, even for a no health exam life insurance. Nevertheless, despite the relatively high premiums and smaller benefits, no health exam life insurance has become an alternative for people who want a convenient way of purchasing life insurance. Sometimes it also becomes an alternative for those who have health problems or who, because of their age, cannot qualify for regular term life insurance.

Qualifying for a No Health Exam Life Insurance Policy

A warning to those who think they can 'trick' policy providers - no health exam life insurance policy questionnaires are generally very thorough and if you do not tell the truth about your health, your policy can be cancelled. Also, people over age 50 and those involved in certain high-risk jobs and hobbies will usually not qualify. You can qualify for a life insurance without a health exam if you are not afflicted with a major medical condition such as cancer, diabetes, or HIV.

Deciding on a No Health Exam Life Insurance Policy

If you're not really in the market for a large policy, a life insurance policy without a health exam is a good option, but you have to remember that not everyone qualifies for this type of policy. If this is your option and a company grants you a no health exam life insurance, you can simply upgrade to a different policy when your old one expires.

Terms are usually set for 5, 10, or 20 years. And while some companies offer only up to $100,000 for no health exam life insurance benefits, some advertise that they offer up to $250,000. Smaller amounts in the $25,000 to $50,000-range are, of course, also available.

Information on no exam life insurance, including free quotes. This is known in the industry as term life insurance, no medical exam life insurance is an option.

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