Pros and Cons of Term Life Without Medical Exam

With the sophistication of today’s insurance policies, many people are opting for a term life with no medical exam as an easy way to obtain protection.  If you qualify, you can quickly obtain term life without a physical policy the same day as your application.  However, with all of this convenience, are there any drawbacks to life insurance coverage without a medical exam?

Disadvantages to a Term Life, No Physical Policy

The most prominent disadvantage to a no medical, term life insurance policy is the increased cost.  Generally speaking, term life no medical coverage tends to be more expensive than those requiring a mandatory exam.

In addition, not all people qualify for these types of insurance policies.  You should typically be in good health and, of course, not smoke.  However, some companies do offer high-risk, no medical exam policies (which typically have high premiums for lower coverage) that can help you get protection, even if you are on medication or have been rejected by other insurance companies for pre-existing conditions.

If you are looking for a term life insurance no exam option, then you should carefully evaluate the financial rating of the insurer.  Not all companies offering term life no physical have stable financials, and you certainly do not want your insurance company to become insolvent or bankrupt.  Therefore, before you buy a no medical, term life policy, ensure that the company has a minimum credit rating of “B.”

Benefits of a Term Life Without Exam Policy

If you qualify, you can enjoy term life no medical coverage without having to submit to a mandatory health test, where they typically draw blood, give you a physical, and ask in-depth questions.  You simply answer questions honestly, and if you qualify, you can potentially obtain life insurance coverage that same day – eliminating the typical four to six week wait associated with traditional policies.

In addition, with no medical insurance policy, there is no need to fight through piles of paperwork.  You simply apply online, and if you are approved, you make your first payment via the internet.  Minutes later, you can print out your policy coverage – and you instantly have coverage.

Always Answer Honestly

When you apply for term life coverage it is very important that you answer honestly in the assessment questions.  Although you may feel that omitting some parts of the truth, such as your current health status or your family’s medical history, may help you find a better policy, you are putting your dependents at jeopardy.  Should you pass away, your insurance company will conduct investigations, and if they find that you purposely omitted known information, they have the legal right to rescind your death benefit – leaving your family without financial protection.

For many people, the option of a term life insurance no exam policy is convenient, easy, and affordable.  Even if you do take medications, or perhaps have been rejected by other companies, you can still find suitable protection for your family.