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By Aly Yale
/ CBS News
Life insurance can help you provide for loved ones after your death. With life insurance policies, your beneficiaries get a cash payment when you’re gone — one they can use toward funeral expenses, unpaid bills or other costs they might be dealing with.
Before you buy coverage, though, take note: Many life insurance policies require a medical exam.
Medical exams are conducted by life insurance companies to ensure they have a clear picture of who they’re insuring (and for how much). It’s easy to lie about your health and well-being when applying for a policy. But the company won’t just take your word for it and let you pay lower premiums. They’ll want to confirm your health status – usually via an online (or paper) questionnaire and then an in-person medical examination.
If this isn’t something you feel comfortable with — or want — there are some exceptions you can explore.
If you’re in the market for life insurance – or simply want to boost the coverage you already have – a life insurance agent can help you get started with a free quote right now.
Here are the benefits of these no-medical-exam life insurance policies — and when you might want to get one.
Because there’s no waiting for an appointment or getting a physical exam or blood work, you can typically get a no-exam policy much faster than you could other types of life insurance options (often within just a few days). This can be helpful if you need coverage fast (maybe you’re divorcing or need collateral for a loan) or you’re just tight on time.
No-exam policies can be smart if you have a pre-existing health condition, are a smoker or have a risky career (like construction or fire fighting, for example). With traditional life insurance policies, these factors would make it difficult to qualify or, at least, make your coverage very expensive.
Speak with a life insurance expert now who can help you build a plan that works for you.
If you wouldn’t have otherwise qualified for life insurance or sought it out (due to fear of doctors or needles or other personal reasons), no-exam insurance can be a smart way to provide life insurance protection for your loved ones. In some cases, you may even be able to take cash out of your policy later on if you need it.
Life insurance policies that require exams can be a hassle. You have to schedule an appointment (typically through the insurer), attend the exam, submit a questionnaire, have blood work drawn and more. If you’ve got dependents to take care of, a busy job and other obligations, it can be challenging to say the least. No-exam policies offer a much more hassle-free strategy for getting life insurance coverage.
Despite its perks, no-exam life insurance also has some notable drawbacks. First, the death benefit (the payouts it offers your beneficiaries) may be limited. It also may come with higher monthly payments/premiums than some other life insurance types offer. This is because the insurer has no pulse on your medical history or health status and therefore takes on more risk when insuring you.
Finally, some no-exam policies have age limits, so if you’re on the older end, you may not qualify for this type of coverage.
At the end of the day, there are many types of life insurance, including no-medical-exam insurance, whole life insurance, term life insurance, universal life insurance and variable life insurance. Be sure and speak to an independent insurance agent if you need help choosing the right type of life insurance coverage or want assistance comparing insurance companies. Getting the right policy is critical to protecting your loved ones should you pass away.
First published on October 31, 2022 / 7:34 AM
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