No medical exam life insurance is a type of policy that doesn’t require an applicant to undergo a physical examination. This is usually because the company has decided that the risk of insuring you is low enough not to warrant further investigation into your health condition. Life insurance no medical exam can be attractive for those with health conditions that could prevent them from getting traditional coverage, such as diabetes or heart disease. However, there are things you should consider before signing up for no-medical exam life insurance:
Coverage Amount
The amount of coverage you need is determined by your current financial situation, future financial goals and the number of people who will depend on your life insurance proceeds if you are no longer around. How much you can afford is pretty simple. Most people have trouble knowing what they can get without medical exams and how much they would be willing to spend on a policy. This is where it helps to have an experienced agent or licensed broker who understands all types of policies and can guide you through the process.
Level or Decreasing Death Benefit
Life insurance companies offer two types of life insurance policies: level and decreasing death benefits. In the case of a level life insurance policy, the amount you receive if your loved one passes away remains the same throughout your lifetime. With decreasing death benefits, however, the amount your loved one receives reduces as you get older and closer to passing away.
Experts like Ethos say, “Just answer a few health questions and receive your life insurance quote today with no requirements of a medical exam.”
Term Length
Term length refers to the length of time over which you will be paying for your life insurance policy. Generally, there are two types of term lengths:
- Short-term (1-5 years). These policies are ideal if you are looking for affordable coverage that will not last long or if you want to save money on monthly premiums because there is no medical exam required and, therefore, no health screening process involved.
- Long-term (7+ years). This type of policy is better suited for those who plan on using it permanently or need longer periods of coverage, such as 10 or 20 years, in order to accumulate funds safely over time without needing access at any given point during their lives due to unforeseen circumstances.
Other Coverage Add-ons
After you’ve determined whether or not to get a no-medical exam life insurance policy, you may be wondering about other options. There are many different types of coverage that are designed to help meet your specific needs.
You can also purchase additional coverage add-ons:
- Dependent Life Insurance. This pays out if you die and your spouse is left without adequate means of support.
- Accidental Death & Dismemberment (AD&D). This pays out if you are in an accident that results in death or dismemberment (a loss of part of the body).
- Critical Illness Disability Benefit. This pays out if you contract a critical illness and suffer from its effects for at least six months or longer with no means of support other than through Social Security Disability Income (SSDI) benefits.
As you can see, there are many factors to consider when buying life insurance. However, the key is to make sure you choose a policy that works for your life and your budget.
