When it comes to life insurance policies there are plenty of different ones to choose from. The majority of policies will ask that you undergo an underwriting process that includes a medical exam to take place. But not all of them.
Not long ago, you would pay dearly for the right to skip the exam, not so anymore.
“Due to advancements in digital underwriting, the price gap between no exam policies and exam policies has narrowed significantly in recent recent years” – Ty Stewart – Founder of SimpleLifeInsure.com
Here are the 4 reasons why these no exam life insurance policies could be the right ones for you.
You need your coverage quickly
Usually, the underwriting process of a standard life insurance policy is between 6 and 8 weeks. Whilst some people may be happy to wait this long, there are times when this period may simply be too long to wait.
- When you are applying for an SBA loan, which will often require life insurance to be in place
- When you are in the process of a divorce and it requires you to have your former spouse named as beneficiary in a life insurance policy
- You are in the process of selling or assigning pension rights to a third party
- You are planning to be on vacation or will be out of the country for a long period of time
In all of these situations, a life insurance policy that does not require a medical exam may be ideal.
You haven’t been able to visit your doctor for some time
You may not realize it, but the date you last visited your doctor may be the difference between your policy being approved or declined. If it has been more than 2 years since you last visited your doctors, then you may want to carefully consider applying for a life insurance policy.
Whilst you are likely to think that you are in great health, a medical exam may uncover a medical condition that you didn’t know was there.
A great idea for you may be to apply for a policy that does not require you to undergo a medical exam. Even if this is just a stop gap until you can have your health checked over and then apply for a policy that does require the physical.
You have a phobia of doctors, needles or blood
For some people, the thought of visiting a doctor fills them with terror. If this is the case, then a life insurance policy that requires them to undergo a medical exam may not be possible.
The idea of heading to the doctor may make you feel anxious and stressed. Not only can this make it difficult to even get to the doctors, but when you get there your blood pressure could be higher than normal. Having an impact on the readings taken by the doctor.
The level of policy value you need is low
Some people may require higher level insurance coverage (in excess of $1million). For these people, you will not be able to take out a policy without a medical exam.
The average policy amount that is taken out on policies that do not have a requirement for medical exams are around $500,000. This level is suitable for a huge amount of the population.
If you are not sure whether or not a policy without a medical exam is suitable for you, then it is best to seek the expert advice of an independent broker. They can work with you to identify the best approach to take.