5 Myths About Life Insurance With No Medical Exam To Ignore
by Abdul Aziz Mondal Insurance 01 February 2023
Choosing life insurance coverage comes with many variables to consider. As a result, there are several myths out there, including misconceptions about policies with no medical exam. People can make costly mistakes or miss out on getting the right coverage if they believe these misconceptions. This article will debunk five myths about no-exam policies to help people find the best life insurance with no medical exam.
1. Only Younger People Can Get No-Exam Life Insurance
People of all ages can get no-exam life insurance. In fact, seniors may prefer the no-exam route if they find the medical exam to be inconvenient or invasive. Additionally, life insurance with no medical exam can help older individuals that simply want to get coverage quickly. For example, if they need to update their estate plan as soon as possible, it may be necessary to get a no-exam policy so they can be covered much faster.
2. You Can’t Get A Lot Of Coverage
The simplified issue, guaranteed issues, and final expense insurance all offer smaller levels of coverage, but they aren’t your only options. For example, you can get term and permanent life insurance policies with no medical exam from many insurers. This helps you get the full coverage of a traditional policy without the inconvenience of an exam.
3. Premiums Are Always Expensive
Numerous factors can impact the cost of your premiums. However, no-exam insurance premiums aren’t always expensive. For instance, you may be able to get a term life policy with no medical exam. It’s a temporary policy that lasts 10 to 30 years, but it is possible to get coverage similar to permanent no-exam insurance for lower premiums.
4. No-Exam Life Insurance Has Hidden Costs And Conditions
It seems like there is a catch to being able to skip the medical exam, but in most cases, there isn’t one. There are no hidden costs or conditions you must meet for most no-exam policies. The only exception is guaranteed issue life insurance, which may have a one to two-year lockout period. Keep in mind that if the policyholder passes away during this period, beneficiaries may only receive a refund of the premiums.
5. No-Exam Life Insurance Has No Medical Questions
No-exam policies have no actual exam, but certain policies still ask medical-related questions. For example, simplified issue and no-exam term policies have basic medical questions. However, these are relatively quick to answer and aren’t invasive like a medical exam can be.
Guaranteed-issue life insurance is a policy type that eliminates these medical questions. It may only require a few basic questions about yourself and your lifestyle to determine your premiums.
The Bottom Line
Since many people associate life insurance with medical exams, plenty of misinformation about life insurance with no medical exam is out there. You don’t need to be a young person to get no-exam insurance. People of all ages can get no-exam insurance, and you’re not limited to small or expensive policies.
These policies don’t often have hidden costs or conditions, but looking over the fine print is still worthwhile. Finally, some of these policies might still ask medical questions without requiring you to do an exam. Now that you know these myths are false, you can feel more confident shopping around for the best no-exam policy.