Find the Right No Medical Exam Life Insurance

Traditional life insurance plans that require medical exams can take several weeks to schedule your medical appointment and review your results.

Accelerated underwriting uses your self-reported answers and other reports (driving record, medical record, employment information, etc.) to make a determination.

The coverage limit usually maxes out at $1 million, but some insurance companies offer more.

Term life insurance policies allow you to purchase a life insurance policy that will pay out to your beneficiaries if you pass away before the end of the term. Most life insurance companies offer 10-, 20-, and 30-year terms, but some also offer plans in multiples of five.

Unlike whole or universal policies, term life insurance does not offer cash accrual on the policy, and many plans don’t offer reimbursement for premiums paid if the policy lapses.

Term life insurance tends to be much more affordable than a whole life or universal life policy, even with the higher premiums of a no medical exam policy.

Whole life insurance covers you for the remainder of your life as long as you pay your premiums. It also accrues a cash value over time, allowing you to borrow against your policy if you need to in the future. Be aware that borrowing from your life insurance policy can reduce the death benefit your family receives if not repaid before you pass away.

Traditional whole life policy premiums are approximately ten times more expensive than term life policies. With the higher premiums of a no exam policy, you could pay much higher rates to get a no medical exam permanent life insurance policy over other options.

Universal life insurance is a type of permanent life insurance that accrues cash value and also offers policy owners investment income with tax-deferred interest. Variable universal policies can reinvest interest into stocks, bonds, and other investment vehicles from which your beneficiaries can benefit when you pass away.

You can get a term life, whole life, or universal life insurance policy without a medical exam. However, because premiums on any permanent life insurance policy can be much higher than on a term life policy, you should only bypass a medical exam if you believe you won’t qualify under more stringent health checks.

The most important thing to do when shopping for insurance is to get quotes from multiple providers. Different insurance companies have different risk assessment models, which means you might be low-risk to one insurer and high-risk to another.

To find the best rates, source several quotes and compare the coverage options with the premiums and benefits to choose the best deal.

At Insurdinary, we do all the hard work for you by making it easy to compare several quotes side by side in one place.

Life insurance is an investment, but there are several ways to keep costs low:

• Buy your policy early: The sooner you buy life insurance, the more affordable it usually is. As you age, your risk goes up, so lock in low premiums as soon as you can.
• Avoid high-risk behavior: Smoking, skydiving, and other risky habits can mean higher premiums.
• Compare quotes: Don't buy a policy from the first company to give you a quote. Compare several rates and providers to find the best option for you.