Many life insurance agencies actually push the idea of term life insurance which does not involve a medical exam because it is more convenient for the client and obviously, ultimately, more convenient for the agency. Are you looking for term life insurance for seniors? Let our professionals assist you in your search and help you obtain the coverage you deserve.
There is less form filling to be done and the policy will not need to be precisely tailored to suit in any way, therefore, because there is less work involved, it is less time consuming.
It must be noted however, that although this type of life insurance coverage is ultimately quicker and easier to arrange, it is often more expensive than the traditional type of life insurance coverage which is underwritten.
It is also worth pointing out that if your general state of health is good enough to allow you to qualify for a no medical exam type of policy, you may actually get a better policy with better premiums by applying for a life insurance policy that is underwritten in the traditional manner.
Sometimes, however, there are some situations where your best bet is looking at a no-exam policy:
If in the last two years you have not had to visit a doctor
If you have not seen a doctor in the last two years, you will be unaware of any possible underlying health problems. Although you may look and feel perfectly fine, you may have undetected high levels of cholesterol, triglycerides or glucose in your blood and any tests performed would cause these high levels to show.
Also if any tests were to be performed they could well find out that there were other previously undetected medical problems which you were not aware off and which could ultimately prevent you from obtaining life insurance coverage. Those needing life insurance for diabetics may also find it easier to opt for a no medical exam policy. By obtaining a no medical exam type of life insurance policy first, you would have the total peace of mind that even if any problems were later detected, the policy would already be in place and your loved ones would be adequately financially covered.
If You are Very Busy and Simply Don’t Have Time
A normal underwritten life insurance policy application can be time consuming to complete and if you have a very busy and hectic lifestyle, you may simply not have enough free time to take a medical exam and go through a complete application process. You may simply want your loved ones are adequately financially provided for in the event of your death without having to complete numerous forms and undergo any medical tests and we are happy to quickly find a life insurance policy that will ensure this.
If You are Afraid of Needles or Even Just Doctors in General
If you are genuinely afraid of needles or even doctors in general and don’t want to have any blood taken, you may be willing to pay more for a life insurance policy that can be obtained without you having to face this fear and put yourself through the trauma of dealing with it. You may feel that the higher price you have to pay may will more than offset the trauma and stress of visiting the doctor.
You May Just Require Life Insurance to Fund an SBA Loan
Because most SBA loans won’t allow the borrower to receive their money until there is life insurance in place, this is a perfect example of where no medical exam life insurance cover is a perfect choice as once it is in place it will ensure that you receive the funds. If you need immediate life insurance cover to secure the loan, then a no medical exam insurance policy is for you.
No Medical Exam Insurance Policies – Advantages and Disadvantages
Just like with every other type of life insurance policy, there are pros and cons to a no medical exam plan. As we mentioned eariler, the advantages to these plans is obvious, they are quick and easy to apply for. Unlike with a traditional policy, you won’t have extenive paperwork to fill out, a medical exam or medical underwriting, which means that you can be approved for coverage in a matter of days versus several months. If you’re looking to get life insurance fast, these policies are your best option.
There are several disadvantages to these types of policies to understand. The first and most important is the price. You can buy an affordable no medical exam policy, but they are going to be considerably more expensive than a traditional medically underwritten plan. Because the insurance company isn’t going to get a detailed picture of what kind of health you are in, they are taking considerably more risk. In order to offset the additional risk, they are going to charge you more every month for your coverage. If you’re looking for the most affordable plan, these no medical exam policies probably are not your best option.
Another significant pitfall to these plans is the coverage limit that you’re going to face. Unlike with a traditional policy, where you can purchase coverage of a million dollars or more, with no medical exam policies, you’re going to run into relatively love maximum coverage amounts. Each company is going to have different policy maximums, but most will only insure around $500,000 and some won’t even get close to that.
What Is The Best Way to Look for No Medical Exam Life Insurance?
Although there are indeed many ways to look for no medical exam life insurance coverage, by far the best way to do this, is reaching out to an independent agent, such as us. Here at Rootfin, we provide life insurance coverage in 50 states and we have contracts with about 60 carriers.
As an independent and totally impartial company, we always recommend applying for life insurance coverage through the traditional route, however we realize that there are sometimes situations where a no medical exam type of life insurance policy is the most sensible option.
Because no medical exam policies are going to be more expensive, it’s vital that you find the company with the lowest rates. There are hundreds of companies that offer these plans, you could spend hours talking on the phone to different agents, and that probably won’t be fun for you. Our job is to make this easy, so reach out to us and we’ll gladly do that research for you.
Because we are independent we are currently able to offer deals from all of the top rated no medical exam life insurance companies, these include: Fidelity Life Insurance, HSBC Household Life, Assurity Life, United Home Life, Foresters and RNA.
Yes, we even have no exam options for residents of New York.
How do you do this? Because we are an independent agency, we are able to easily compare all of the best deals and rates on offer and will present you with the most competitive quote for your particular circumstances. Please keep in mind that in order to qualify for this type of insurance, you must initially be in fairly good health, however if you do have any underlying health problems, we will still be able to help you with one of our other types of policy and will offer you advice accordingly.
We offer all types of life insurance and we have a team of friendly, experienced life insurance agents always on hand who will be happy to discuss your needs in detail. They will ensure that the level of life insurance coverage you decide to purchase will not only adequately cover your needs and ensure financial peace of mind for your loved ones, but also that the premiums on the policy offered will be affordable.
At Rootfin, the service we provide is something we take great pride in, we listen to what our clients, are telling us and try very hard to build a lasting relationship with all of our current and prospective clients built on trust and a true understanding of each of their individual needs. We are absolutely confident that the deal we offer to you will the best and most competitive available.
We understand that finding the perfect life insurance process can be a difficult decision, but we are here to help. We can walk you through the different types of policy to help you find the one that fits you and your family’s needs the best.