When you’re looking for life insurance, the last thing you want is to go through a medical exam. Luckily, there are life insurance policies available that don’t require one. Here are five things you should know about life insurance without an exam:
1. There are different types of life insurance policies that don’t require a medical exam.
There are two main types of life insurance policies that don’t require a medical exam: term and whole life. Term life insurance is just what it sounds like – it’s a policy that covers you for a certain period of time, usually 10 or 20 years. Whole life insurance is a policy that lasts your entire lifetime, and also includes a savings component.
2. You can typically get life insurance without a medical exam if you purchase life insurance when you’re younger.
In most cases, life insurance companies will not require a medical exam when you first obtain coverage at a young age – that means when you’re in your 20’s or 30’s. Once the life insurance policy gets closer to it’s time of expiry, they may ask for more information from you and/or start requiring a medical exam. If this is the case – don’t worry! You can still obtain life insurance at an older age, even with health problems.
3. Term life insurance typically costs less than a whole life insurance policy with no medical exam.
Term life is one of the cheapest types of life insurance available because term life policies expire after a certain number of years. Whole life insurance, on the other hand, is more expensive because it lasts your entire life and includes a savings component.
4. You might be able to get life insurance without a medical exam if you have health problems.
If you have health problems, you may still be able to get life insurance without a medical exam. However, the premiums for these policies will likely be much higher than they would be if you had a clean bill of health.
5. Policies that don’t require a medical exam are typically less flexible than policies that do.
Policies that don’t require a medical exam are usually less flexible than policies that do require one. This means that you won’t be able to make any changes, such as adding an additional life insured or changing the life insurance policy. If you want more flexibility with your life insurance policy, getting life insurance with a medical exam is probably your best bet.
