No Medical Exam Life Insurance
There are instances when an individual’s health problems have prevented them getting coverage. In this case, a life insurance policy that does not require a medical exam during the application process is the solution for customers that have been previously denied coverage.
Term vs. No Medical Exam Life Insurance
Other than the medical exam, term life insurance and no medical exam life insurance have some major differences, first of which is in the price of the policy.
- Expense: Life insurance underwriters take on more risk when they underwrite policy that does not require an exam during the application process.
- Approval Time: Typically the life insurance application process can take up to 6 weeks. Because there is no medical exam, a policy can be issued in one week or less.
- Guaranteed Coverage: For those that have been previously rejected for a term life insurance policy due to a medical condition or have been labeled as high risk customer, a no medical exam life insurance policy is the solution to denied coverage.
- Payout Expectations: Customers purchasing a no exam life insurance policy are often preparing for a foreseeable end. Therefore they typically intend to use their death benefit to cover funeral expenses or other expenses. Term insurance holders, on the other hand, are generally seeking protection in the event of an unexpected death, illness, or accident.
Life Insurance After an Illness
It’s never too late to get a life insurance policy, even after a serious illness. You can qualify for affordable life insurance even if you have a history of cancer or another type of serious illness by applying for a life insurance policy that does not require a medical exam.