No Exam Life Insurance: Your Basics Author:    Posted under: Life InsuranceLife Insurance questions answeredLife Insurance Types

It’s a known fact.  You would have to go through a battery of tests before you can get yourself insured.  But, how does a ‘no exam’ life insurance work?  Is it possible to get yourself insured without having to undergo these medical examinations?

What is No Exam Life Insurance?

As the name denotes, this is a type of insurance, which does not need a medical exam.  There are different types of this insurance plan, namely, Simplified Issue Life Insurance, Guaranteed Issue Life Insurance, and Graded Benefit Life Insurance.*

Simplified Issue Life Insurance does not let the insurer go through a medical exam, but s/he would still need to provide information about his/her medical history.

Guaranteed Issue Life Insurance, like its name, guarantees you that insurance.   No exam, no medical history—just automatic approval.

Graded Benefit Life Insurance likewise does not require medical history or examinations.  However, it has a more complicated process of acquiring than the first two.  It is normally recommended for the late-middle-aged people.

The cost of this type of Insurance

The usual insurance rates are based on the prognosis of the insurer, and therefore the cost depends on the needs of the client. Since we are mostly talking about insuring without ample information from the client, the company will then be expected to charge a higher premium for this kind of insurance plan.  Not having their needed information poses a very high risk for the company to insure that client.

One high note for this kind of insurance plan, though, is the speedy processing.  Ordinary life insurance would need processing in a matter of four to six weeks.  However, for the no exam types, you will only need a couple of days to insure yourself.

Is it for me?

If you’re the type who is afraid of needles, blood work, and the like, then maybe you can consider getting this so that you no longer need to worry about getting insured.  You may still be so even if you always get cold feet during those dreaded medical exams.

Let’s also face the fact that there are those of us who are technically uninsurable by company standards.  These reasons may be health complications, or a combination of health issues and old age.  However, it does not mean that they can’t be entitled to any health insurance plan at all.

The consumers of no exam life insurance are also those who are already preparing for their terminal illnesses, and would like to ensure their family’s well being once they pass away.

Some points to consider

Although this choice may seem popular given the processing time, and the ‘no medical exam clause,’ it’s best to review why or why not it’s the right insurance policy for you.

You will have to choose from varying amounts of coverage, from as low as $5,000 to as high as $50,000.  The standards are always the same: the higher you go, the more expensive it will be.

Younger people will definitely get the more out of this policy as their coverage will turn out to be cheaper.  You can also consider having this policy supplement your already existing insurance plans.

Always remember that disclosing the whole truth about your medical conditions will get you what you need.  Getting around any pre-existing illness by not telling the real score will only get you a denied policy in the end.



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