In general, some people just don’t like going to the doctor, may be afraid of needles, or want to avoid the time involved in scheduling an appointment. Then comes the pain of disrupting your day and going to the doctor’s office (especially during the pandemic).
If you’ve put off Get life insurance You are not alone because of the medical examination. However, in most cases, you will need to take a medical exam. This could include things like a blood test, urine test, physical exam, and maybe even an EKG.
Fortunately, there is another option – life insurance without an exam. In this article I am going to outline what it is, some of the things to keep in mind, and (most importantly) the pros and cons of having no-trial life insurance.
What is no exam life insurance?
In simple terms, life insurance without an exam is exactly what it sounds like: life insurance that doesn’t require a medical exam. While avoiding one of the most common steps in getting life insurance (the physical exam), you still likely need to answer health-related questions (and be honest!). The insurer can also take additional steps, e.g. B. Requesting medical records.
Because of this faster process (and the avoidance of having to see a doctor), many people tend to take out life insurance policies without scrutiny.
What types of guidelines do not require a medical examination?
Life insurance policies come in without testing three different variations – simplified edition, guaranteed edition and group.
One thing to keep in mind while many companies are starting to offer life insurance without testing (I’ll outline some of the best below), this is not yet commonplace in the industry. That being said, without an exam, the life insurers are likely to do more research into you – your medical history, health, etc. – to make sure you are at the level of health you have stated. This is one of the few ways you can reduce your risk.
Where can you get life insurance without an exam?
While there are several places where you can find life insurance cover without an exam, there are three companies I highly recommend.
Sproutt
Sproutt is an insurance aggregator, meaning it works with various life insurance companies to connect you to a policy that suits you best. Sproutt works to develop a profile for each applicant and combines human agents with an algorithm to deliver the best life insurance policies without scrutiny for your particular situation.
Therefore, the entire process – from application to approval – is carried out online. If necessary, speak directly to a Sproutt consultant for further assistance in choosing the right policy.
What I like most about Sproutt is not just the simplicity of the application process and the ability to speak to a live person, but also that they work with some top notch insurers like AIG.
To lend
To lend is a highly respected provider in the insurance space and one that is high on the list of the best unaudited life insurance companies. I received a quote from Bestow and I can tell you it’s quick and easy. Their goal is to get you a guideline that meets your needs as quickly as possible.
One thing to note To lend is that it only offers term life insurance. However, you can choose from several options for your term. This makes it a great solution for those who need a short term solution but still want the security of long term coverage. Once you have been approved for a policy, your coverage begins immediately!
Another feature of Bestow that I really like is the very competitive pricing – some of the lowest I’ve seen comparing options in person – and the ability to cancel your policy if it doesn’t work for you either.
ladder
ladder is another quick solution to getting life insurance without an exam. Their website makes the application process easy and everything is done online. ladder is also transparent about insurance coverage and fees. So you no longer have to worry about hidden fees after approval. Unlike many other unaudited life insurance companies, Ladder coverage is up to $ 8 million. You can even adjust the amount of coverage you need up or down in the future. This means that as your life changes – e.g. when your life changes – your policies can change. B. if you have a family or are getting older.
Ladder also has a price lock guarantee that protects you from rate increases as you get older and your health situation changes. Finally, Ladder gives you the option to receive a refund within the first month of taking out a policy if for any reason you are dissatisfied.
What are the benefits of guidelines without an exam?
Life insurance without an exam offers several advantages. Please note the following:
It’s a lot faster
With no-exam life insurance policies, you can be approved for a policy without having to take a medical exam. Even if it takes a few days to make a final decision, don’t waste time driving to the doctor’s office, getting checked-up, and then waiting for results. And because of this, things will develop much faster for you (and take a far less time to complete). Some companies can even approve you for a policy in minutes!
The applications are short and easy to fill out
This doesn’t seem like a big deal, but I want to give you a scenario. A few years ago I tried to get additional life insurance through my employer. Not only did they require a medical exam, but the application was terrible. It was seven pages (front and back) asking for any information I could think of.
Traditional life insurance applications are far more detailed than those for exams without an exam. With life insurance without an exam, the application process is much shorter and much easier to fill out.
Reduced approval time
Based on the points above, life insurance is approved much faster than conventional life insurance without an examination. In a few cases I’ve heard of traditional policies that can take months to approve – subject to certain conditions, of course.
This is not an ideal situation for you if you want to get life insurance quickly – be it for your peace of mind, to secure cover for a divorce decree, to get a business loan, or for any other reason. In many cases, the vendors listed below can get you approval within a day.
Higher likelihood of approval
Unrated life insurance is approved based on your (truthful and verifiable) health information and sometimes your medical records. It’s not based on anything that hasn’t been diagnosed. With traditional guideline, you could be if you are undergoing a medical exam and something is unexpected and undiagnosed beforehand refused cover.
If you’re like me, postpone planning and going to appointments too (especially during the pandemic). Life insurance without an examination is only taken out online, so you avoid delays and increase your chances of approval earlier.
It’s much more private (and convenient).
In addition to the planning and logistics overhead of a traditional life insurance exam, it’s just not that private. Many people are reluctant to put on hospital gowns and undergo a full body exam for a head-to-toe physical exam. Not to mention possible blood and urine tests! So data protection is another benefit of life insurance without testing.
Avoid fear of needles
I hate drawing my blood. I pass out almost every time. Some people (like me) rightly fear needles, which makes it incredibly difficult to do a physical exam that requires a blood test. With no-exam life insurance, you can skip this part and get a policy based on your health and health records, not a blood test.
Bad test history
Some people have had poor laboratory results with medical tests in the past. For example, if you have high cholesterol or high blood pressure, the medical exam will need to show it. If your lab results are higher than they should be, it can either lead to a decrease (as mentioned above) or to a higher risk, thereby increasing your rates.
What are the downsides?
Despite its many advantages, there are some disadvantages to consider when considering life insurance without an exam.
Your coverage options are more limited
Due to the limited amount of information you need to provide in your application and the fact that there is no medical examination, your coverage options may be more limited than with a traditional plan. It does indeed depend on your specific health and life insurance needs, but in general the options are more limited for most people.
Expensive
In most cases, life insurance without an examination is more expensive than a policy that requires a full medical examination – especially if you are very healthy. The insurer takes a calculated risk by providing you with life insurance without a full medical examination or laboratories to analyze. So they reduce some of this risk with higher premiums.
There are also multiple risk classes for life insurance underwriting. Most providers who offer life insurance without risk give out a standard risk class as far as I know. The standard risk class is fine, but not the best. If you undergo a medical exam and find that you are incredibly healthy, you may be able to get a Preferred or Preferred Plus risk tier, which can bring your rates down significantly.
Limited death benefit
Unrated life insurance will come with limited death benefits – which is a big deal for some. As a reminder, the death benefit is the amount your beneficiaries would receive if they died. What I’ve seen is that most life insurance companies have a maximum death benefit of $ 500,000 without an exam.
Often times, when you think about how much life insurance you need, it is not enough to cover younger families. So if you need more than the maximum, you will need to get additional life insurance through your employer or a traditional policy.
Shorter guidelines
While this isn’t a big deal for a younger person, unaudited life insurance policies tend to have shorter terms than traditional policies.
For example, if you are 65 and want to turn 30 Term life policyYou will likely have to go the traditional route and demonstrate that you are healthy enough to have coverage by the time you are 95 years old. Otherwise, an insurer can give you a 10- or 15-year policy without an examination.
Who is entitled to life insurance without an examination?
As with any insurance, the best answer is that it matters. In theory, anyone could qualify for life insurance without an exam, but there are variables – such as length of term, cost, and the type of coverage you can get.
That being said, there are certain circumstances in which I would recommend that you take out life insurance without an exam.
You are generally healthy
If you are healthy, life insurance without an exam can make a lot of sense. For example, you know that you don’t have any significant underlying health conditions that could void your policy, but you may not be in excellent health to qualify for the best possible rates.
You don’t want to take a personal exam
Regardless of why – whether it’s social distancing, spending time, privacy, or something else – if you don’t want to bother with a personal exam and are willing to potentially pay more for that convenience, then a no-exam policy is a great option.
You are not entitled to traditional life insurance
Be it your age or something else, if you don’t qualify for traditional life insurance, chances are you could still be eligible for life insurance without an exam.
they smoke
If you don’t have any known medical conditions but are a smoker, you may get a better rate with a no-exam policy than if you got a physical one.
All you need is a small death benefit
If you are single or have no dependents, an no-review policy may be acceptable as you may not need as much death benefit. For example, if $ 500,000 is enough to insure your loved ones in the event of your death, a no-audited policy might be a good solution.
You need quick coverage
If you need life insurance for a business loan, divorce settlement, or anything else, a no-exam policy is the way to go. You get much faster coverage than the traditional route.
Summary
Hopefully this will give you a better understanding of the advantages and disadvantages of having life insurance without a review. It might even have helped make your decision a little easier. If you want to avoid the lengthy hassle of a traditional policy, unaudited life insurance can make your life a whole lot easier.
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