No Medical Exam Life Insurance – Pros and Cons

No medical exam life insurance is a controversial policy and it is not fully understood by the majority of us. We present you the pros and cons of this policy.

searching life insurance at homePros:

1)     Provides coverage for senior citizens. There is highly unlikely you will get standard life insurance if you are more than 50 years old.  You represent too higher risk for insurers and they do not want to assume any liability. Still, no exam life insurance is available for seniors and this can be the only way they will procure any financial protection.

2)     Provides coverage for sick people.  Ill people are rejected on regular basis by insurers. This will also be your case, if you apply for life insurance while having a medical problem. No exam policy allows you to be insured. Some of the policies do not even ask you to disclose your condition; all you have to do is to apply.

3)     Application is processed really fast. Because medical exams are not required, you application will be processed very fast. In a matter of hours, the company will let you know if you were accepted or not.

4)     Multiple plans.  No exam life insurance provides both term and whole life protection. There are multiple insurance plans available: simplified issue or guaranteed issue no exam life insurance plans.

Cons:

1)      Certain limitations regarding age.  Seniors are accepted, but only if they are not older than 85-90 years old.

2)      Certain limitations regarding pre-existing medical condition. There are few medical conditions that can make a person ineligible for no exam life insurance:  cancer (under all its forms), HIV/AIDS and all terminal diseases.

3)      Premiums are a bit expensive. Since the insurer will take more risk, they will charge you extra.  If you are very old or too sick, the premiums will be double in comparison with standard ones.

4)      Limited amounts of coverage and death benefits. Depending on the policy, the maximum amount of coverage is around $100.000 for whole life and $300.000 for term life.  In many cases, death benefits will be paid gradually to the beneficiaries.

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