How to Find Affordable Life Insurance Without Medical Exams!

images3While comparing life insurance quotes and coverage, you will notice that most providers require a medical exam before issuing insurance. The medical exam ensures that the individual does not have a pre-existing medical condition and is a common part of term life insurance and many whole life policies. While many insurance providers ask for a medical exam, some companies have life insurance without medical exams policies.

First, you need to know that if you buy term life insurance without a medical exam—commonly known as guaranteed issue life insurance—you will have limits on the death benefit offered in the policy. Many companies put a $100,000 or $250,000 cap on life insurance policies issued without a medical exam.

Moreover, the shorter the term of your life insurance policy, the better the odds that can get away without taking one of these exams. Of course, insurance companies do not really care much about your risk of getting lung cancer when you are 55, if your term life insurance policy expires when you are 45.

Some insurance companies truly take the hassle out of buying term life insurance by allowing you to skip the medical exam and asking no health questions.

Other companies dispatch with a formal medical history but still ask a few basic questions, such as any pre-existing major illnesses and relatives with a history of cancer or heart disease. Even these questions will only a minimal effect on your rates, given low benefit coverage and a short term length.

Beware, however, that there are potential drawbacks to opting out of either the medical exam or a more detailed medical history. Once your term life insurance policy expires, you may not be able to renew the policy if a major medical condition has presented itself in the meantime. To avoid this problem, you can choose a term life insurance with an automatic renewal option, but these policies usually require a medical exam.

Buying term life insurance with no medical exam is an attractive option for people who don’t want to go through the time-consuming hassle of getting checked out. Others seek out term life insurance without a medical exam requirement because they know they are not in the best of health and may end up paying a higher rate as a consequence of the medical report. No matter what choice you make or policy you need, finding quotes for term life insurance is the easy part.

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