Thinking About No Exam Life Insurance? Consider the Pros and Cons

You know that life insurance is an important investment to provide security and peace of mind for you and your loved ones. But you may be putting this important step off due to the time and hassle of obtaining a medical exam in order to be approved for life insurance. With a program known as no exam life insurance, you can skip this step entirely. While it might seem like a no-brainer to choose no exam life insurance, there are some points you need to consider.

First, let's discuss the advantages of no exam life insurance, of which there are several. One of the most important pros to this type of life insurance is that a medical exam is not required to be approved for this insurance, which means that if you don't want to submit to an exam for some reason, you do not have to. There are a number of reasons that this might make sense: if you suspect that you have a health condition that might preclude you from qualifying for life insurance, for example. Some people are afraid of doctors; no exam life insurance offers them the chance to qualify for life insurance without having to submit to their fears.

If you do have a pre-existing medical condition, don't think that you can omit this information from your application for no exam life insurance. You are required to answer all questions regarding your medical history and current physical condition honestly, and if you fail to fully divulge information, the insurer can modify or even cancel your policy.

Another reason for no exam life insurance involves the speed with which you can gain approval; by eliminating a major step that is usually involved in the process of buying life insurance, your application can be processed much more efficiently, and you will have your answer as to whether you are approved much faster than in the case of conventional life insurance.

There are a few downsides of which you need to be aware when you consider no exam life insurance. For one thing, since the insurer has less information regarding your physical condition, they will almost always offer less coverage for the same premium amount that you would pay for a standard life insurance policy.

No exam life insurance policies also generally carry a stipulation known as a contestable period. Lasting from one to a few years, this is a period of time during which the insurer can challenge and possibly cancel your insurance policy if they suspect you withheld medical information when you originally applied for your insurance.

In most cases, people who are older than fifty, who participate in high-risk hobbies, or who hold a job in certain types of dangerous occupations are not eligible for no exam life insurance. In these situations, people are generally limited to more conventional types of life insurance policies.