26 Dec 2019
stethoscope and medical paperwork

Is it worth it to secure life insurance with no medical exam?

While there are many reasons why people put off getting life insurance, one of the most common excuses is an unwillingness to undergo a medical exam.  This is why life insurance policies that do not require a health exam might seem like an attractive option for you.  But are these policies really worth it?  Here’s what you should consider about no-exam life insurance.

No-Exam Life Insurance

No-exam life insurance goes by many names.  For instance, insurers may call it simplified-issue, accelerated, or algorithmic insurance.  During the underwriting process for no-exam life insurance, third-party partners will verify your medical and prescription history, financial history, driving history, and so on.

However, what no-exam life insurance providers don’t tell you is that you may still need to complete a medical exam to secure coverage.  If your medical and prescription history raises concerns about your state of health, then the insurance company may make you undergo a health exam anyway.

Is No-Exam Life Insurance Worth It?

  • No-exam life insurance is only worth it if you meet the following criteria:
  • You are in good health (few or no pre-existing conditions)
  • You are in your 20s, 30s, 40s, or 50s
  • You need less than $1 million in coverage

If you meet these criteria, then you might find that no-exam life insurance is worth it because the application process is faster, and you can usually secure a policy completely online.  However, you must also weigh the cons of this coverage.  For starters, the stricter underwriting makes it harder for people to qualify for this coverage.  Additionally, the amount of coverage you can secure is limited, and these types of policies tend to be more expensive than standard term life policies.

This is what you need to know about no-exam life insurance.  Do you have additional questions about your life insurance coverage?  If so, then contact the experts at Patterson & Associates in Richardson, Texas.  Our dedicated team is eager to assist you with all your coverage needs today.