No exam life insurance comes in different forms, but they all have in common the same thing: the fact that you do not need to take a medical exam. At Wholesale Insurance, they have recently expanded this portion of their website. Now you can compare the different types of no exam life insurance straight from their site. If you are interested in this type of policy, then Wholesale’s website is a great way to see what types of policies are available.
The reasons why you might want to get a no exam life insurance policy:
1. You’re afraid of needles, or medical tests in general.
2. You need or want a life insurance policy now and can’t or don’t want to wait for the underwriting on a normal policy (which could take anywhere from 1 month to 3 months).
3. You have a health issue, and you don’t qualify for other types of policies.
The main reason why a regular policy is better than a no exam policy is that they generally cost less. If you don’t mind the medical exam, are in pretty good shape, and can wait a little while for the policy to take effect, then I definitely suggest applying for a regular policy. You will save a lot of money in the long run.
Now, among no exam life insurance policies, there are different requirements. Some policies have no requirements other than filling out the basic form (like the guaranteed issue/graded benefits policy from Presidential). Others require that you answer no to a few questions (like the HSBC no exam term product). Still others ask mutliple questions, or require interviews, or even a variety of other things. If you look at the Wholesale Website they show all of the different requirements for each policy.
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June 10th, 2008 at 3:24 pm
Thanks for the money-saver. I’ve never minded medical tests myself, so I think it is only logical to choose to go with an exam.
July 2nd, 2008 at 5:31 am
Although no exam life insurance may cost you more than fully underwritten life insurance, the amount of coverage available has increased over time.
In fact, some insurers now offer qualified applicants up to $500,000 of term lfie isnurance with no medical exam required. And, if you qualify, you may be able to start your life isnurance coverage the same day.