Term Life Insurance without Medical Exam – Should You Go With It?
Reader’s Question:
Why do I need to take a medical test when applying for term life insurance? Why go through with it when other life insurance companies are offering coverage without the medical exam?
Brent
Gainesville, FL
That is a good question. With all the companies offering term life insurance without medical exam these days, why go through all that hassle right? Now before you go ahead and buy a no exam policy it would be advisable to know first why such a policy was even invented. It is also wise to know first if this kind of policy is advantageous to you or not.
First, no exam life insurance plans have been created to cater to those who wish to purchase coverage quickly and easily. The Internet has made this demand even bigger. However, since the insurers have no idea about the applicant’s state of health, they will charge higher life insurance premiums to compensate for any unforeseen risks that a customer might represent in the future.
This can be a good thing or a bad thing to the prospective policyholder. If the applicant has a serious physical disease or medical condition, participates in extremely dangerous activities or hobbies, or has an occupation that exposes them to hazardous places or conditions, then a life insurance with no exam plan is advantageous. Usually these individuals will find it next to impossible to get normal life insurance coverage. Even if they did the normal life insurance rates would be astronomical! A no exam policy can prove more cost-effective in the long run.
However, if you are relatively young and is in excellent physical condition then by all means let your insurer know about it by taking that medical exam. There is no reason to pay higher rates unnecessarily.
No Exam Life Insurance Question Gainsville Florida FL
Reader’s Question:
I am planning to buy a life insurance policy but I am apprehensive because of the time constraints I have. I am leaving for Thailand in 2 weeks and I will be back after 3 months. Is there anything like an instant life insurance policy in Gainsville, Florida which does not require me to undergo a medical exam?
Patricia
Gainsville, FL
I suppose you might think a life insurance with no medical exam sounds too crazy. However, you have to believe that you can get a life insurance in less than 2 weeks and before you know it, you are bringing with you an active life insurance policy on your way to Thailand.
There shouldn’t be any medical exam all the time for you to be able to get a life insurance policy. In fact, getting a life insurance can be as fast as 15 minutes nowadays. This is really a very good plan to purchase especially if you are in a hurry and you do not have time to wait for results or to undergo a tedious underwriting process and medical exam.
Be advised beforehand that the benefits for a no exam life insurance could be relatively limited than the ordinary life insurance policies which require medical exam. Also, you might be paying higher than other plans for the same scope of coverage.
Regardless, since the issue here is for you to have a life insurance policy before you leave for Thailand, I think this is the most practical option you can choose. You can start comparing quotes from different companies online. You will be asked very pertinent information and you will simply fill out a short questionnaire.
Like I said, approval is very quick and do not be surprised if you will have a life insurance policy in your hands 15 minutes after you submit your application without having to talk to a life insurance agent in Gainsville, Florida.