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Is No-Exam Life Insurance Worth It?

No matter your age, choosing a life insurance policy is an important step in planning for your future. But qualifying for life insurance can be difficult if you’re older or in poor health. So if you’re in this situation, you would naturally want to find a simpler way to get yourself covered. No-exam life insurance can help speed up the process and cover you when other policies won’t. But is a no-exam life insurance policy worth it?

What Is No-Exam Life Insurance?

medical doctor writing on a chart with a pen — *You don’t need a medical exam to get life insurance.*

Usually, insurers require you to undergo a medical exam so that they can get an overview of your general health, and know how much of a risk it would be to insure you. They want information like your height, weight, and blood pressure to get an accurate read on the state of your health. But there are policies, known as no-exam life insurance policies, that allow you to skip the medical exam.

In most cases, though, no-exam does not mean no health questions. Most insurance companies who offer these plans will require you to fill out a health questionnaire. This helps them get at least some baseline information about your health.

Another benefit of no-exam policies is, while traditional policies can take weeks or even months to go through an underwriting process, no-exam policies are usually approved in around a week, and in some cases in only a few minutes.

What Types of Policies Are Available without an Exam?

No-exam policies have become popular in recent years, with insurers offering more and more options. The most popular choices are:

Simplified issue life insurance – These policies let you skip the exam, but you will have to fill out a health questionnaire. They will ask you about your and your family’s health history, your smoking history, recent hospitalizations, and drug usage. Most of these policies will only cover you up to $100,000, depending on your answers.
Guaranteed issue life insurance – This type of policy is usually only offered to those between 50 and 80-year-old, but you are guaranteed coverage if you meet the insurer’s age requirements. That means there is no medical exam and no questionnaire. These policies are best for those who don’t qualify for regular life insurance due to a terminal illness or age. And they usually have a coverage limit of $25,000.
Accelerated underwriting life insurance – With this type of policy, insurers use technology to quickly decide whether to offer you coverage. Instead of a medical exam, insurers will use an algorithm to assess your possible risk for these policies. The algorithm will analyze data from things like your motor vehicle record, prescription drug history, and even your credit report. All of these factors determine how much of a risk you are to insure. But if you’re a generally healthy person you can be approved for up to $1 million in coverage without having to wait through a long underwriting process.

It’s important to note two things about no-exam policies. First, they usually only cover death from natural causes, although some can offer coverage for accidental death, as well. Second, because your insurer will be taking a bigger risk insuring you, your premiums will be higher than they would be with a traditional policy.

Is No-Exam the Right Option for You?

Everyone is different, and your life insurance should reflect your specific needs. No-exam life insurance can be worth it if you’re older, a smoker, or have a terminal illness. Any of these factors can raise your premiums, or even disqualify you from getting a traditional policy.

Even if you are young and healthy, a no-exam policy can still be right for you. For example, if you have a busy schedule and can’t squeeze in a check-up, or if you have a fear of needles, you might want to check out one of these policies. Even if you just like the convenience of getting coverage without having to leave the house, one of these policies can work for you.

The bottom line is a no-exam life insurance policy is not right for everyone. But this type of policy will get you covered quickly without being invasive. No-exam policies can ensure that you get the coverage you need regardless of age or medical history. You should check with your insurance company to see what you qualify for. And weigh the pros and cons to better help you decide what is best for your situation.

To get more information, and for help choosing a no-exam policy, look below. We’ve compiled a list of the top insurance companies who specialize in life insurance. You can skip the medical exam, but don’t skip comparing multiple insurance sites to find the best fit for you.

Co-written by Brianna Hartnett

Can You Get Life Insurance with a Criminal Record?

Life insurance is a major part of a family’s financial security, and with the right policy, you can make sure that your family will be protected in case the worst happens. So looking for a policy is the right choice! But you’ll need to apply for a policy, and you should know that life insurance companies consider multiple factors when deciding if they should offer you coverage. They will review your health, finances, driving record, and even your criminal record. And if your record includes a felony or misdemeanor, it’s important that you are honest on your application. So how exactly does a criminal record affect your ability to get a life insurance policy?

Do Life Insurance Companies Ask About Criminal Records?

Insurers will typically do background checks on all applicants, including asking about your criminal record, primarily to prevent insurance fraud. They will also ask about your criminal record to help determine rates and eligibility. This is because, to them, your criminal record is one indicator of the risk they are taking in insuring you. And remember, the higher the risk they consider you, the higher your premiums will be.

Eligibility With A Criminal Record

If you don’t have a completely clean record, it’s natural to wonder if you’ll still be approved for a life insurance policy, or if certain types of crimes will disqualify you from getting a policy. Life insurance is based on risk factors including criminal records, but in many situations you will still be eligible.

Can You Be Denied?

The specifics in your record will matter, and different companies will have different rules for eligibility. For example, repeat offenses might mean being denied a policy. Certain crimes might also make you more likely to be denied, including things like insurance fraud.

If You Are Denied…

It can be very frustrating to deal with a life insurance denial because of past mistakes. But just because you’ve been denied by one company doesn’t mean that all insurers will deny you. Different life insurance companies have different requirements and criteria for providing policies to individuals, so it’s very important to compare different policies from different companies.

There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance: Expectations vs. Reality

You might have a lot of preconceived notions about what it takes to get a life insurance policy. You might even be put off by how frustrating or difficult you think the whole process will be. But the expectations that people have when looking for a life insurance policy are not necessarily the reality. Knowing what to expect will make the process much easier, so let’s look at some of the expectations about life insurance that aren’t necessarily the way it really is.

“I’ll need a medical exam or a blood test to get life insurance.”

The reality is that, yes, a lot of life insurance companies will ask their applicants to undergo a medical exam, including providing lab work. However, not all life insurance companies, and not all policies, will require a medical exam or blood test. Certain policies will only require you to answer a few quick questions regarding your health status, while other policies, such as guaranteed issue policies, will not require any medical exam or answers to health-related questions.

“I’ll have to go through an agent, who’ll try to upsell me.”

This is also not true, because the reality is that you can search for policies from different companies on your own. There’s no need to work with an agent during the research and application process unless you want to. Whatever you choose, it’s very important to compare policies, because this will give you the upper hand when finding the right policy at the right price.

“The application process is time-consuming.”

Yes, searching for a policy can be time-consuming, but the application process is not. You can complete a questionnaire and get coverage the same day, or at least within a week after applying for a policy.

“Life insurance is too expensive and complicated.”

Many people think that life insurance policies are a luxury, and only people who have a lot of money will purchase them. In fact, more than half of all Americans think that the cost of life insurance will be three times what the actual cost is. The reality is that life insurance policies can be as cheap as $30 a month, depending on your health. You can tailor your policy to fit your budget and needs, so there’s no need for them to be expensive or complicated.

Need Help?

We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

What Is Graded Benefit Whole Life Insurance?

There are a whole lot of life insurance policies out there to look into. In fact, there are multiple types of whole life insurance alone, one of them being graded benefit whole life insurance. This type of policy can be good in certain circumstances. To determine if your circumstance is a good fit for graded benefit whole life insurance, you need to review the pros and cons before deciding if it is right for you and your family.

What Is Graded Benefit Whole Life Insurance?

doctor's office exam room — *Graded benefit whole life insurance does not require a medical exam.*

Graded benefit whole life insurance is a type of policy that will only be paid out in the first 2 to 3 years if the policyholder dies accidentally. These policies don’t require a medical exam or traditional underwriting. And because of this, life insurance companies that offer these policies take a significant risk when providing them. That means these types of policies will generally have higher premiums compared to other types of life insurance policies.

There is a waiting period with graded benefit whole life, typically 2 years, but you won’t lose your money if you pass away during this period. In fact, if you do pass during your waiting period, your premiums will be refunded plus interest ( typically around 10 to 20%) depending on the company.

The 2 Types Of Graded Benefit Whole Life Insurance

There are two different types of graded benefit whole life insurance policies:

Simplified issue– With this type of policy, you will have to answer medical questions to qualify. Because of this, this type of policy will usually have a higher benefit amount.
Guaranteed issue– You will not have to answer any health questions with this type of policy, and you cannot be denied or turned down due to your health. This policy will have a lower benefit amount and is typically more expensive than a simplified issue policy.

Graded Benefit Whole Life and Your Health

Different companies and policies will require different information. If you opt to get a plan that requires answers to health questions, such as a simplified issue policy, it is better to be prepared with what types of questions you can expect. You can expect to answer the following questions (although questions might vary from insurance company to insurance company):

Have you been diagnosed with or received treatment for HIV, AIDS, or AIDS Related Complex?
Have you been diagnosed with a terminal illness?
Do you have a disability that requires the use of a wheelchair?
Are you confined to a nursing home or other facility?
Have you received a diagnosis of heart disease, kidney disease, cancer, diabetes, or another serious illness in the last 24 months?
Have you had a stroke?
Do you have Alzheimer’s or any other cognitive impairments?

Is It Right For You?

Graded benefit whole life insurance is usually purchased by people with serious health problems who might get denied through traditional life insurance. If you have health conditions and are worried you will get denied life insurance, know that you do have the option of a graded benefit whole life insurance policy! Not only will you be accepted no matter what health conditions you may have, but it will provide your family with a substantial amount of financial security when you pass. Having health issues should not stop anyone from protecting their family with a life insurance policy.

If you’re not sure which policy is best for you, your best bet is to compare policies from different companies. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

How Does Asthma Affect Your Life Insurance?

Around 1 in 12 people (25 million people) in the US have asthma, and the numbers continue to increase every year. For these 25 million Americans, life insurance might seem like an impossibility because their condition could mean higher premium prices. And while having asthma does affect life insurance because it’s a pre-existing health condition, you probably won’t get denied coverage because of it. The best way to get life insurance if you have asthma is to compare policies offered by different life insurance companies.

Asthma & Life Insurance

When you apply for a life insurance policy, insurers will review your medical history in order to see how healthy you are, and determine if they want to offer you a policy. Pre-existing health conditions mean you’ll be a higher risk to insure for the long term, and since asthma is considered a pre-existing health condition, having it might raise your rates slightly. But it does depend on how severe your asthma is.

If you have asthma and are looking for a policy, insurers will typically ask the following questions:

When were you first diagnosed with asthma?
How frequent are your asthma attacks?
Are you on any medication for it?
Do you take your medication as prescribed?
Have you ever been hospitalized due to your asthma?
Does asthma limit any of your activities?
Do you smoke or have you ever smoked?

After you have answered these questions, the insurer will determine your rate based on several factors, including how severe your asthma is and the insurance company’s policy on asthma. It’s important to remember that different life insurance companies will view different health conditions differently. Some life insurance companies will consider asthma as a more severe condition, while others will not.

Asthma & Life Insurance Classifications

Typically your rate class will be based on the type of asthma you have. If you have Mild Bronchial Asthma, in which your lungs are clear and your asthma is mild, you could be approved at Standard or even Preferred rates.

If you have Moderate Bronchial Asthma, meaning your asthma is chronic, and you have slight wheezing and acute episodes that need to be treated by spray or injections, you may be approved at Standard rates.

If you have Severe Bronchial Asthma, and you exhibit severe episodes of asthma and are treated by hospitalization and chronic steroid use, you may be approved for Substandard rates, which are generally the highest rates.

Need Help?

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from – even if you have asthma – that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance Replacement Pros And Cons

If you currently have a life insurance policy and are thinking about changing or replacing it, you should first weigh all the pros and cons of doing so. There might be several reasons why you are considering changing or replacing your policy, but depending on your situation it might not be a good idea. In addition, there are some rules and regulations that go along with replacing your life insurance, so make sure it’s the right move for you.

Life Insurance Replacement Rules

Each state has its own set of laws and regulations when it comes to replacing your life insurance policy. You can find out your specific state’s rules by going to the National Association of Insurance Commissioners’ website to make sure that you would be able to replace your current policy without any issues.

Why You Might Consider Life Insurance Replacement

There might be various reasons why you would want to replace your current life insurance policy with a new one. Some of these include:

Price- The cost of life insurance is a major reason to search for a new policy. Your policy might just be too expensive for you, or it might have too much coverage and you might want to lower the amount in order to save more money.
Life changes- Many changes could occur in your life that would make it necessary to find a different life insurance policy. You might have bought a home, got married, or expanded your family, and need to up your coverage. Or maybe you’re approaching retirement, so you might need less coverage than you did when you and your family were younger.
Health– If your health has changed, you might want to replace your current policy. For example, maybe you purchased your policy when you were not in the best of shape, but now have gotten in better shape and could get a better price.
Type of policy– You might have purchased a 10-year term life insurance policy, and now that it is coming to an end, you might need to renew it or search for a more permanent life insurance policy, or a universal life insurance policy.

Why You Should Keep Your Life Insurance

If you are considering replacing your current life insurance, be aware that there are a few reasons why you should reconsider and keep your current life insurance policy. stopwatch

Contestable period– When you purchase a new life insurance policy, a new contestability period will begin. This means that for around two years after purchasing the policy, you will have a waiting period. During which the insurer can challenge paying out the death benefit.
First-year charges- You might be subjected to first-year expense charges when you replace a life insurance policy, which might include underwriting, agent commission, and the issuing of the new life insurance policy.
Worse health- A new life insurance policy could be more expensive if your health is not what it used to be or has worsened. This includes if you have gained weight, are taking any new medications, or any other situation regarding worsening health status.

If You Do Want to Replace Your Policy…

You should consider shopping around and comparing policies from different life insurance companies. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Tag: life insurance

Is No-Exam Life Insurance Worth It?

What Is No-Exam Life Insurance?

What Types of Policies Are Available without an Exam?

Is No-Exam the Right Option for You?

Can You Get Life Insurance with a Criminal Record?

Do Life Insurance Companies Ask About Criminal Records?

Eligibility With A Criminal Record

Can You Be Denied?

If You Are Denied…

Life Insurance: Expectations vs. Reality

“I’ll need a medical exam or a blood test to get life insurance.”

“I’ll have to go through an agent, who’ll try to upsell me.”

“The application process is time-consuming.”

“Life insurance is too expensive and complicated.”

Need Help?

What Is Graded Benefit Whole Life Insurance?

What Is Graded Benefit Whole Life Insurance?

The 2 Types Of Graded Benefit Whole Life Insurance

Graded Benefit Whole Life and Your Health

Is It Right For You?

How Does Asthma Affect Your Life Insurance?

Asthma & Life Insurance

Asthma & Life Insurance Classifications

Need Help?

Life Insurance Replacement Pros And Cons

Life Insurance Replacement Rules

Why You Might Consider Life Insurance Replacement

Why You Should Keep Your Life Insurance

If You Do Want to Replace Your Policy…

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