If you’ve ever been declined for life insurance in the past, then you should consider getting a whole life insurance no medical exam policy. There are many plans that you can choose from. This article will explore those options and the benefits of each of them.
No Exam Whole Life vs. No Exam Term Life
If you are unhealthy, there are two main types of life insurance coverage that you can buy without an exam: a term insurance plan or a whole life insurance policy. Each plan has various advantages and disadvantages that you should be aware of based on your specific life insurance needs.
Buying no exam term life insurance is simple. When you buy your plan, there is a pre-determined length of coverage for the policy. After that time has passed, you’ll no longer have life insurance. If you still want insurance after that, you must reapply for a new policy. Because these plans aren’t a permanent form of coverage, they are cheaper than other options for insurance coverage.
No exam whole life insurance, on the other hand, will be more expensive than term but will provide coverage for your entire life. You can even use whole life insurance as a bank and finance items such as vehicles, houses, and education, and even use it for retirement.
Maybe the idea of your plan expiring scares you. Some people don’t EVER want to be without protection. If you’re one of those, then buy a whole life plan. Pay the monthly rates, and you have protection.
These are the two main types of life insurance coverage you will find with no medical exam. If, however, you are young and healthy, you may also qualify for up to $3,000,000 of life-term life insurance or universal life insurance on an accelerated underwriting program.
No exam whole life insurance – the name says it all. This is a great option for anyone who is in poor health or has been turned down for life insurance coverage in the past.
Aside from not having to go through the exam, there are a few other benefits of buying a no-exam.
The most notable is how quickly you can be approved for insurance coverage. With a traditional insurance policy, it could take several weeks to have your application approved. If you want life insurance as fast as possible (to secure a loan, or you want protection), no exam can help you do that.
There are a few drawbacks to these plans as well. One of those is the price. No exam coverage is riskier for the insurance company. Because of the insurance company taking on the extra risk, they have to charge higher rates.
Whole Life No Medical Exam Policies
How can you pick between the different insurance companies on the market? They all sell similar insurance products, but the whole life no medical exam plans are usually more desirable for seniors needing final expense life insurance.
They are not the most popular form of coverage because of the price associated with them. Not only are whole life plans more expensive than term plans, no medical exam plans are going to be more expensive as well.
In most cases, a traditional whole life policy is more affordable and offers better protection. A no-medical exam policy should always be considered a last resort for coverage because of the price.
If you’re looking to find the best whole life no medical exam plan, its an easy search. You can use our calculator on this page to see which companies offer these plans. If you’re set on getting one of these types of plans, we can help. We know the companies that offer whole life no exam plans and which ones have the lowest rates.
Will No Exam Whole Life Give You Enough Insurance?
If you didn’t know, there are limits on no exam insurance. One of those is how much coverage you can buy. Each company has various restrictions on their plans. Some carriers have higher limits, and most are going to max out at around $50,000.
This might seem like a lot of insurance, but it might not be high enough protection for some families. Don’t ever buy a no-exam policy or an insurance plan of any kind before you do the math to figure out how much life insurance you need.
Finding this number is easy. You can contact us, and we can walk you through the math by asking some key questions, or you can do it yourself.
How much debt will your life insurance need to pay off? Do you have a mortgage? Are you mostly debt-free? Calculating and finding all of your debt is the first step.
Do you have family members who have enough income if they no longer have your paycheck? Aside from paying off debts, your plan needs to replace your monthly income.
Those two numbers (your debts and your salary) equal how much life insurance you need. Add them together, and there you go. Will no exam coverage get you enough protection?
Frequently Asked Questions
What is "no medical exam" life insurance?
No exam life insurance – the name says it all. This is a great option for anyone that is in poor health or has been declined for insurance coverage in the past. There are both term and whole no medical exam plans that you can choose between.
Are there any disadvantages to a non-medical life insurance policy?
There are a few drawbacks to these plans as well. One of those is the price. No exam coverage is riskier for the insurance company. They want to guarantee they will make money off of every policy, which means higher rates.
How much coverage can I get with a non-medical insurance policy?
If you didn’t know, there are limits on no exam insurance. One of those is how much coverage you can buy. Each company has various restrictions on their plans. Some carriers have higher limits, most are going to be around $500,000. An independent life insurance agent can help you navigate your needs.