Life Insurance No Medical Exam

When picking life insurance, no medical exam policies are an option

There are thousands of companies offering a variety of no-exam life packages and options but, when choosing life insurance, no-medical exam options should be carefully considered.

Term life insurance is generally less expensive, and, depending on the policy you seek, will cover you or your loved ones for a set number of years, usually ranging anywhere from 5, 10, 20 to 30 as set in the policy. If you renew, your policy premium, or the amount you pay monthly or at a determined payment schedule, may increase.

Term life insurance is the most popular form today because it is flexible based on the state of your life and medical condition at any given time. Other forms of life insurance, no medical exam or with a medical exam, are:

Whole life: This covers you indefinitely until death. Premiums are generally higher because they are underwritten usually when there is no pre-existing condition.

With Term Life Insurance, No Medical Exam Policies Are Less Expensive

When deciding on your policy of term life insurance, no medical exam is one option you may wish to consider. While you are not required to have an exam, companies typically will look at a variety of things when underwriting, or determining, your coverage. Medical history, age, weight, smoking behavior, gender etc…With life insurance, no medical exam policies are developed based upon a series of questions, and your answers will help determine what types of coverage and ultimately, the cost, of your policy.

Premiums on term life insurance remain fixed throughout the term of the policy. There is no formula for obtaining a lower premium, it is really based on your financial needs. The amount of coverage you choose will determine your premiums. The basic formula is relatively simple: higher amount of coverage you choose, the higher your premium.

Smoking, pre-existing conditions, age, marital status, occupation and other factors will also increase or decrease the amount depending on your answers.

The premium on your term life insurance, no medical exam or not, may increase after your term expires.

Return of premium life insurance has also become a popular option, because it is generally less expensive than whole life (which covers you until death) and is underwritten in terms. Your paid premiums are returned when the policy expires if you do not die.

Finding an Online Policy for Life Insurance, No Medical Exam May Be Quicker

With so many companies online today, finding the right policy may seem tough. A good rule to follow is to select those companies that are rated. Ratings agencies (Fitch, A.M. Best) monitor the financial health and other aspects of the company. This lends credibility and security when selecting a life insurance company for you.

When finding life insurance, no medical exam policy quotes can be obtained almost instantly online. Most companies will also provide you the opportunity to review the policy online and print it out, making the purchase of life insurance easy and quick.