No exam life insurance?
Guaranteed acceptance life insurance?
Guaranteed issue life insurance?
No medical exam life insurance?
No exam life insurance or guaranteed issue life insurance is a type of life insurance that some insurance companies offer regardless of your health, as long as you agree to pay for the policy they guarantee to cover you.
Many people love the idea of no hassle, no exams, just sign, pay, and that is it. But you may be paying a lot more for your insurance coverage, and with the limitations on your policy it may not be worth it. Lets take a closer look.
- If you pay you have life insurance
- It can be issued in a few days
- no extra hassles
- no medical exams
- Much higher cost usually 4-5 times higher than regular life insurance
- Limited payout for 2-3 years accept for death by accident
- Limited coverage to small amounts usually $100,000 or less
- Usually non-renewable short term insurance
Only get no exam life insurance as a last resort
Always try for regular life insurance first and tell them about any medical issues you have. The medical questions and exam are easy and can usually be done at your home when you want it done. You will get an answer back in a few weeks but the price will be so much cheaper.
See if you can get life insurance through your employer. Group life insurance is often easier to get, keep in mind if you lose your job you lose your insurance.
If you are in fairly good health but still don’t want to do the medical exam try for simplified issue life insurance or no medical exam life insurance. These policies don’t require an exam but you do have to give a medical history, they can issue quickly and cost much less than a guaranteed life policy but still 2-3 times more than regular life insurance.
If you get turned down for life insurance by one company it doesn’t hurt to ask another company. Each company has different health guidelines. If you get turned down 2-3 times you can then apply for a guaranteed issue life insurance policy.
How much is your time and hassle worth to you?
Don’t be afraid of health questions, an hour spent on a medical history and an easy medical exam in your own home could save you thousands of dollars, and allow you to get the coverage that is for you and your family.
Don’t just take my word for it.