Life insurance is a big purchase, which you need to make, to secure your loved ones’ financial future. Unfortunately, the process to receive life insurance has traditionally been lengthy and invasive — hands down requiring medical exams and lengthy waiting periods. Fortunately, there’s an easier option—no medical exam term life insurance. Could you compare quotes for online no medical exam life insurance policies? With this guide at hand, you can guide you through the process, letting you make informed decisions on what kind of coverage you need.
1. Understanding No Medical Exam Term Life Insurance
A life insurance without a medical exam allows an easier and quicker way to get coverage without the need of a physical exam. Often, these policies consist of answering a number of health related questions in order to find out your risk, rather than undergoing a fully medical examination. While such insurance does quicken the approval process and eliminate the trouble of scheduling doctor’s appointment, it is vital to be aware of the ambit of this particular insurance.
In most of the typical no medical exam term life insurance, you can select the coverage for a fixed duration, generally for a period of 10 years to 30 years. Depending on your age, health status and the amount of coverage you want, it depends on the premium you pay.
2. The Application Process for No Medical Exam Life Insurance
When it comes to applying for no medical exam life insurance the process is much more streamlined than most traditional policies that require medical examinations. Here’s what to expect during the application process:
Step 1: Provide Your Personal Information
The first part would be to fill in your name, address, date of birth, and even your Social Security number. This is to verify your identity so that insurers can also evaluate your overall risk level.
Step 2: Answer Health Questions
In contrast to traditional life insurance policies, a no medical exam life insurance requires you to answer questions regarding your health only. The questions tend to include information such as your medical history, any current health conditions, any prescription medications you take and lifestyle factors (smoking or drinking, for example). These responses will help the insurer to decide your eligibility and premium.
Step 3: Receive Your Quote
Depending on what information you give you will get a life insurance quote, often in minutes. A lot of companies even have online platform where you can adjust coverage amount and term length for you to get a new quote before doing anything.
Step 4: Finalizing the Policy
You will get your information on your policy and coverage details online if you are approved. Your answers to the initial questions may require some insurers to ask you some follow up questions based on your health history. The process, however, is far quicker than those that require a medical exam.
3. Factors Affecting Your No Medical Exam Term Life Insurance Quote
However, several factors factor in to determine your premium of no medical exam term life insurance. Knowing these, you can have a realistic estimate of the price and make a wise decision. The main factors include:
Age
Age is the most important factor used in determining the premium of life insurance. The general rule is that the younger you are, the lower your premium will cost. Therefore, applicants in their 20s or 30s are at an advantage as insurers are willing to offer them better rates as they are deemed to be a lower risk to insure.
Health Status
The premium itself is also related to your general health condition. However, if you have any pre-existing medical conditions, the insurer may consider you a higher risk thereby charging you with higher premiums. You will therefore be offered more competitive rates if you are in good health.
Coverage Amount
The higher your premium will be the more coverage you need. There are no medical exam term life insurance policies that offer a coverage option between $100,000 and $2 million. The higher your premium will be will depend on the level of coverage you choose.
Term Length
There are several term life insurance policies that are offered with no exam life insurance in varying term lengths such as 10, 15, 20, or 30 years. The longer the term, the more expensive the policy may be since the insurer is engaging the risk for longer.
4. Comparing No Medical Exam Term Life Insurance Quotes
When comparing no medical exam term life insurance quotes online, there are a few steps you should follow to ensure you’re getting the best deal:
Use Multiple Comparison Tools
A few of the online tools exist that assist you to compare life insurance quotes of different providers. They assemble quotes from this information that you provide, like your age, health information, coverage amount and term length. This allows you to see a broader range of options with the use of multiple comparison tools.
Assess the Insurer’s Reputation
As important as it is to compare quotes is to evaluate the reputations of the insurers in question. Check customer research reviews, financial ratings as well as insurer’s claim settlement process. What you don’t want is to pick an insurer that might not deliver on its promise as you need it most.
Review Policy Terms and Conditions
No medical exam term policies are going to have slightly different terms for each insurer. They may allow for more flexibility in that you can get more coverage amount or option to convert into permanent life insurance. So make your decision after reading fine print and understand terms of constricting your choice.
5. Common Pitfalls to Avoid When Comparing Quotes
While comparing no medical exam term life insurance quotes online is straightforward, there are a few common mistakes to avoid:
Overlooking Policy Exclusions
There are some policies that may include certain types of coverage and others that have limitations depending on certain conditions or activities. For example, skydiving or scuba diving, if you participate in such high risk activities, that may not be covered by some policies. Before making the final decision, you should check to see all exclusions.
Ignoring the Need for Riders
Additional riders (for example, critical illness coverage, waiver of premium) are sometimes offered with some life insurance policies, and may not be part of the ‘initial quote’. If you need more coverage, you may want to consider adding these riders to your policy to get an additional piece of the value of these riders. Remember: any optional add-ons may be what you need.