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No Medical Exam Life Insurance – An Insurance Employers Do Not Offer to Employee

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Life insurance policies are an assurance and comfort, regardless of your age. Not only does it provide the family of the individual enough money for dealing with burial expenses, it also enables them to continue to live the same lifestyle. Mostly, the reputed companies help their employees in getting health and life insurance. Those who do not do a job or work with smaller companies often buy insurance themselves. However, some individuals find it difficult to qualify for a life insurance policy because they have a medical condition. There are also instances where people need to obtain a life insurance policy quickly, but they have to go through the long procedure of medical examination, which also requires them to share their personal information. In this situation, people prefer to go for no medical exam life insurance policies because they are uncomplicated and convenient.

These types of policies are especially designed to help people in purchasing life insurance without undergoing a medical exam or having to answer extensive medical questions when applying for insurance. There are two types of no exam life insurance policies that are offered by insurance companies today. The first type of policy is called guaranteed issue in which extensive underwriting is not a requirement. The policies are usually whole life insurance policies and no medical exam is needed. Term life insurance is another type of no exam life insurance policy that can also be chosen. These policies are offered for particular face amounts and don’t need medical exam either.

The insurer has to deal with certain risks with this type of policy. This is because no exam life insurance policies are usually offered by insurance companies in small amounts so they aren’t the same as standard life insurance policies. However, there are some major benefits that can be associated with no medical exam life insurance policies due to which they have become so popular. First of all, the entire process of obtaining life insurance becomes simpler as people don’t have to undergo a medical exam. This also quickens the process and a policy can be obtained fairly quickly.

Less underwriting is required, which means that there aren’t any extensive tests that people don’t like. It is also far more convenient than other policies as one doesn’t have to leave the house for medical exams and can easily purchase a policy from the comforts of their home, thanks to the internet. But, there might be one problem that individuals have to face when they decide to opt for this type of policy. The insurance company will consider it a significant risk to offer a no exam life insurance policy to its clients so they will charge higher premiums for dealing with this risk.

In some cases, the premium is five times that of a regular life insurance policy. Therefore, people need to consider the pros and cons before deciding to go for this policy. If they are willing to deal with the extra expense, they can take advantage of the convenience offered by no exam life insurance policies, which don’t require any blood tests or urine samples or extensive underwriting for that matter and are simple to obtain.

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