When you make the decision to invest in life insurance, you will have a few options to consider. We will highlight the benefits of each life insurance type to help you make a more informed decision.
- Traditional life insurance requires a medical exam, and coverage takes 4-8 weeks to go into effect, face amounts available up to 30 times your annual income, depending on age. Permanent policies available with multiple options.
- No exam life insurance policies do not require an exam, and coverage is available within 24-48 hours. Face amounts available up to $350,000. Most policies are term, coverage available for people with pre-existing medical conditions.
No Exam Life Insurance – Coverage Limits
Choose a term plan for 10, 15, 20 or even 30 years without taking time out of your busy day for a health exam. Policies are generally available for up to $350,000 of coverage, so you can enjoy the protection levels you need without making time for a health exam.
Situations in your life can change drastically, and you may feel that you need immediate life insurance coverage. If you are a new parent, have recently adopted a child or gone through another major change in your life, then you may not want to wait several weeks for coverage. With a no exam life insurance policy, you can have the protection you need the next business day.
Coverage Despite Health Conditions
The most affordable insurance plans are designed for people who are in good overall physical health. However, you do not have to forego coverage if you do have a medical condition. Graded death benefit, simplified issue and final expense life insurance plans are designed for people who have pre-existing medical conditions.
With these policies, you can enjoy coverage even if you are overweight, use tobacco, have a family medical history of serious illness or health complications that would prevent you from enjoying traditional life insurance coverage. There are minimal medical questions to answer, but these policies typically carry the highest premiums. The face amounts of coverage are also limited to $100,000 maximum.
Benefits of Avoiding the Health Exam
Life insurance gives you peace of mind to know that your family is protected financially in the event of your death. You do not have to make time for a lengthy health exam, and there is no need to visit a physician. Coverage is available in 24 hrs to 2 weeks, so you can benefit from having insurance coverage without a lengthy wait. If you need insurance and don’t have time for an exam, consider a no exam life insurance policy.
3 Reasons to Choose No Medical Exam Life Insurance!
If you’ve been looking for life insurance protection, then you may have heard about no medical exam life insurance.
This type of coverage provides you with three key benefits. In addition to avoiding an inconvenient medical exam, you’ll enjoy faster coverage, reasonable rates and greater chance of acceptance.
1) Quick Coverage
It can take six weeks or more for the typical underwriting process with most insurance plans to go through all of its stages. Life insurance without a medical exam simplifies this process and provides you with faster coverage. Some companies can provide you with the insurance you need in as little as two to three days, and others take up to two weeks.
Most life insurance plans require a medical health exam, and people are commonly denied for various medical conditions, age or other risk factors.
No medical exam life insurance policies have a higher approval and acceptance rate than the traditional exam required policies. They are ideal for people that are healthy and for individuals with severe medical conditions.
- Individuals under age 65 can get up to $350,000 of coverage.
- Individuals age 66 to 85 can purchase up to $100,000.
Your age and health status will determine how much coverage you are eligible for.
3) Reasonable Rates
People assume that life insurance with no medical exam carries unreasonably high rates, but this is not the case. While this type of plan does cost more than traditional plans, the prices are still fair.
When you consider the fact that coverage is available more quickly and to a wider pool of people, you’ll see that the prices are actually quite reasonable.
If you’re in the market for life insurance and don’t want to wait more than 2 weeks for an approval, you should consider this type of coverage. It’s available for most people aged 18 to 85, and it comes with an impressive range of benefit amounts.
Insurance companies strive to manage risks appropriately, and a no exam life insurance policy is considered riskier than traditional plans. Without the ability to confirm health conditions through an exam, these policies are considered to be higher risk. They carry a slightly higher premium for that reason. However, you can still enjoy up to $350,000 of coverage and eliminate the waiting period by choosing these plans.
If you need insurance coverage and don’t have time to sit for an exam, consider investing in no exam life insurance. You can still enjoy high coverage levels of up to $350,000, and the coverage can go into effect in a few days rather than making you wait for weeks.
Plans are available through major insurance providers, and an insurance agent can help you find the right plan for your needs. Please request a phone call above or call Josh Docktor today for free advice. 1-888-773-1181