Life Insurance No Exam Coverage – Pros and Cons

Reader’s Question:

A life insurance agent here in Fort Lauderdale, Florida is selling me life insurance coverage without the need to get a medical exam. Is this recommended?

Elkin

Fort Lauderdale, FL

It’s good that you asked. Life insurance no exam coverage is one of those things that will either work for you or against you. Not everyone will benefit from buying this type of life insurance so it pays to review and understand very well whatever kind of life insurance is being offered to you.

Life Insurance No Exam: Advantages

No Exam life insurance is good for people who get repeatedly rejected coverage due to a poor state of health. This is also beneficial to people who may participate in hazardous/dangerous lifestyles or activities. No exam life insurance policies are also processed much quicker to process and can therefore reduce the time needed to get the policy enforced.

Disadvantage of No Exam Life Insurance

Compared to the average life insurance rates, no exam coverage are more expensive. This is because by skipping the medical test, you are automatically placed on a higher risk-category. The insurer has no idea about your state of health and other factors that can help them approximate your lifespan.

The Verdict

If there really is no reason for you to skip the medical exam, it is highly-recommended that you take it. There’s no reason to pay more rates unnecessarily if you can prove that you qualify for better rates by passing the medical test. However, if you have a medical condition preventing you from getting life insurance, a life insurance no exam policy is your best option.

 

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