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If you have moderate or worse health issues, no exam life insurance is your best bet to get the coverage you need.
With this type of life insurance, there’s no doctor visits, urine samples, or complex health discussions with medical professionals.
There’s two types of life insurance that come with no exam:
Simplified Issue
Guaranteed issue
The difference between the two is simplified issue life insurance comes with a simple medical questionnaire and coverage begins immediately. If you can’t pass the questionnaire, guaranteed issue accepts virtually everyone but comes with a waiting period of at least two years.
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What Are the Requirements to No Exam Life Insurance?
Again, while no exam life insurance does not involve a medical examination, insurance companies still require some information to determine your risk level. So, you’ll have a brief medical questionnaire.
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Advantages of No Exam Life Insurance
Many people are uncomfortable having to take a physical exam, giving blood, and discussing health issues. So, removing these requirements for a life insurance policy is a major advantage.
Also, no exam life insurance speeds up the process of becoming insured. Often, these policies are relatively easy to get and are processed much quicker than other insurance types.
Other benefits include:
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Premiums never go up
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Coverage never goes down
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The policy builds cash value
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Coverage never expires as long as premiums are paid
Don’t lie on the questionnaire
Just a quick note, you will want to answer your health questions honestly on the medical questionnaire. If you were to lie on the exam, obtain coverage, and pass away, the insurance company could deny your family’s claim if they find out you knowingly lied about your health.
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How much does it cost?
Because these policies are accepting more risk, simplified and guaranteed issue life insurance does have higher premiums with smaller coverage amounts.
However, they are still affordable and offer much-needed coverage to those who can’t pass a medical exam.
A moderately healthy 50-year-old male can get a $10,000 final expense policy for around $35 per month and a reasonably healthy female can get one for a few dollars per month cheaper.
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How to get the best rates
To get the best rates for a burial insurance policy, you have to shop your policy with many different companies. That can take a lot of time and effort. But we do all of that for you!
When you use our site, we compare the rates of the best-rated companies and present the findings to you. And it’s completely free!
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