Do you need life insurance but don’t want to wait between four to eight weeks to get an answer from a life insurance company? No exam life insurance gives you coverage within 48 hours and also lets you skip the medical exam. Coverage can range anywhere between $5,000 to $1 million, and you don’t need to wait weeks to get it.
Benefits of No Exam Life Insurance
In addition to getting life insurance fast, there are other benefits of no exam policies. These include:
- Easy to qualify for – No exam life insurance is often easier to qualify for than traditional life insurance, since insurers delve less into your medical conditions and history.
- Competitive rates – In the past, no exam life insurance used to be significantly more expensive than traditional policies, but today, anyone who is in good health can get a competitively-priced policy. You can get a free quote at Sproutt.com and see what you can expect to pay.
- Convenient – The application process for traditional life insurance is long and arduous. It includes a lengthy health questionnaire and requires a medical exam that can take time to schedule. It then involves underwriting that can take between four to eight weeks. With no exam life insurance, the application includes a few simple questions about your health. Of course, there is no medical exam. In some cases, the entire application can be done online.
Who Can Benefit From No Exam Life Insurance?
Anyone can apply for no exam life insurance, but generally, there are certain types of people who gravitate toward it. This includes anyone who:
- Needs spousal coverage – If you have life insurance but your spouse doesn’t, no exam life insurance is a quick way to get them covered.
- Has children or grandchildren – Parents or grandparents, especially new ones, will want to ensure that their little ones are protected in case of an emergency. No exam life insurance provides quick and easy coverage along with peace of mind.
- Has a disabled child – If you have a disabled or special needs child, you know that you can’t afford to be without life insurance for even a day. No exam life insurance gets you coverage quickly so that your child never has to be at risk.
- Has their own business – If you own your own business, no exam life insurance will ensure that your family or business partner will be covered in case you die.
- Is scared of needles – If you suffer from trypanophobia, also known as needle phobia, no exam life insurance can help you avoid a very distressing situation.
- Needs life insurance quickly – Certain situations, like applying for an SBA loan or finalizing a divorce settlement, require life insurance. If you don’t have one, you can end up waiting weeks or months to get a traditional policy. No exam life insurance allows you to get life insurance quickly and move on with your life.
Types of No Exam Life Insurance
There are two main types of no exam life insurance: Guaranteed issue and simplified issue.
Guaranteed issue offers guaranteed acceptance to anyone who falls under the age limit specified by the insurer. The entire application can be done online and approval is granted immediately. Since this type of life insurance presents the highest risk to the insurer, the monthly premiums are set quite high and coverage is limited to $50,000.
Who Won’t Qualify for Simplified Issue No Exam Life Insurance?
While most anyone can qualify for guaranteed issue life insurance, not everyone can qualify for the simplified issue. Here are some reasons why you may not qualify:
- You have serious or unmanaged medical conditions. This can include alcohol or substance abuse, kidney disease, certain types of cancer, COPD, lupus, unmanaged diabetes, and more.
- You have a history of reckless driving or DUIs
- You have a criminal history
- You haven’t undergone a recent medical exam
If you’re someone who can benefit from either type of no exam policy, don’t wait another day to get moving. With no exam life insurance, you only need to wait up to 48 hours before you get the coverage and peace of mind you crave.
