How Much Does No Exam Term Life Insurance Cost Vs. Other Options
If you are in poor health, or have a chronic condition, No Exam Term Life Insurance is going to be your best option in the life insurance search. There are whole life policies available without a medical exam, but these have significantly lower beneficiary payouts than term life policies have and often take a couple years before you can realize the full payout amount. So if you are looking for something more short term, your choice should be to go with the term option. Here are some other factors to consider:
The big question that usually comes up at this point is whether or not you will have a big difference in the cost of a no exam policy in comparison to a full exam policy. The general rule of thumb is that people with superior health that do not smoke will end up paying less than people with poor health or people that smoke. Obviously, this makes sense from a business point of view. Someone in good health is less likely to utilize their policy than someone with poor health.
2. Your Health
If you have health problems or chronic mental health conditions, no exam policies are going to be your best bet. You can find choices that will be comparative in their cost to their full exam brethren, but the benefit that will be received is generally going to be less.
What works best for you is largely going to be dependent upon a number of factors. If you are in superb health, it just doesnt make sense to get a no exam term policy. It is generally going to be in your best interest to have the health exam. Even if you can't find a cheaper policy, you are going to have more options available to you, and this is never a bad thing. The more options, the better off you will be long term.
Having a life insurance policy is important, and no exam term policies do serve a vital purpose. They offer protection to people who might otherwise be left vulnerable. If you have little in the way of options, applying for a no exam policy is going to be a huge help. The important thing to remember is that you do need to have some sort of protection for your family in the event that you pass away.
It is best to start out with getting an exam for a term policy. These are paid for, as a rule, by the insurance company, so there is no downside to going through the process. And who knows, you might qualify for a policy that you might not have even thought you were eligible for. There is no harm in trying and it may end up being more beneficial to your surviving family members. No one ever wants to need to use their term policy, but accidents can and do happen. If something were to ever happen to you, you want your family to not have to suffer the double whammy of losing a loved one plus a huge blow to their financial situation.