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What You Should Know About Life Insurance No Exam Coverage

Some people are surprised to learn that it is possible to obtain whole life insurance without taking a physical examination. While there are several excellent policies on the market today that provide life insurance no exam coverage, there are a few things to keep in mind before jumping on the bandwagon.

One of the first things to understand is that going this route is not necessarily the most cost effective. While there is the convenience of obtaining almost instant coverage, chances are that you will end up paying a slightly higher premium each month for less overall coverage. People who have some sort of pre-existing health issues often think they simply are not eligible for other forms of life insurance. Before committing to a higher priced no exam life insurance policy, do some checking with other options. You may find that your particular health conditions will not be the obstacle that you thought them to be, and you can obtain the same amount of coverage at a lesser premium.

Another common misconception about life coverage without the need a medical exam is that there is no type of limitations on pre-existing conditions. Depending on the policy, pre-existing conditions may in fact have a serious effect on your benefits. For example, if the underwriter determines that you did not provide information about a current health condition at the time you signed up for the policy, the coverage may be declared null and void. In the event that you are completely honest about any current health woes at the time you apply, there may be restrictions on those conditions for a period of time.

It is not uncommon for life insurance no exam policies to include a one or two year exclusion on preexisting conditions. Should you die before that exclusion expires, the policy will pay nothing. Make sure you understand the terms of any exclusions before you commit yourself to any life insurance program.

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