No Exam Life Insurance

Who is No Exam Term Life Insurance For?

Do you hate medical exams? Is there something, perhaps, you would rather do than have a nurse stick a needle in your arm to draw blood? Are you too busy with your life to wait the 6 to 8 weeks that it typically takes to get a regular life insurance policy? If any of these things are true for you, a product called No Exam Life Insurance might be absolutely perfect for you!

OK, what's the low down?

There are a few things you should be aware upfront. First,all No Exam Life Insurance policies are term life insurance products. The terms that are available are usually 10, 15, 20, and 30 years. As of this writing, no one is offering No Exam Whole Life Insurance, but who knows when things might change.

You should also know that no exam life insurance is not the same as guaranteed acceptance life insurance. You do still have to qualify for it by answering a medical questionnaire. When you do so, try to be as accurate as possible. If a claim is ever made, the life insurance company that you select will do something called post-claims underwriting to verify that everything you put on your application was accurate.

No exam life insurance, while it is term insurance, may also lack some of the riders found in a typical term policy. For example most policies do not offer an accelerated death benefit (a rider that will pay you cash against the face value of the policy should you be diagnose with a terminal illness), and it probably won't be convertible to a whole life insurance policy without evidence of insurability. Another thing about no exam term life insurance is that typically the most you will be able to apply for is $500,000. Obviously, if you have a need for life insurance, and the amount that you want to insure exceeds this figure, this migh not be the ideal product for you.

In exchange for a great deal of convenience, you should also be aware that no exam term life insurance is typically more expensive than a regular term life insurance policy even issued at standard.

Which companies offer, and how do I save?

That said, if you are interested in finding the lowest possible rates, you may want to shop around, This can only help you! Some of the companies offering No Exam Term Life Insurance are:

HSBC

RBC

Fidelity Life

GTL

Stonebridge (offered in select states only)

Never be in a rush to get life insurance. Rates among these companies vary greatly.