Advantage of Getting Life Insurance Without Exam
One of the biggest concerns that arise when applying for life insurance is about how much coverage you could receive. Although each company may have different policies and rules, the general perception is that a medical exam is required to be eligible for all types of life insurance. Most companies will not give you whole life or universal life insurance without a medical exam—however there may be exceptions.
A major misconception however is that people think simply because you are buying a no exam life insurance policy that you are getting less coverage. This is generally not true, as the life insurance companies that offer no exam insurance have policy limits based on your age, health history, and income.
As mentioned above, each company may have different coverage amounts and terms, but you can follow the guidelines below for non-medical exam insurance coverage:
- Infant to age 21: $5,000 - $50,000
- Age 21 – 65: $25,000 - $500,000
- Age 66 – 75: $5,000 - $99,999
This is comparable to some life insurance policies, but the rule of thumb is that only term life insurance is available for no medical exam. Universal and whole life insurance polices can last for significantly longer terms with coverage up to one million dollars.
One thing to be aware of is that you might experience premiums as a result of the convenience of getting approved for life insurance with no medical exam. It might not always be too bad, a few dollars more per month. In some cases, however, you might be looking at significant increase. Fortunately, you can apply online for nearly all life insurance companies these days so be sure to compare your options and read the fine print for subtle price changes like this.
