Explained: No Exam Term Life Insurance

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Do you need life insurance but you’re afraid you won’t be approved because of the health exam? Have you already been turned down for life insurance because of your health? Can you really get life insurance with no exam? I’m here to tell you that yes you can and get approved with almost any condition. While this solution may not be for everyone, but if you need life insurance and can’t get it because of your health, guaranteed no-exam life insurance may be just the thing for you.

Here’s how it works. Instead of a full medical exam, when applying for those type of life insurance coverage, your approval most of the time will only be based on the following four questions:
Do you smoke or use tobacco? If you do, you’ll probably still be approved, but you will pay a higher premium.
Do you currently live in a long-term or nursing care facility? To get approved, your answer must be no.
Have you been recently diagnosed as terminally ill, meaning that you have less than 24 months to live? The answer must be no.

Do you have AIDS or HIV? Once again, this answer must be no.
Now, obviously, insurance is a business of managing risk. No-exam life insurance carriers know that the people they have insured cannot pass a health exam. In order to offset the risk, the are few downsides to this type of policy. The amount of insurance is low. You’ll seldom be able to get a policy for more than $90,000. Premiums are high because you are at a higher risk of dying, you’re going to pay more for this insurance, but it’s still a great solution for people that can’t otherwise get life insurance.

There are limits to the death benefit. Your beneficiaries won’t get a full death benefit if you die within the first three years. It pays on a graded scale with a full payout only available after the third year. Don’t look at this being a downside. If you’re in position where you just can’t get life insurance or you have a medical condition that’s preventing you from getting any insurance coverage, no-exam life insurance is an option you should definitely look at. If you need any more information or looking for a list of no-exam policy companies, click the link below

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