Can I buy term life insurance with no medical exam?
No medical exam term life insurance is a simple and convenient option for those who want to provide protection for their families but do not have the time for a visit to the doctor to have all the necessary examinations that an ordinary term life insurance policy would require.
That is not to say that anybody can buy term life insurance with no medical exam: applicants still have to answer some questions about their health, and the policy premiums are calculated in accordance with the answers. Applicants with a pre-existing terminal and life-threatening conditions such as HIV or AIDS, cancer and diabetes will not be eligible to purchase a term life policy without a medical exam.
How to Buy No Medical Exam Term Life Insurance
This is now easier than ever, with hundreds of insurers offering term life policies without physical examination online. The simplified application procedure takes minutes: you just need to answer some questions about your age, sex, weight, smoking status, medical history , occupation, hobbies, marital status and any other factors that can affect your chances of dying, and hence, the policy cost.
How Does No Medical Exam Term Life Insurance Work
Just like any other type of term life insurance, no medical exam term policies are available for periods of 5, 10, 20 and 30 years. Premium rates remain fixed while the policy is in force but might be rather prohibitive if one wants to renew the policy.
Logically, no medical exam term life insurance rates are higher than what you would have to pay for other term life insurance policies requiring physical examination. The policy cost can be further increased by the amount of coverage: the higher the face value, the higher the premiums.
Things to Consider When Shopping for a Term Policy with No Medical Exam
- All life insurance products look perfect at first glance, but make sure you read the fine print and compare quotes!
- Bear in mind that some policies with no medical exam have excessive costs, while others might require you to undergo a medical exam at some point.
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