Frequently Asked Questions
Frequently Asked Questions
Here are some of the most common questions our clients ask us about life insurance:
We made a list of the most common questions we get from clients.
What is No Medical Exam Term Life Insurance and How Does it Work?
No exam term life insurance is just like traditional term life insurance, but it does not require a medical exam for approval. These policies can be purchased online or over the phone in a matter of minutes, and they usually offer immediate coverage with level rates for a fixed number of years.
Buying life insurance without a medical exam is ideal for busy executives, world travelers, truck drivers, or anyone who can’t stand the thought of giving blood. No exam life insurance has become increasingly popular since the Coronavirus pandemic, and as a result, rates have become more competitive.
What are the Pros and Cons of Buying Life Insurance without a Medical Exam?
The biggest upside to buying no exam life insurance is convenience. These policies are approved faster than traditional life insurance making them ideal for small business owners that need to collateralize their business loan in a hurry. Individuals with undiagnosed health issues may also benefit by skipping an exam.
The downside to life insurance without a medical exam is that it tends to be more expensive, especially for applicants over the age of 60. These policies are also less lenient with applicants that have a history of health issues, and individuals in less than average health for their age are more likely to be declined.
How Much Does No Exam Life Insurance Cost?
The cost of your no exam life insurance policy is determined by several factors that include your age, gender, overall health, occupational hazards, or any dangerous hobbies that you might participate in. In general, the healthier and younger you are, the less expensive your life insurance will be.
Life insurance without an exam is the most competitively priced for healthy people under the age of 50. Females also tend to pay about 30-40% less for their coverage due to a longer life expectancy. To view rates and coverage options, request an instant quote above using our free calculator, or call us at 855-247-9555.
What is Term Life Insurance and How Does It Work?
Term life insurance is the most affordable type of life insurance available. It provides a fixed death benefit for a set number of years (a.k.a. the policy's "term"). If you pass away during this period, your beneficiary or beneficiaries will receive the full entire benefit from your insurance policy. Most term life insurance policies are sold in 5-year increments for 10, 15, 20, 25, or 30 years.