When No Exam Life Insurance is Worth the Extra Money
One of the things people get most nervous about when shopping for life insurance is taking the medical examination. It’s as though we worry that the examining physician will not only find that we have some previously undetected disease, but that we will also never be accepted for a life insurance policy. It’s for this very reason that people often think that it’s a better idea to pay the extra for no exam life insurance. But, in reality, while it may make sense for some people to pay the extra money for such a policy, it certainly isn’t necessary for everyone.
Regardless of whether you’re thinking of buying a permanent or term life insurance policy, you will have to decide whether you’re going to take the medical examination or pay the extra to skip it all together. The reason there’s a medical examination required for life insurance in the first place is that insurance providers base their insurance rates on individuals’ posed risk. This means that if a person is seen to be at a higher risk of dying, they’re going to pay more for a life insurance policy. For some people, their health and other factors place them at such a high risk that insurance companies may refuse to insure them all together.
Now, if you’re a relatively healthy person, there’s likely no reason for you to pay more for a no exam life insurance policy. This is especially true if you’re under the age of 50. If, however, you’ve got a health condition that will undoubtedly make you a higher risk, you may want to look into your options for a policy that doesn’t require an examination. For instance, if you’ve had a heart attack recently, there may be a good reason for you to opt to pay more and to skip the examination. With that being said, even waiting a couple of years after your heart attack, having consistently good check-ups and then going to apply for life insurance could place you in a much lower risk bracket, and the no medical exam life insurance may not even be necessary.
If you have more questions about life insurance policies that don’t require a medical examination, contact the team of life insurance experts at termlife-insurance.com.