A common notion is that life insurance policies require an individual to undergo medical tests. However, specific insurance policies can be applied without any physical examination.
According to a 2022 Life Insurance Study, the no exam life insurance has been witnessing considerable demand. The pandemic has brought changes in the behavior of consumer habits, and this is one such example. While other policies may require health-related information, these policies are free from such conditions.
What is no exam life insurance?
Generally, insurance companies require you to undergo a medical examination to estimate the coverage and premium charges. No-exam policies have no provisions. It is available for both term and permanent policies. However, depending upon the type of insurance, you might need to answer some health-related questions.
It is a relief for people who find it challenging to get insurance due to ineligible health conditions. One can also see this as a relief for people who avoid the idea of getting enrolled in doctor visits. The approval time for a no-exam policy is faster than the traditional method. A person no longer has to wait for the exam results.
How does no exam insurance work?
The traditional insurance will require detailed information about your height, weight, other details, and a complete list of previous medical records. The no-exam method requires no such in-depth data. Nonetheless, some companies like CPP life insurance may ask you for the below information.
- A questionnaire may inquire about your current health and family history in terms of health.
- They may inquire about your previous health examinations’ prescription history and results.
- Driving records are interrelated to the premium charges. Speeding tickets and crashes may require you to pay higher premiums.
- A statement from your primary health consultant may be another requirement you need to fulfill.
Benefits of the insurance
- People who are looking for access may find this method appealing. Sometimes, the process can be completed in a day.
- The biggest reason for the growing popularity of no-exam insurance is the absence of physical examinations. The maximum an individual needs to do is file a health-related questionnaire.
- People diagnosed with chronic diseases do not stand a chance with standard medical examinations. It is an excellent opportunity for such people to obtain a life insurance policy.
- Older adults above 60 who may not be applicable for standard policies have a chance regarding such policies.
Bottom Line
According to a 2022 Life Insurance Study, people between the age of 55-64 prefer no medical exam health insurance. Every insurance company has a diverse approach to cater to this need; connecting with a trusted agent is suggested for better guidance. Premiums might be higher compared to the traditional policy but offer several advantages. The procedures guarantee excellent coverage options without undergoing the hassle of medical examinations.
No-exam life insurance has much to do with individual goals and requirements. The life insurance industry saw significant growth post-covid. However, it is always recommended to do ample research and make an informed decision.
The best idea will be to reach out to a reliable agent, look at the options, and choose the one that suits your needs.
