With tough times comes tough choose and many consumers are forgoing the protection of life insurance because they feel
they can’t afford it. Some are looking for the cheapest deals on the market without considering the realities of what happens when something goes wrong. For some, the process of going through a medical exam to get an insurance policy is a hard pill to swallow. Medical exams may actually prevent someone from getting a decent premium on a policy.
Is It Worth It?
Many insurance companies are advertising no-exam policies and are attracting a lot of business because of it. These agencies promise that a consumer only needs to answer a few basic questions before coverage can begin. There are no doctors, no tests, no exams required for the application process. While the policies may be legally valid, the fact that no-exam insurance policies will cost you remains true.
Typically insurance companies require a medical exam of the individual so they can gauge their risk. Since an applicant is only answering some questions and the agency has to rely on their word, premium costs go up because the risks go up.
Finding Quotes
If you are relatively young and in excellent health, you can find life insurance policies that do not require medical exams without much of a problem. The key to finding the right policy is to read the terms and conditions provided. You certainly do not want to pay for a policy that does not meet your needs.
Research not only the quotes you are getting from companies but have a look at the companies providing the quotes. Make sure they are a reputable agency with proper licensing. After narrowing down a few select companies, make sure you are looking at all of the information being provided. Ensure that the type of coverage being offered is what you need. If not, keep looking for the right policy at the right price. Never take the cheapest policy either. In many cases, what you pay for is what you get.
Good As a Supplement
If you have pre-existing medical conditions, you may want to find proper insurance and use the no-exam policies as a supplement to what you already have. Depending on your specific medical history, you may be limited in some choices but definitely consider all options before accepting and paying for coverage
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