3 times no-exam life insurance is worth it

Life insurance is one of the most important financial protections an adult can have. While other insurance types can cover your car, your home and even your next trip, life insurance protects your family and loved ones. In exchange for a minimal fee to a provider each month, the insured can obtain a financial safety net for hundreds of thousands of dollars or even $1 million or more.

While this protection is important to have, not everyone can qualify for the same type or amount. Life insurance companies will want to know who they’re insuring before signing on the dotted line and that verification typically takes the form of a medical exam. By thoroughly testing applicants they can better understand who is applying for coverage – and how much (or how little) to provide. The results of this test will significantly affect what a provider offers. 

There are, however, no-exam life insurance policies that many people can benefit from. These insurance types (which can be used for both term and whole policies) skip the exam altogether and move the applicant directly to the approval phase. So when should you apply for this kind of coverage? Below we will explore three times no-exam life insurance is worth it.

If you’re in the market for life insurance then start by getting a free price estimate now.

3 times no-exam life insurance is worth it

Not sure if this type of life insurance is for you? Here are three times it may be worth it.

When you have significant health issues

If you have high blood pressure or are suffering from significant medical conditions but still need the protection a life insurance policy can provide then no-exam life insurance is probably worth it for you. Think about the medical exam and what it entails (typically blood and urine testing, a blood pressure and heart rate check and more). Now, if any of the potential results stemming from the test could severely limit the coverage provided (or cause an outright rejection) then you’re better off skipping the exam. 

Yes, no-exam life insurance is more expensive than other types but it may be worth the price increase if it means the alternative is having no insurance at all.

Not sure what you would qualify for? Get a free price quote now so you know exactly what to expect.

When you’re a smoker

If you’re a smoker or have a significant history of smoking then you’re automatically riskier to insure. That risk will be reflected in higher premiums you’ll have to pay each month. You will have to reveal your smoking history regardless of the insurance type you ultimately apply for. But by skipping the exam you’ll improve your chances for coverage versus if you had taken an exam and had subpar results. 

When you need coverage quickly

The life insurance application process isn’t particularly arduous but it will take time. It may take days or even weeks to just have a medical exam scheduled. You’ll then need to sit for the exam and have the results recorded and sent to the provider. They will then need to review the results and compare them against your coverage request. From there they will either approve you, offer a different coverage amount or reject your application in full. All of this takes time and you could wind up having to start anew if something goes wrong during the application process.

A no-exam life insurance policy, meanwhile, is simple and guaranteed. Applicants can get approved within days and some even get the sign-off the same day they applied. So, if you need life insurance immediately and can’t wait to go through all of the formal proceedings, no-exam life insurance is worth pursuing.

Get a free price estimate now or use the table below to review some top providers on the market.

The bottom line

There are many types of life insurance to choose from. The benefits of each policy are relative to the individual and their personal financial health. For those with significant health issues or background of smoking, no-exam life insurance can be worth it. Similarly, applicants who need life insurance immediately may find that no-exam life insurance is their best option.