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You may have heard about a guaranteed issue life insurance policy or no exam life insurance. These terms refer to a type of life insurance that policy holders can purchase without having to undergo any medical examinations.
Advantages of No Exam life insurance Obtainable Coverage – One of the benefits of no exam life insurance is the fact that you can still obtain coverage even if you have a pre-existing health condition. Many individuals who already suffer from a serious medical condition end up being denied insurance coverage when they apply for an insurance policy. Convenience Factor –You also won’t have to try to take time out of your busy schedule to completing the required tests such as providing blood and urine samples. If you have an intense fear of needles, you may be very happy to be able to avoid such tests. Purchasing an insurance policy online and being approved without undergoing any medical exams or even leaving your home is certainly a convenient option. Disadvantages of Guaranteed Issue life insurance Higher Premiums –You should also be aware that there are several disadvantages to purchasing a guaranteed issue life insurance policy. First of all, you will pay much more for your premiums, because insurance companies must assume a higher risk by insuring you without any medical exam. Death Benefit Limits – Another drawback is the fact that your death benefit coverage will be limited. For example, you may only be able to obtain a maximum of $150,000 in coverage with a no exam policy. life insurance companies establish certain maximum limits to protect themselves against losses. There is a much higher probability that an insurance company will receive a claim for policy holders who didn’t undergo a medical exam, so the cost is higher than a standard whole life or term life insurance policy. |
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