Leonard Robbins

No Medical Exam Life Insurance

Life Insurance coverage designed for purchase without a medical exam offers advantages and disadvantage to the purchaser.  While many policies are more consumer friendly than in the past, here are some things to consider before you apply.

Life Insurance that can be purchased without a medical exam offers many benefits to a healthy individual that needs coverage quickly, and without the time and effort normally associated with fully underwritten policies.   These insurance carriers are looking for people who want the ease and anonymity of applying online or through the mail.  They also can offer immediate coverage.

 Although most policies underwritten in this way are for relatively low amounts, at least one carrier will consider up to $500,000 within certain age limits.
    
In addition, some carriers will accept credit cards, something most “regular” carriers do not accept for payment.  Again, it is ease of purchase that makes this a tempting offer.
 
However, many of these benefits come with a cost.  First and foremost, they are generally more expensive than fully underwritten coverage.  While not always the case, especially at younger ages and among some smokers, people at older ages should compare both types of coverage and decide what is most appropriate in their circumstances.

Whatever type of policy you decide upon, remember that all policies have a two year period of contestability.  This means any “material misrepresentation”   of your health, lifestyle or driving record can invalidate your policy and leave your beneficiaries without the coverage you intended.

If you cannot answer the qualification questions appropriately, this type of coverage is not for you.   It does not mean life insurance is unattainable, only that underwriting will be necessary in your situation.  This is when an agent is indispensable to get the best value. 

Article Tags: Medical Exam, Life Insurance

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