When you’re shopping for life insurance coverage, there are dozens of different types of plans that you will need to compare to ensure that you’re getting the best plan possible. Each plan has different pros and cons that you will need to weight. Every family is different, and each person will have different life insurance needs.
One option for quality insurance is to buy a no exam plan. As you can guess, these plans will allow you to get life insurance coverage without having to take the medical exams. There are several different kinds of life insurance that don’t require a medical exam, and each of them is going to be slightly different.
The first kind is the traditional no exam policy. These plans can get your insurance coverage without the medical exam. These plans don’t require a medical exam, but the insurance agent is still going to ask you dozens and dozens of health questions. All of these questions are going to play a significant role in how much you pay every month for your insurance coverage.
Aside from the health questions, the insurance company is also going to pull your prescription records and medical records from your doctor. That is going to compare all of that information to decide how much of a risk you are to insurance with coverage. The higher the risk, the more that you’re going to pay for that coverage.
Guarantee Issue Life Insurance
Another option is a guarantee issue plan. These plans are very different from a no exam plan, because not only do they not have a medical exam, but they also don’t ask any health questions. As you can guess from the name, nobody is rejected for a guarantee issue plan. All that you have to do is give your name and how much coverage that you want.
Burial insurance policies are very similar to guarantee issue plans, but these policies are designed for seniors that don’t have any major expenses, and just want to give their loved ones the money that they need to pay off any burials fees or funeral related costs.
Pros and Cons of No Exam Life Insurance
When you’re shopping for life insurance, it’s important that you look at the advantages of each plan. No exam life insurance is a specialized type of coverage that won’t work for everyone. There are a few special benefits to these plans that you should take note of when looking for the best plan.
The best advantage is how quickly you can be accepted for these plans. If you’re wanting to get advantage is quickly as possible, then a no exam plan is going to be the best option, regardless of which type of no exam plan. With a traditional life insurance policy, then you’re going to wait a month to be approved for coverage. With a no exam policy, then you can get coverage in a matter of days. With a burial policy, then you can be approved in a matter of hours. If you want life insurance quickly, these are the best plan.
Another advantage is that you can get coverage, regardless of your health or any pre-existing condition that you have. If you’re in poor health with several severe complications, then you may assume that you won’t be able to get coverage, but that’s where these plans come in.
On the flip side, there are a few drawbacks to these plans as well. The most notable is that they are going to be more expensive than other options. The purpose of the medical exam is to give the insurance company an idea of how much risk you are for insurance coverage. Without that medical exam, the insurance company is taking greater risk, and they are going to offset that by charging you higher monthly rates. If you want to get the most affordable coverage, then you need to apply for a plan that requires the medical exam.
Another serious disadvantage is that you’re going to be limited on how much that you can buy. Most no exam plans will only allow you to buy $250,000, and that’s if they do the health questions. If you’re buying a guarantee issue plan, you can only get around $30,000, which isn’t enough protection for most families. Not having life insurance coverage is one of the worst mistakes that you can ever make.
You can’t predict the future, which means that you shouldn’t wait any longer to get life insurance protect. Call an experienced independent insurance today to get the process started.