Life insurance has been made easy by insurance companies providing a no exam term life insurance policy. For some life insurance coverage policies a medical examination is required but with no exam term life insurance you only have to answer a few health questions.
With this policy you won’t need to get an appointment with a doctor, provide your blood or urine sample or get your sugar level or blood pressure taken. When purchasing a no exam term life insurance the application process is sped up. Usually, 4–6 weeks elapse between the application for a life insurance policy and the time it is issued. When there is less processing as in the case of no exam term life insurance it is possible to issue a policy within a matter of days.
Another purpose of no exam term life insurance, however, is to allow applicants who would
otherwise be non-insurable to obtain coverage. Because of health complications or a
combination of health issues and advanced age, an individual may be denied coverage for ordinary life insurance, but that individual can still obtain coverage through no exam life
A no exam term life insurance policy also allows customers to use their death benefits to cover for funeral expenses.
No exam term life insurance is also a good choice for those who find themselves uncomfortable around doctors and needles.
Life insurance rates are based on the life expectancy of an individual, those with a good
prognosis pay lower life insurance rates and vice versa. For this reason non medical issue life
insurance is expensive because there is no medical report upon which an insurer can base his rates.
Without an up-to-date medical evaluation, your insurer has at best only a scant idea of your life expectancy, and that imposes a substantial risk on the insurance company. The insurer is obliged to charge you more for coverage in order to manage this risk.
Therefore it all comes down to the individual whether he wants a life insurance knowing his life expectancy or getting no exam term life insurance one which does not involve the hassle of going to the doctor and getting a medical examination.