No Exam Life Insurance

When You Should Consider No Exam Life Insurance... And When You Should Avoid It!

Considering no exam life insurance? If you have serious health problems that may prevent you from obtaining conventional life insurance or result in very high premiums, you may want to take advantage of the many no exam insurance options.

Certain life insurance companies waive the insurance physical examination. This is typically referred to as no exam life insurance. These policies are often sold via magazines, newspapers or the internet or they may take the form of group term life insurance policies. In the case of the latter, an individual may be covered by a company's group policy. No medical examination is necessary so this is an ideal solution for employees who would otherwise be disqualified from life insurance.

However there are penalties for no exam life insurance cover. The insurance coverage may be very small and this could be problematic if no other benefits have been provided in the form of savings.

In the same way as other life insurance policies, no exam life insurance may still make allowance for a one or two year contestable period. This means that within this period the policy can be cancelled or changed by the company. A policy may be changed if any undisclosed medical problems are later discovered.

A significant drawback of no exam life insurance policies is that the premiums are likely be quite high while the coverage is considerably lower than with regular policies. For this reason no exam life insurance is often used as a supplementary policy rather than a sole means of life insurance.

It may be worthwhile to buy no exam life insurance if there is no other available option for you. However, many companies are willing to provide life insurance for those with serious health problems, even if this means the policyholder pays a bit more or is restricted in certain areas. In this case the coverage is likely to be superior to that of many smaller companies. Do thorough research to find a reliable insurance company that is willing to work with your specific needs.