Life insurance is one of the most important investments that you’ll ever make for the future of your family. It’s the best way to ensure that they have the resources that they need, even if something tragic were to happen to you. Aside from having a life insurance plan, it’s vital that you give your family enough protection.
One of the more annoying parts of buying maximum life insurance coverage for most consumers is doing the medical exam. It’s inconvenient, takes up time, and, of course, involves needles. But million dollar no exam life insurance policies do exist.
For those who don’t mind going through a physical to save a little money in the long run, it may not be a big deal. For others, a nominal increase in premium is well worth getting covered with less hassle, and doing so much faster.
No exam policies can issue in days, not weeks.
As far as we know, to date, there is only one carrier currently offering coverage up to $1 million without requiring a full medical, and we’d be happy to help you get a quote so you can see if it’s right for you. We can also help you find the best policy for your specific needs other than just no exam such as life insurance for overweight people. We can also help with finding coverage for certain health issues involved such as diabetic life insurance or life insurance for people with lupus. We are here to help!
Million Dollar No Exam Life Insurance Policies
There are several reasons a person would rather skip the medical portion of the life insurance application and pay a little more, than undergo the physical.
- Time Constraints
- Fear of Needles
… are just a few examples.
The traditional life insurance policy, called a fully underwritten life insurance policy, is one which requires you to complete an exam. This means getting your height and weight measurements, having your blood pressure checked three times, a urinalysis (peeing in a cup), and a blood profile (also called blood draw).
Not only are these requirements annoying, they mean having to take time out of your day to schedule a paramed nurse to come to your home or business to complete the task ordered by the insurer.
This means an inconvenience for you and extending the time it normally takes for you to get your life insurance application into the carriers hands to get the entire process started in the first place. This could take an additional week or more, especially if you’re not utilizing online life insurance applications, called electronic or e-apps.
It also means, needles.
Anyone who has a fear of needles or has a bad history with giving blood, like passing out, might want to avoid the situation altogether whenever possible!
Cons of $1 Million Dollar No Exam Policies
While it does end up saving you significant amounts of time, inconvenience and possibly passing out, there are some disadvantages to choosing a million dollar life insurance policy not requiring exam, as opposed to the fully underwritten type.
- Variety of Carriers
- Exam Results
Cost is one thing to consider. Because the life insurance company offering the coverage to you will know less about you physically, it bears a higher risk in the long run by issuing coverage to many people who may actually have some type of health concern they don’t know about.
Variety of carriers also becomes an issue, because not all carriers offer this. In fact, it’s quite the opposite. From our extensive research, we only know of one insurer who offers this much coverage without an exam. Most companies stop at $250,000-$399,000 in death benefit.
Also, some consumers actually enjoy going through the exam simply to have the results of their exam after they’ve applied. The exam company who completes the medical will release the data they get from the blood tests (the same ones they send to the carrier) to you, the consumer, so you can have a full analysis for yourself.
This is something you could take to your primary physician and have reviewed to ensure you’re as healthy on the inside as you feel on the outside.
If you require anywhere up to one million dollars in life insurance coverage and you prefer to skip the exam entirely, we may have a solution for you. There are also guaranteed issue life insurance policies which are, as the name implies, guaranteed to be issued as long as you answer a few very, very basic questions. They might not even require an exam of any type, which could be very advantageous if you have health concerns.
Life Insurance Alternatives
If you want to get the most affordable life insurance plan, the best option is going to be to apply for a term life insurance policy. You’ll be required to go through the medical exam, but it could save you hundreds or thousands of dollars on your policy. It’s important that you weigh all of your life insurance options before choosing the one that works best for you and your family.
Term life insurance plans are sold with a pre-determined expiration date on them. After that date has passed, the policy is no long effective and you’ll have to reapply for coverage if you still want life insurance. Because these plans are only active for a certain period of time, they are much more affordable than other kinds of life insurance. If you don’t mind going through the medical exam, this is going to be one of the best options for you. You can purchase a plan in a variety of lengths. Anywhere from 5 years to 30 years.
Another option for coverage is to purchase a whole life policy. As you can guess from the name, these are a form of permanent coverage. As long as you continue to pay the monthly premiums for the plan, you’ll have life insurance. Because they never expire, they are going to be more expensive.
Each kind of plan has different advantages and disadvantages that you need to weigh to decide which one is going to work best for you. If you have problems deciding which one will fit your needs, our agents can help walk you through the process.
Calculating Your Life Insurance Needs
Before you apply for any kind of life insurance, you’ll need to calculate what your life insurance needs are. Most applicants don’t know exactly how much coverage their family will need if something tragic were to happen to them. There are several different factors that go into your life insurance needs.
The first number that you should crunch is your debts and final expenses that you would leave behind. The primary goal of your life insurance plan is to give your family the money that they need to pay off any debts that they would be responsible for. Be sure to add up everything from your mortgage to your car payments. If you don’t have life insurance, your family will be left with a mountain of debt without the money that they need to pay those bills, which can make an already difficult situation a thousand times worse.
The next number that you should look at is your annual salary. The secondary goal of your plan is to replace your stream of income if something tragic were to happen to you. If you’re one of the income earners in your home, your family would struggle financially, but that’s where your life insurance comes in. it gives them the money that they need to replace your paycheck.
It’s important that you give your family enough life insurance protection in case the unthinkable happens. Nobody wants to plan for his or her own death, but it’s one of the most important things that you can do for your loved ones.
If you’re looking for a million-dollar life insurance plan without the medical exam, it’s going to be a difficult search, but our agents can help connect you with the perfect policy. We are independent agents and we can do all of the searching for you. We work with dozens of highly rated companies across the nation and we can bring all of the best rates directly to you. No hassle. Your time is valuable, don’t’ waste it talking to agents from different companies. Let us connect you with the best plan to meet your needs.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves. If you have any questions about getting million dollars of coverage or about no medical exam plans, please contact one of our agents today. We would be happy to answer those questions and ensure that you understand all of your options for coverage.
Get a quote now to begin the process.