Is No Med Exam Life Insurance A Bad Investment?

By purchasing no medical exam life insurance, you get life coverage in 24 hours without having to take any medical tests or examinations. But is this fast and easy policy worth your hard-earned money? Read on and find out if no medical life insurance is a good investment or not!

ways-to-save-money-on-life-insurance-300x198The advantages:

  1. It is issued in 24 hours. The speed factor is an obvious advantage as other policies are issued between 30 and 60 days. Also, you do not have to visit any doctors to take medical tests so this also saves you a lot of time.
  2. It is simple to qualify for coverage. In order to qualify for coverage, you need to complete a questionnaire! You can complete it online and based on the data you provide, the agency will determine your policy’s premiums.

The downside:

  1. It is expensive. By selling you coverage without a prior medical examination, the agency takes a high risk. The risk is covered by the cost of the policy’s premiums. No medical life insurance costs a lot more than a traditional plan!
  2. It provides limited coverage. The coverage a policy provides is limited. The benefit caps around $300,000 for simplified issue plans and $50,000 for guaranteed issue policies. These policies are usually bought to cover funeral expenses and mortgage loans and the coverage may not be enough for everyone!

Is it worth the money?

Life insurance policies are designed to serve different needs. A no medical exam life insurance policy may not seem very advantageous, but it can be a life-saver for people with a pre-existing condition.

If you cannot get coverage through a traditional policy, you can still get life insurance by applying for simplified issue or guaranteed acceptance plans. The premiums may not be cheap and the benefit is limited, but you will still be able to help your family pay for funeral expenses and other costs.

So, should you buy a policy? If you have a bad medical condition or are suffering from a disease like diabetes or pneumonia, you should apply for a no medical exam life insurance policy. The coverage can help your family cover different expenses that your death may leave behind.

If you want to find cheaper insurance, visit our website and search quotes! We have contacts with the best insurance providers in the country and we can help you find the best plan available!