Is No Medical Exam Life Insurance Expensive?

We must spend our money wisely. Funding a bad investment will endanger your budget and consequences will be felt, not only by you, but also by the ones you love. Life insurance policies are created to protect finances, not to destroy them, but they can easily do that if you overpay a policy that will later provide inadequate financial benefits.

Couple-Financial-Planning2And when it comes to bad investments, one policy was considered the black sheep of the insurance industry. Until recently, no exam life insurance had little trust gained from the people. One reason for that is its price, since no medical exam life insurance is more expensive, compared with standard policies.

However, this should not discourage you from getting no exam life insurance, if you can afford it. It will be your only chance of being insured. This type of insurance is granted to people that would otherwise remain unprotected.  The chances of getting coverage are directly correlated with your risk of dying while under coverage.

The greater the risk, the greater the chances to be rejected will be. This is because companies want to you to live as longer as possible and pay many premiums. For term life providers it is beneficial if the policyholder outlives the policy, because term life does not have cash build component and the company will not have to pay any death benefit.

So, if you are considered to have a too greater risk by the common standards, apply for no exam policies. They are more flexible and have other standards.

But if you want to get no exam policies, you must consider searching first adequate life insurance quotes. Prices for no exam premiums are significantly higher than those of standard premiums. Sometimes they are double, but this depends on the contracted amount of coverage and the selected policy type.  No exam premiums can be as high as a couple of hundreds of dollars monthly or just several tens of dollars.

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