When you have some health issues or if you are old, you will want to go for a no exam life
insurance policy. This will ensure that you will get a policy without your going for a medical
You are purchasing insurance to get certain benefits. So, you need to ascertain whether the
policy will give what you need. Let us see how this to be ensured.
How Much Is The Death Benefit?
The primary aim of an insurance is to get an amount for the family when you pass away. We
need to find out what will the final amount be. This is the first thing to be checked. You need
to ensure that the company will pay the 100% irrespective of when the insured dies. Some
policies pay out on a graded basis. Which means if the insured dies within a couple of years,
the beneficiaries will get only what premium has already been paid, along with interest for
What Is The Premium Amount?
This is the next most important question. You should know what the premium amount that
you must pay will be. Naturally, the no exam life insurance is going to cost you more than the
medically underwritten policy. The companies take more risk when they are issuing this
policy. They don’t know the real health status of the applicant and hence they will try to
protect themselves as much as possible.
The premium for this policy could be 2 to 3 times that of a medically underwritten policy. So,
you need to really understand the financial burden before you go for this policy. It is better to
first apply for a medically underwritten policy and see if you are getting one. If you fail to get
that, then you can go for the no exam route.
Another way to get yourself the best rate is to get quotes from different companies and
compare. You can choose to go through an agency that deals with many companies. This will
give you more choice.
Choose A Good Company
You also need to check the background of the company from whom you are buying the
insurance. They may sell you cheaper than others. But they may not good in paying out the
insured amount. Check whether the company has complaints about settling claims. You could
use the various rating agencies to find out about the company.
Consider all the facts before you go for a no exam life insurance policy.