Is There A Waiting Period with No Exam Life Insurance?
Many years ago, it was absolutely essential that you would have to go through a medical exam to qualify for life insurance, then you have to deal with the long and frustrating waiting period to find out if you do qualify. After that, you may not even qualify at all which is even more frustrating. All in all, it can be an overwhelming process that may sometimes feel like a waste of time.
A medical exam can be a pain for many reasons and some people would prefer not to do them which makes people opt for no life insurance. This can be harmful to them, their family, and even life insurance companies. However, in recent times many companies have added a no exam life insurance policy.
Yes, that’s right, you heard correctly! You can now qualify for life insurance and likely be approved (pending any disqualifying counterparts) without having to go through the gruelling process of a medical exam. That is awesome news for people who may have a needle phobia, fear of hospitals, confidence issues, or despise hospitals/doctors for any reason.
It also means that life insurance companies are seeing an increased amount of revenue now that people don’t have to deal with the medical exam as they did before. You can look forward to many great benefits, the biggest clearly being the no exam part. However, you can also look forward to no waiting period and a high chance of approval.
What is no exam life insurance?
No exam life insurance is exactly the same as normal life insurance. The only difference is that you are able to completely avoid the part where you have to undergo a medical exam. Plenty of people may want to avoid the medical exam for a variety of reasons, and with no exam life insurance, you can do just that.
Sometimes, the very thought of undergoing a medical procedure can give you a spine shiver, or maybe you become overwhelmed with anxiety. Whatever the case is, there is now an option for you. Another reason people choose to avoid life insurance with a medical exam is because they fear they won’t be approved due to their underlying medical issues or will be charged higher premiums.
You will still have to disclose your illnesses and other health-related things, however, you can avoid the intrusive part and instead be asked simple health-related questions. One problem with no exam life insurance is that people think they won’t have to disclose their health issues and will get away with it, however, if you pass away from an illness that has not been disclosed, your death benefit will be null and void.
Is there a waiting period?
Not only do you completely bypass the medical exam, but you also don’t have to deal with a waiting period. The benefits just keep rolling in. For usual policies, it can take up to two years to finish your waiting period. However, with no exam life insurance, there is little to no waiting period.
Other benefits of no exam life insurance
There are several great benefits of no exam life insurance, especially the ones that have been listed above. However, the greatness doesn’t stop there. There are several other awesome benefits that are just waiting to help you out.
Here are some other outstanding benefits of no exam life insurance:
- Short applications that are easy to fill out- Trust me on this, no one wants to sit down for a long unspecified amount of time and fill out applications. Especially when those applications are difficult to understand and very frustrating. Luckily, with no exam life insurance, you are able to fill out your application in a small amount of time due to how short they are and how easy they are to fill out.
- Avoid needle phobia- If you have a fear of needles, you’re not alone. I know better than anyone that needle phobia is enough to stop you from doing something completely because you are overwhelmed with fear. But you don’t need to fear this anymore as with no exam life insurance, you won’t have to undergo any blood tests or any other poking and prodding.
- Short approval time- When you opt for no exam life insurance, you can expect far better approval times. In fact, they have been so heavily reduced, they put regular life insurance approval rates to shame. Some regular life insurance companies can take months to approve your application, but you can say goodbye to that with no exam life insurance.
- Far more private- Sometimes with no exam life insurance, you can even avoid leaving the house altogether and do your application over the phone. Talk about convenience! Not only is that more private but with the no exam feature, you won’t have to be dressed in a gown getting a full head-to-toe look over by a stranger. Privacy is another great advantage of no exam life insurance.
- More likely to be approved- Once again, no exam life insurance has proven to have more great advantages. With no exam life insurance, you have a far higher chance of approval and will not only be approved fast but also effectively. When it comes to no exam life insurance, you aren’t judged on your competency due to something undiagnosed, instead, you are approved based on your records and truthful health information.
Hopefully, this article helped you gain an advanced insight to no exam life insurance and all of the amazing benefits that it can provide you with now and over time. This may help you make your decision far easier and will also provide you with enough information and knowledge to do it effectively. In essence, if you want to avoid the hassle, stress, confusion, and terribly long waiting times that are simply unavoidable with regular life insurance policies, consider opting for a no exam life insurance policy where you can enjoy all of these great benefits and more. No exam life insurance can make your life a whole lot easier.