How does it differ from a traditional policy? Who is it best for? And of course, how much does it cost?
Sproutt insurance advisors have rounded up the most important information about no exam life insurance, and we're sharing it with you here.
Here is everything you need to know about no exam life insurance.
Different Types: Term and WholeThere are two main types of traditional life insurance policies — term and permanent — and the most popular type of permanent is called whole life insurance. No exam life insurance also has term and whole policies. Term no exam life insurance has a duration of a certain number of years — 5, 10, 15, 20, etc. When the policy ends, so does the coverage. Whole, on the other hand, has no limit. It can last a person's entire lifetime, along with the coverage and the premiums.
Simplified Issue is the main type of term no exam life insurance. SOME health questions are asked but no medical exam is required. Coverage is usually capped at $500,000 or $1 million, depending on the insurance provider.
Approval is Fast & EasyDepending on the type of no exam policy, approval is guaranteed or at the very least, granted much more easily than traditional life insurance policies. This makes it a good option for pretty much anyone. People who are in good health and those who are not in such good health can get approved within days, not weeks or months like traditional policies. The reason for this is because there is little-to-no underwriting involved when calculating the premiums, so the approval process is simple and straightforward.
An Entirely Online Process
Anyone Can ApplyAnyone can apply for no exam life insurance, but not everybody will qualify. You can be in great health, poor health, middle-of-the-way health, different insurers have different criteria. These criteria typically cover height and weight, prescription drugs, nicotine use, and specific medical conditions. However, due to the easy application process and speedy approval time, no exam life insurance is particularly popular among people who are very busy or who need life insurance quickly. It's also popular among people who have preexisting health conditions and those who don't like doctors or needles and prefer to skip the medical exam.
Approval For MostWhile anyone who applies for a GI policy is approved, when it comes to other policies ALMOST everyone is approved. If you're in good health, approval is a no-brainer. The only issues which may pose a problem include extreme BMI in either direction, if you've filed for bankruptcy, or if you have specific medical conditions.
How to Find the Best DealNo exam life insurance policies can be more expensive than traditional life insurance policies, but they don't have to be. If you're in good health and don't have serious financial issues, there is no reason that you shouldn't be able to get a good deal. The key is knowing how to find that deal.
That's where Sproutt comes in. As an insurance aggregator, Sproutt combs the internet for the best deals on life insurance and presents them to you, free of charge.