No Exam Life Insurance – Why Is It Popular?

Life insurance’s roots go way back that it’s not easy to pinpoint a time in history where it was completely official. The closest practice was back in 2100 BC, with insurance as a whole becoming a documented legal practice. Ancient Rome is believed to have been the first community to create a burial club that handled the funeral and burial expenses of its members, in addition to providing some monetary relief to the survivors, making it a pretty close origin of life insurance as we know it today. 

Most modern life insurance policies require the individual to partake in a series of medical exams before they get approved. What many do not know is that it’s still possible to be approved for life insurance without a medical exam at all.

What is No-Exam Life Insurance?

The process of signing up for a conventional life insurance policy involves a bit of paperwork and undergoing medical exams so the insurance company could calculate the risk of the policy. If you have a chronic disease or health issues that increase the probability of death any time soon, the premium for the policy will skyrocket and it can even be rejected in some cases.

A no medical exam life insurance policy can skip this process altogether, even if you have a medical condition that puts your life at risk. It should come as no surprise that no exam companies are popular these days because some reputable companies are even offering the same rates for no-exam insurance as their counterparts. Many insurance companies market it as “guaranteed life insurance”. They are usually designed for older clients who have pre-existing conditions, making it simpler for them to get approved if they don’t have the time to take medical exams.

Helps Those with Chronic Diseases

No-exam life insurance policies are considerably affordable, easy, and quick to obtain. Before you think this too good to be true, you should note that it’s not the best life insurance policy for everyone. Those who have problematic stages of chronic diseases like diabetes would find it almost impossible to purchase regular life insurance, which makes no-exam life insurance their best course of action. Keep in mind, these diseases are still disclosed with the insurance company, and it’s better to say the truth about your current diseases because if an undisclosed disease was the reason for death, beneficiaries will not be able to receive the insurance benefits.

Those with Risky Professions or Hobbies

While it’s not up to us to judge what someone does with their time as long as it doesn’t affect us, it’s the job of insurance companies to properly estimate the risk of such actions. People who participate in risky hobbies or sports like mountaineering or skydiving would find it pretty hard to get a life insurance policy that’s actually affordable to pay. Professionals who occupy dangerous professions will also be faced with the same problem. A no medical exam policy is almost the only guaranteed way for them to get a life insurance policy that financially protects their loved ones.

There is no doubt that those who would benefit from no-exam life insurance are going to view it as not only the sole course of action they can take to receive life insurance benefits but also the best one. Thanks to the great number of reputable companies offering no-exam life insurance, it’s not hard to find one with great rates and a pretty short approval process.