There is no one-size-fits-all insurance. For some, without an exam is the way to go.
the main points
- A check-free policy is usually more expensive than traditional life insurance coverage.
- For some, purchasing a test-free policy is the quickest and easiest way to get life insurance.
Traditional life insurance policies usually require a medical exam. It’s a way of giving the insurance company a peek into your overall health and lifestyle before approving your application and offering you a price. Some insurance companies offer test-free policies, which means no medical exam. While a test-free policy costs more than traditional life insurance coverage, for some people it’s still worth considering.
1. You need to cover immediately
Suppose you are going on a safari in Africa and leave young children at home with their grandparents. You worry about what will happen to your children if a hippo knocks on your truck and a lion eats you. Perhaps you don’t have life insurance, or your current policy is too small to care for your children after you are gone.
There’s no set amount of time it takes to insure traditional life insurance coverage, but it sure takes longer than a no-test policy. After all, with a no-screening policy, you don’t have to make an appointment with your medical provider and wait to be seen. You don’t have to worry about how long it will take for lab test results to arrive.
If you need a quick policy, test-free may be the way to go.
2. You are young
Maybe you young and single I don’t see much need for a policy yet. However, if you want to leave enough money to pay for funeral or departure costs for your parents or siblings, purchasing a test-free policy is one way you can go.
3. Nobody depends on your income
If the only person dependent on your income is you, buying a large, traditional policy may not make sense. Let’s say you want to leave your car to your brother when you die but still owe its balance. A policy without smaller tests might be just what you’re looking for.
One caveat: Just because you don’t have anyone dependent on your income now doesn’t mean you won’t someday in the future. The sooner you buy life insurance, the less expensive the policy will be. In fact, you might be surprised how cheap it is term life policy Maybe.
4. Your job or hobby is dangerous
If you tie up power lines or tame lions for a living, insurance companies know you have a greater than average risk of dying on the job. The same is true if your idea of fun is skydiving, mountain climbing or cliff diving. If you find it difficult to get traditional coverage, you may want to try the no-test policy.
5. You have a health condition that makes buying conventional coverage more expensive
If you have a high-risk health condition, you may pay to compare the cost of an insurance premium No-exam policy for that traditional coverage. The no-test policy will likely end up costing less once the insurance company raises the price of its traditional policy.
6. You are too old for traditional politics
Once you cross a certain age, it can be difficult to find an insurance company willing to write a life insurance policy (the exact age varies by insurer). The older you get, the higher the cost of your new life insurance policy. This is another instance where you can pay to compare the quote on a traditional policy with the quote for untested life insurance.
Whether you insure life insurance by following the traditional path or opting for a test-free policy, life insurance can be a powerful part of your comprehensive financial plan.
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