Getting Life Insurance Without a Medical Exam

Photo credit: unsplash.com @Fuu J.

A Lifetime Ago

I remember thinking, “Can you get life insurance without a medical exam?” This is definitely a question I asked myself and my financial advisor way back in the early 2000s when I watched my spouse get blood drawn in our home as part of his life insurance application.  Yes, you can get life insurance without a medical exam. You’ve seen the commercials. You have heard the ads.

But what exactly are you getting when you get life insurance without a medical exam? 

1. You are getting an accelerated plan because you don’t have to wait for the appointment for the medical exam. This speeds up the whole process and sometimes that is exactly what you need.
2. Know your life insurance options when you don’t get a medical exam. There are two types of life insurance- term life insurance and whole life insurance. Term is for a set period of time while whole life provides life insurance without a medical exam for the policyholders whole life.
3. Even if you get life insurance with no medical exam you will still have to answer some medical questions pertaining to your health.
4. Be prepared to have your age, coverage goals, and lifestyle considered when applying for life insurance without a medical exam.

It’s also important to re-evaluate yours policies and your life every few years. Have you gone through any major milestones or life changes? The birth of a child or more children, health issues, career changes and marital changes can also be things to consider when choosing a policy or re-evaluating an existing one. It’s smart to shop around to find a plan that fits you as well as your budget. You can discuss it with your financial advisor, if you have one. They can offer valuable advice and policy options.

As for me, I’m at a point where I will be looking over what I have and if I need to make any changes. I’m heading into a new decade, my kids are getting older, and my life has changed considerably since I first looked at life insurance. I’m sure my policy needs have changed as well.

 

 

Disclaimer: Please know this partnership is between Responsival, and your TMC, NOT Fabric and TMC. Opinions are 100% my own.