No Exam Life Insurance vs Term Life Insurance: What Should You Buy?

No exam life insurance is the fastest way to get coverage, but is it the best? Will no medical exam life insurance be able to overthrow term life insurance? Whatever the future brings, it is best to be prepared and to get yourself informed about each plans. Both plans have their ups and downs and making a right decision depends on how much you know about each of them.

Close up of Life Insurance PolicyNo medical exam life insurance

No medical exam life insurance has a simplified underwriting process which makes it easier to qualify and purchase a policy. It helps people save time by not having to visit different doctors and take medical tests.

The advantages

  • Fast coverage. This type of plans is issued very fast, usually in less than 24 hours. A term life insurance policy will be issued in between three and six weeks.
  • Simplified underwriting process. Unlike term life insurance, no exam life insurance plans have a simpler way of deciding your eligibility: they ask you to answer some medical questions. It may sound surprising, but by completing a medical questionnaire, you can qualify for a plan.

Term life insurance

Term life insurance provides temporary coverage in exchange for regular premium payments. It is one of the most popular and reliable policies on the market.

The advantages

  • It is cheaper. Term life insurance is the cheapest type of life coverage you can find. No medical exam policies may offer a convenient and fast way of getting insurance, but they can be quite expensive. Term life insurance, on the other hand it is affordable for any household.
  • Higher coverage values. If you need good financial protection, term life insurance is the plan for you. No exam life insurance policies are usually issued for small sums like $50,000 and $100,000. With term life insurance, you can easily get a guaranteed death benefit of over $200,000.

In conclusion, term life insurance is a better option from a financial point of view, but its complicated underwriting process can be tiresome for many clients. When it comes to speed and simplicity, no medical exam plans are the best.

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