No Exam Life Insurance Rate Quotes
Reader’s Question:
I live here in Kansas and I am wondering if you would recommend that I get a No-Exam Life Insurance Policy?
Albert
Kansas City, KS
Normally, I would only recommend a No-Exam or guaranteed Life Insurance policy if you have been denied life insurance coverage multiple times there in Kansas due to poor health or medical conditions. The reason is that most guaranteed life insurance policies have exclusions written in their agreement. These agreements are modified where there would be certain stipulations or certain requirements to be met before you or your beneficiaries can be granted payment. Some companies impose a certain period of time where you or your beneficiaries might get reduced or no benefits at all if you die within that period, say within two years from the start of your policy but might pay in full if the death is due to accidents or acts of god.
If you are generally in good health and still young, try to go with the medical or physical exam required by some life insurance providers. Most guaranteed life insurance premiums or rates can cost much higher compared to regular life insurance rates. This is because the life insurance company has no idea of your physical condition or how long you will live due to unavailability of health data hence you will be tagged as a high risk customer and your higher premiums will reflect that? If you do decide to continue with a No-exam policy at least get multiple policies from different providers to choose from. Also get a copy of a specimen agreement first so you can examine the details of the policy.
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