Reader’s Question:

How can I buy a no exam life insurance in New Jersey?

Ashley

Newark, NJ

Non medical exam life insurance is also called as no exam life insurance. Because life insurance companies want to avoid risks, they ensure that their customer is in good health or in fairly good health by taking a medical examination. Non medical life insurance policy is usually issued to younger people, say under 35, because they have a lower probability of dying soon from a sort of illness. Life insurance companies actually benefit from issuance of no exam life insurance because it eliminates the costs of thoroughly investigating a life insurance policy.

Life insurance companies in New Jersey can also issue no exam life insurance policy up to age 60. A 50 year old for example can acquire a no exam life insurance policy without any medical examination. To apply, the life insurance company will ask you to complete a questionnaire including the medical history of your family. This is because there are certain illness that is hereditary like breast cancer and heart disease. If there is a history in your family, this indicates that you are also likely to develop this type of disease. With your consent, the life insurance company may ask your physician for a medical report which will ascertain that you do not have any illness in the present time. There are people who only find out that they have serious illness once they completed the medical examination. Although they may not get the life insurance, the findings of their medical examination may be just in time to treat the illness and save their lives.

Reader’s Question:

What are the benefits for choosing to get a Whole Life Insurance Policy from an agent here in Ohio?

June

Cincinnati, OH

Whole life insurance policies are best for individuals nearing retirement age, and is looking into building up cash-value towards their money in the future. With this kind of policy you get the same death benefits as would most types of life insurance coverage, but a portion of the premiums you pay actually goes into building your policies cash-value, it’s kind of like having a savings account that earns tax-deferred interest over time as well as having life insurance protection. If you have a large sum of money there in Ohio, you could also purchase the whole value of the policy in one go (known as a Single Premium Life Insurance). There is also a form of whole life insurance hath is interest-sensitive and allows you to adjust your premiums to reach the policies goals depending on how the economy is going.

Another thing that a whole life insurance policy has going for it is that the premiums are mostly fixed. This is very attractive to people who choose to pay for insurance for the rest of their lifespan but does not want to go through the hassle of having to renew every decade or so. You do have to understand that whole life is more expensive than term life insurance so if you are looking for short-term coverage only then you may benefit with term life insurance. However, if you want your money building up over the years while having life insurance “just in case”, then whole life insurance is a good option for you.

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.

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.

Reader’s Question:

I’ve heard news of people getting HIV from needles used for blood tests. Whether or not that’s true, I’d hate to be the one to test it. Is there a way for me to purchase life insurance coverage while avoiding the hospitals here in Yonkers, NY entirely?

Adeline

Yonkers, NY

Hi there, Adeline. While I have not heard of such an incident happening in Yonkers, NY, in a way, you are right – HIV is transferred through the exchange of bodily fluids, including blood. However, that would mean that the needle used to take your sample has already previously been used and contains remnants of that infected person as well. Not just during medical exams but for any other purpose, you should make sure that the nurse or doctor drawing your blood or injecting something into your body uses a fresh syringe taken from a sealed package. Make sure he or she opens it in front of you. We can’t be too careful these days.

The above notwithstanding, I can understand how you may simply want to avoid the stress and anxiety. Don’t you worry because you can avoid the blood tests simply by applying for a no exam life insurance policy. While no exam life insurance coverage is usually more expensive than if you had submitted the usual requisite documents, the value of the stress and anxiety a medical exam would have caused may tip the scale over.

I suggest that you start by getting free no exam life insurance quotes online. Just enter your zip coed on the forms on this page and answer the following questions. These will approximate the questions that an insurance agent usually asks. Your answers will input into the calculation of the premium to be quoted. So, you see, the free no exam life insurance quotes will give you an idea of how much actual premiums will cost in Yonkers, NY.