Don’t be put off from buying life insurance because you believe you are too busy to spend time in a doctor’s waiting room waiting for an appointment to complete a medical examination. It is too important to put off, as you never know for certain what life has install for you. Plus, there are many companies out there that will provide you with the life cover you want without you having to undertake an examination, these are known as no exam life insurance policies.

No Exam Life Insurance Gets Easier as we Get Healthier

It has always been possible to find no exam life insurance but your success depended a lot on your age and health, this is still true today, but some companies are more relaxed about it than others because of the advances in medical treatment that are keeping us healthier for longer. For example if you were a male and born in Australia 100 years ago, say the early 1900s, you would have been expected to live to about 49 years, on average. A female born at the same time averaged a life span of 51 years. If born a male in the early 1950s your life expectancy would have been 66 years and a female 72 years. In the 2000s however baby boys are now expected to live for 78 years and girls for 79 years. The gap between the sexes is closing dramatically and the expected life spans are rising. This all means that insurance companies can relax a little as the risk of you dying earlier is less than it was before.

The problem for insurance companies that offer no exam life insurance is that some people don’t live up to the average life span, because of some underlying illness or unforeseen injury, that might befall them and cause their death while their insurance cover is in force. This can be minimised to a certain degree with younger policy holders but it remains a serious concern to them as their policy holders age. This is why you have to pay an increased premium every time you take out a new policy until you reach the age where no insurance company wants to know you. While young, under the age of 45 years, many no exam life insurance companies will consider insuring you as long as you can answer some basic questions about your health. It is much easier for 20 and 30 year old people, but a person of 60 or 65 might not be treated so enthusiastically. Over 65 and you can give up the idea altogether.

Insure While Young

This is quite understandable as nobody wants to insure themselves with an insurance company that carries too high a risk with most of its policy holders being so old that they will have to make a lot of payouts. The answer is to insure yourself while you’re young if you are too busy to spend time undergoing a medical examination, you will then probably be successful obtaining no exam life insurance, although you will most likely have to pay an increased premium for the convenience of avoiding a medical exam. Insurance is cheaper while you are still young and therefore the little extra cost might suit your purpose.

In doing so don’t fall for the trap of applying for no exam life insurance because you feel you are not healthy enough to pass a medical examination. It doesn’t work that way, because life insurance companies will still want to know what level of risk you are to them. They will ascertain all they need to know from the answers you give to the questions they ask. If you are untruthful you will get found out as checks will be made. If you happened to get through undetected it would be unlikely for the benefits to be paid on your death if you lied about a medical condition, and you would have wasted all the premiums you had paid.

Limited Policy Amounts

No exam life insurance policies are usually term type insurances, usually for around $500,000 and are easier to obtain for shorter terms. Whole of life and permanent type life insurance can be obtained from some insurers with no medical examination having to be submitted to, but when looking around make certain that you are dealing with a reputable company. You may find the restrictions too inflexible to consider as many conditions, in the small print, can make it too hard for your beneficiaries to lodge a successful claim.

It is not a new idea to be offered no exam life insurance, it has been used by a lot by companies insuring their key personnel, as well as in buy sell agreement situations, as it is a simple and quick way to guarantee funds. For large amounts of cover you will still have to undergo a medical examination although some companies online have been offering terms of up to 30 years for $500,000 policies. However, it remains easier to obtain such policies for 10 and 15 year terms.