Should you buy term life insurance without taking a medical exam?
The answer depends on many factors.
If you’re a young healthy individual with a lifestyle and clean driving record you could probably get away with buying a policy from an insurance company that doesn’t require a medical exam like ETHOS. The ease and convenience of getting a policy issued immediately might be worth an extra few dollars in premium. But to get the lowest premium you will most likely need to take a medical exam.
Now, let’s say you already tried to get a policy with no medical exam and the rate was more than you could afford. That could be due to a lot of reasons and may have nothing to do with your health, lifestyle, or driving record. What you should do next is take a look at applying for a life insurance policy with an insurance company that does require a medical exam. It doesn’t cost anything to apply and the insurance company pays for the medical examiner to come right to your home or office to complete the examination.
You can use this link to see that prices for term insurance are a lot cheaper when you are willing to take a medical exam.
I recently had a client who needed insurance in a hurry(like that day). Well, he was able to obtain life insurance that day, but a $100,000 term policy was priced at just over $80 per month. He is in the process of applying for a new policy and will take the life insurance medical exam. His premium will be lower by at least $40 per month and he will be getting $250,000 of life insurance instead of $100,000. More than twice the coverage for half the price!
I can appreciate the advancements in technology that allow people to buy life insurance policies online without taking a medical exam or even speaking with a licensed life insurance professional. I mean who has the time these days? Everyone wants everything now and isn’t willing to wait. BUT, after 25 years in the life insurance business, I can tell you that a few hours of your time doing your research and working with a licensed insurance professional can be the difference between having life insurance to protect your family and not having it. Not to mention the dollar savings.
If you need assistance finding the best term life insurance please feel free to email or call me.
