No Blood Test & Health Exam Life Insurance
No-Blood Test Life Insurance News 2013
Purchasing life insurance is one of the most important and selfless things you may ever do in your life. It is not something that you do for your benefit; it’s a purchase you make to give your family the peace of mind that if anything were to happened to you they will be OK.
Different Options Available
When purchasing term life insurance, you have two options as far as the application process. The first option is the traditional way; which a nurse does a brief health exam which takes about 30- minutes and includes a blood and urine sample. The second option which is more contemporary is the no blood test or exam policy.
Advantages & Disadvantages of No-Blood Test Life Insurance
The major advantage of no-blood test life insurance is of course convenience. There is even a new policy that is so advanced that the whole process can be done online and you never have to speak with an agent if you are instantly approved. How cool is that? You just answer a few health questions and the computer will quickly check the insurance databases and if it’s clean you’re good to go. You provide your payment information right on line and print off your policy and you’re covered. You can’t beat it. It’s the same coverage as a traditional policy, just much easier and less hurdles to jump over.
The disadvantage to no-blood test life insurance is the cost. Since the insurance company is not thoroughly evaluating your health based on your blood and urine, they are taking on more of a risk. To compensate for this risk the prices are higher. The ironic thing is that you have to be healthy to be approved for the no-exam & blood test insurance so those who have health issues typically are not eligible and have to take the medical exam so the insurance company can evaluate their exact risk and charge them accordingly. It’s a catch-22 situation.
Rules of Thumb
I recommended to clients to take the no-blood test life insurance if you need life insurance A.S.A.P. and can’t wait a month or so for the traditional underwriting process. Common situations like this occur when there is a divorcee decree or the bank is requiring life insurance for a loan A.S.A.P. Other instances where someone would be ideal for a no-exam life insurance policy is if they don’t like or can’t do needles as is required by the traditional exam and don’t mind paying more to skip this step. Also, people who are very busy and don’t have the time to take and exam but still need to protect their children or a family member are perfect candidates for the instant issue policy.
There are countless reasons beside convenience as to why the no-blood test life insurance term policy is the best option for their situation. If you don’t mind doing the exam that will be a less-expensive option which means you can get more coverage to protect your family. However, if you need insurance fast and don’t mind paying more for the convenience of a no-blood draw life insurance policy; it’s a luxury that you should take advantage of.
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