In today’s fast-paced world, adding just one item to your to-do list can make you feel overwhelmed and irritated. Even the task of buying life insurance, which is admittedly important, can seem like a burden when you have so many other things to do. After all, Americans are among the most stressed-out people in the world, so who has time to fill out a lengthy application, undergo a medical exam, and wait weeks or even months for underwriters to approve or reject your application?
In recognition of the challenge inherent in buying traditional life insurance policies, many insurers have started offering no exam policies, which essentially do away with all the inconveniences of traditional policies. At the same time, they offer steadfast coverage so your loved ones can be protected in the event of a tragedy.
No exam life insurance applications can be approved in days as opposed to weeks, and the entire process can be done online. The main advantage, of course, is that there is no medical exam required.
How can insurers offer such a policy? The entire application can be filled out online — so no printing, signing, and mailing forms — and it’s signed with an electronic signature. Then, as opposed to relying on information from a medical exam, underwriters cull information from public digital records like pharmacy and Department of Motor Vehicles reports. The underwriting process is streamlined for fast results. In some cases, approval is immediate, while in other cases, the application must be reviewed further and can take a few more days.
3 Ways You Can Benefit From No Exam Life Insurance
If you’re still not sure whether no exam life insurance is right for you, read on to discover its many advantages. If you have any questions, the expert insurance advisors at Sproutt can help you out.
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Speed
Did we mention approval for no exam life insurance is granted quickly? In many cases, it can be as fast as 48 hours, as opposed to weeks or months. The very nature of quick approval can relieve your stress and help you cross one important thing off your to-do list.
Of course, in addition to lessening your day-to-day stress, there are other reasons why you might need life insurance quickly: Loans, travel, and divorce.
Loans
Banks, credit unions, and personal lenders often require borrowers to have a life insurance policy in place. If you need the loan quickly, waiting weeks for approval for a traditional policy just won’t cut it. On the other hand, getting approval within 24 or 48 hours means that you can secure the loan at the rates offered.
Travel
Someone who is about to travel may also need life insurance quickly. Whether it’s for business or pleasure, travel can be a risky endeavor, which means having life insurance is a good idea. If you book a last-minute trip and want to have life insurance, a no exam policy is the way to go.
Divorce
Many divorce settlements include a provision for both parties to have a life insurance policy with their ex listed as the beneficiary. This is especially true when the couple has young children. Unfortunately, courts don’t always announce this requirement in the beginning, but rather, they wait until the end of the process. This can leave you scrambling to get life insurance quickly in order to finalize the divorce. This is another situation in which no exam life insurance can get you out of a jam.
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No Exams
The no-exam part of no exam life insurance is crucial for many people, even if they don’t need life insurance quickly. A typical life insurance medical exam consists of checking your weight, height, and blood pressure, among other things, along with having to give blood and urine samples. Some people simply don’t have time to do this. Others don’t like the idea of being poked and prodded. And yet others have needle phobia, a condition recognized by the DSM-IV.
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Student Loans
In 2020, student loans hit a whopping $1.56 trillion. If you’re someone who’s contributing to that number or the parent of someone who is, life insurance is a good option. Parents of students who have loans (and who cosign on them) can end up having to pay off the debt is something happens to their child. No exam policies can help protect parents of students from taking on additional debt.
No exam life insurance is a good choice for students because:
- Rates are lower for younger applicants
- Rates are lower for healthy people (which young people usually are)
- Students who attend college out of state can have a hard time scheduling a medical exam
Bottom Line
If any of these reasons resonate with you, no exam life insurance is the solution you’ve been looking for. It offers the coverage you need without the hassle.
