Why Skip the Medical When Getting Life Insurance?
There are several options for getting life insurance without the usual medical exam. Does this sound appealing? There’s less hassle; just fill out an online questionnaire.
Or you may be afraid of medical tests and doctors’ offices. You may also be afraid that you’ll be rejected because of a pre-existing health condition. But fear is not a good reason to avoid the health exam. Skipping it may result in a quicker, more effortless process, but it is an expensive choice.
As a savvy consumer, knowledge is your best weapon against making the wrong choice for your financial future.
No doctors, no needles, but more money. Without an exam, the insurer will know far less about you and your health, so they will have to guess, and cover their bases with much higher premiums—up to double what an exam-based policy can cost.
Do you fear the medical exam process? Well, you’re not alone there. Here’s what to expect: a life insurance medical exam takes about 20 minutes out of your day. You give your height, weight, blood pressure and medical history. You may be asked for blood and urine samples. Many people are afraid of needles, so don’t let this stop you—ask for a nurse who will help manage your fear. You deserve the support, and your loved ones deserve the protection a good policy can provide.
The healthier your measurements and lab results, the lower the premiums you’ll pay for coverage. But do not lie on your medical history. It can invalidate your policy, depriving your loved ones of death benefits, and that’s the whole point of taking out life insurance.
Do pre-existing medical conditions mean you can’t get life insurance? Not necessarily. Don’t assume conditions like cancer or diabetes will disqualify you from getting insurance. Discuss it with your insurance agent and learn about your options. Your policy may cost more, but in many cases, it is still possible.
Remember that you will experience a two-year period before the policy takes effect. That clause protects the insurer from issuing a policy to someone with a terminal illness, or who plans to take his or her life. After that, life insurance typically pays out death benefits regardless of how you die.
When you compare the amount of coverage, and what you pay for it, getting traditional insurance with a medical exam is worth the hassle. So, invest the time now, to ensure your family is taken care of later.