Comparing Life Insurance Without Physical Exams to Traditional Insurance

How to Compare Traditional Insurance to Life Insurance without Physical Exams

A necessity for many people, life insurance allows you to experience peace of mind and security. But, traditional insurance that includes a physical, medical exam is not for everyone. Many people seek life insurance later in life, after experiencing medical hardship, and even despite a desire to avoid such medical appointments,. If you are like these individuals, it’s important to see if you should select no exam whole life insurance by comparing the no exam policy options to traditional insurance.

In general, it’s a smart idea to pursue life insurance even if you can’t or don’t desire to complete a medical appointment and exam. No exam life insurance is more similar to an instant approval than traditional insurance, but it often does not come with the same lower premiums, rates, and payouts. Still, it’s a good choice for those who are concerned about getting approved for life insurance if they have to get professionally screened by a medical doctor.

The no exam option should not be confused with a policy that asks for no medical information or history whatsoever because you will still be required to admit to conditions or hospitalizations and other sensitive health information as part of a medical history questionnaire. If you don’t answer these questions honestly, there are important consequences like voiding your policy and stopping or delaying payouts.

Let’s get familiar with the three main types of life insurance without medical exams and see how they compare to traditional insurance. From here, you’ll get an overview of these policies so that you can choose the right policy from a company like Sproutt.com.

Comparing the Three No Exam Life Insurance Policies to Traditional Policies

In the following section, we compare the three primary forms of no exam policies to traditional insurance that requires a medical exam. These types of Simplified Issue, Guaranteed Issue, and Group.

Simplified Issue vs. Traditional Insurance

Getting a speedy and useful life insurance policy is possible for people who don’t want to complete an exam through Simplified Issue plans. Unlike traditional insurance, Simplified Issue life insurance policies are far simpler, faster, and require few medically-oriented answers about conditions of health. By skipping the appointment, applicants can complete their initial application completely and quickly online. It’s a much simpler process.

In addition, the questions that need to be answered cover only simple facts like height, weight, habits, and recent hospital visits. With this and more information, insurance companies will screen your application by seeking out additional facts on their own from public records and any previous insurance applications you may have completed.

Guaranteed Issue vs. Traditional Insurance

The next form of no exam insurance possible for interested applicants is Guaranteed Issue which doesn’t require you to answer health questions or give over your prescription information. Unlike traditional insurance, however, it does come with the possibility of being more expensive than most forms of life insurance. This is simply because risk is increased in the eyes of the insurer since they never see medical records.

Moreover, Guaranteed Issue policies are often slighter in payouts than traditional whole life insurance because they mostly aim for a demographic of people over 50. But, if you’re okay with a policy that is on the smaller side with a higher price (or you’ve tried everything else unsuccessfully) than this may be a better option than traditional insurance you may not qualify for.

Group vs. Traditional Insurance

Finally, there is Group life insurance which is a sort of gift and benefit that your job and employer can offer you as a perk for your role at the company. You will never have to answer medical questions or complete an exam to receive this beneficial policy. Unlike traditional insurance, you can qualify quite easily through meeting the conditions set out by your employer who usually also pays the premium.

As another point of comparison, this policy is usually quite small, and it won’t cover completely. While the amount of the potential payout may be slight, it’s also a basically free policy and perks that you would be remiss to not accept.

How to Apply for Life Insurance without Physical Exams

You have seen how traditional insurance compares to the three main types of no exam insurance. You can explore your options further by learning which policy is best for you by speaking to experts in no exam life insurance.

You’ll be able to compare these policies more and weigh your options for choosing the policy that gets you the best rate and premium for the eventual payout to your family. Get the peace of mind and security that comes with approval for a no exam policy, and receive a quote from Sproutt today.