What is No Exam Life Insurance?
No medical exam life insurance is life insurance without undergoing a medical exam. While standard life insurance policies require a medical exam and take a long time to underwrite your application, no exam life insurance without a physical exam, or life insurance without a health check can be obtained much quicker. People who need to get life insurance for a business venture or because they’re going through a divorce typically choose no exam life insurance because it’s so easy — and quick — to get. Also, for whole or term life insurance with no medical exam there is a no waiting period.
Why Do I Need Life Insurance?
Cyber insurance is important to the financial well-being and future of your small business. A single claim can be costly and difficult to overcome on your own. Cyber security insurance helps reduce the potentially devastating effects of a claim. It can cover costs related to IT forensics investigation, data restoration, legal liability and customer notification.
A cyber insurance policy allows you to spend less time worrying about cyber threats, and more on what matters most – running your business. Easily assess your cyber risk and get a free quote to learn which cyber insurance coverages to consider for your situation.
Any business that stores or processes sensitive information like names, addresses, Social Security numbers, medical records or credit card information needs cyber insurance.
Also, any third-party who handles your confidential data and information, such as an accountant or IT service, should have their own cyber insurance policy. Be sure to get proof of coverage before hiring them.
As more small businesses choose to use and store digital data, the need for this coverage has expanded to more than just the healthcare and banking industries. A few of the many businesses that should consider a cyber policy include:
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Retailers
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Restaurants
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Hair salons / Barbers
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Marketing companies
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Contractors
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Real-estate agents
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Consultants
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Financial firms
What Are Popular No Exam Life Insurance Policies?
Just as there are different types of standard life insurance policies, there are different types of no exam life insurance policies. The most popular ones are:
Simplified Issue
With this type of policy, the insurance company may request medical records from your doctor and perhaps a phone interview, but you can skip the actual exam. Because there is some underwriting involved, approval isn’t always instant or guaranteed. However, it is much quicker than a traditional policy, and if you’re in relatively good physical health, this is a good option.
Guaranteed Issue
No underwriting is involved in this type of policy and little information is obtained. Of course, this convenience usually comes with a higher price tag. However, if you’re applying for GI no exam life insurance, whether it’s because you need life insurance quickly or don’t have time to get to the doctor, the price is probably worth it. That way, you know you’re covered and can rest easy.
Graded Death Benefit
Similar to Guaranteed Issue, only here, you’ll be asked a few questions about your health. It's typically less expensive than a GI policy and offers higher coverage. It pays a lower amount if death occurs during the first few years after the policy is purchased. Only after coverage has been in effect for several years is the death benefit increased to the actual stated face amount.
What Does No Exam Life Insurance Usually Cost?
The cost of life insurance can average more than $126 per month for a standard 20-year term policy but rates vary depending on term and coverage amount.
Insurers will primarily base your life insurance rate on your health and age. Some additional factors include your weight, whether you smoke, your occupation and even your family health history. Unlike other insurance products, life insurance quotes often do not change based on your state of residence.
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