No medical exam life insurance is often the most attractive option for people who currently have some type of health issue. The issue needs to be serious such as cancer. Medical conditions that significantly increase the risk of death could cause some insurers to deny coverage. This type of life insurance does not require a full examination. This means that approval and the determination of rates are not affected by any existing conditions.
Individuals who are healthy and relatively young will want to avoid no medical exam life insurance policies. The primary drawback of these policies is that the premium is very high. This is because the insurer does not know the exact risk each policyholder presents. Even a person with a manageable condition like diabetes will often receive far better rates through a term life insurance policy that includes a full medical examination.
People who have existing medical conditions that make moving difficult will want to explore these no medical exam life insurance policies. The lack of a medical examination means that there is no need to travel a long distance to a hospital or to endure long periods waiting uncomfortably. This can also reduce the initial cost of acquiring the insurance since no exam fees need to be paid.
It is important to note that carriers offering no medical exam life insurance do consider several other factors when calculating rates. Demographic information such as age and gender are considered. Employment and potentially risky hobbies will affect rates as well. Any person who can easily pass a medical examination without risk of being denied coverage will want to avoid this type of life insurance in order to get the best rates possible.