Why so much more for no exam plans? Because, the insurer may end up accepting some applicants that might not qualify for a life insurance policy after taking a physical examination. That means they need to charge higher rates to account for the possibility of higher number of claims to be paid out on the life insurance policies they issue.
However, you can compare rates among no exam life insurance carriers to find out which insurers offer more coverage at lower prices.
Some of the leading providers of no exam life insurance include Fidelity Life, Globe Life, Mutual of Omaha, Garden State Life, Colonial Penn, and AARP/NewYork Life, among others.
Make sure you review the following before buying a no exam policy:
1. The type and amount of life insurance.
2. How long your rate is guaranteed to remain the same.
3. How long before full coverage is provided by the life insurance policy.
4. The financial rating of your life insurance carrier.
5. Any there any limitations or exclusions that apply to your life insurance.
Here's how you can learn more about life insurance with no medical exam and compare rates and plans online.