Buying term life insurance online should be like buying a book. Or a movie. Okay, maybe not that easy, but it should certainly be easier than buying a car.
Sadly, it’s not. Not even close.
Sure it’s easy to get term life insurance quotes online. There’s no shortage of websites offering them. But that’s the easy part. There’s a whole application process that comes after the quote.
And that process can take 4-6 weeks to complete. Many people can wait that long, either because they have other coverage or they want to save money by going through underwriting.
But many others can’t wait. They need it now. For a trip, or a bank loan, or just because they’ve put it off for too long already. No medical exam term life insurance was made for this select group.
How No Medical Exam Term Life Works
In most ways, no medical exam term is the same as regular term. You pick the term length and the amount. It pays a death benefit if you die during the term. You can choose to pay for it monthly, quarterly, semi-annually or annually.
These are the main differences:
No exam required - This is the big advantage. No paramed exam means no blood, no urine and no nurse visiting your home.
It’s faster - Way faster, like a cheetah racing an elephant faster. We complete the application by telephone and you sign it electronically. If approved, your policy can be in force in as little as 24-48 hours. How’s that for fast?
Coverage is limited - You can get a policy for 10, 15 or 20 years and up to $400,000 in coverage. Beyond that, you’ll have to go with regular term life.
It often costs more - Ah, the catch. There’s always one of 'em, right? Well, you are getting a policy right away, with no medical exam and no paperwork to complete. There’s naturally going to be a cost for that kind of convenience.
If you’re in a rush or just despise needles (and who doesn't), take a look at no medical term life. You'll save a ton of time and you might find the cost isn't much more than regular term life.