No medical exam life insurance: A better option than no life insurance at all.

If you don’t have life insurance, but have people who depend on you for financial support, make it a New Year’s resolution to get some coverage. The cheapest life insurance usually requires a medical exam, but if you’re worried about taking that exam consider a no-medical exam policy.

With this kind of policy, you only need to answer a few questions about your medical history and maybe your family’s medical history. Some of the questions typically include:

  • Have you used tobacco in the past x number of years?
  • Are you taking any prescription medications?
  • Have your parents been diagnosed with cancer, heart disease or other issues before a certain age?

The insurer can check some of your answers against a medical information database. They may also check your driving and credit record.

Once your application is approved, you can get coverage. You can typically choose to pay monthly or annually, though you’ll usually get a little break for paying by the year.

You do pay a higher premium for this type of policy. That’s why many people check out no medical term life insurance. Term life is less expensive than a whole or permanent life policy.

Also, you can try at a later date to reduce your premium by applying for a policy that does require an exam.

Whatever route you choose, be sure to get several quotes to compare life insurance rates as they do vary from company to company. Also, you should only buy from a reputable company with a stable financial background.

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