My agent tells me that as a result of my age, I can have a no exam whole life insurance. Is this a good thing?
Spencer
Dallas Texas
A no exam whole life insurance sounds like a really good offer. But first, what is a whole life insurance? Unlike a term life insurance which is good only for a specific term or period, whole life insurance is good for life. One advantage is that there is a sure payout. You won’t have to face the problem of worrying if you can get insurance later in life.
Whether it is for a term life insurance or a whole life insurance, insurance companies require you to have a test. The reason why they conduct an exam is in order for them to know what your life expectancy is. Morbid as it may sound, the insurance company is evaluating your chances of dying. The greater the chance, the more premiums you have to pay.
For example, if the exam shows that you are rather overweight, then it means that the likelihood of you getting a fatal disease is high. Thus the premiums you need to pay for your policy is higher than normal. Medical history is another thing that insurance companies look for in an exam. If you have previously suffered from, say, a heart disease, then you will again have to pay higher. If you avail of a no exam whole life insurance, then you have nothing to fear since whatever happened in the past will never come up.
Up to this moment, it seems that taking no exam is getting to be a good idea. What is the benefit then of having an exam? For one, you get to know you present condition. In most cases, it is the insurance company who shoulders the cost of these exams. Even if you do not qualify because of a condition, you at least get to know what it is you are suffering from.
One more thing, persons who are in the ages between 50 and 80 years are sometimes exempted from having a medical exam.
Even if your agent offered a no exam whole life insurance, I suggest you still ask for that exam. The knowledge that you can gain from this is invaluable.problems.
With all its wonderful offers, select quote life insurance is clearly a very good option. But there may be others who have equal or better offers. To be on the safe side, look around before making your final decision.