No exam life insurance is not new at all. However, the convenience of obtaining life insurance with an exam has never been so appealing.

With most states still under lockdown, the uncertainty is palpable. When will this pandemic end? When can we go back to our normal lives?

Even more pressing are the health concerns. COVID-19 has claimed over 100,000 American lives, and many more are still battling the virus. During a pandemic such as this one, it’s only natural for people to start thinking about life insurance.

Life insurance is the best way to make sure that your loved ones are covered financially in the event that you die. Life insurance of any kind has inherent value — whether it’s term, whole, traditional, or no exam, the policy you choose will provide coverage. However, during times like these when people are in lockdown and going to the doctor’s office can be downright frightening, no exam life insurance stands out as an ideal solution.

No Exam Life Insurance is Exactly What it Sounds Like.

It’s life insurance that you can get without undergoing a medical exam. In fact, the entire application process can be done online or over the phone. No exam policies come in two forms: Term (also known as Simplified Issue) and Whole (also known as Guaranteed Issue).

Both types require no medical exam, but term insurance does require some health information, while whole no-exam life insurance won’t request any. In fact, it’s known as Guaranteed Issue because coverage is guaranteed to virtually anyone who applies, regardless of medical issues.

Whether you choose life insurance with no exam as the solution to getting coverage without risking infection or whether you prefer to go the traditional insurance route, you probably have a lot of questions during these murky times.

Do You Need Life Insurance if You have a Will?

Life insurance and a will are two totally different things. A life insurance policy awards a death benefit payout to designated beneficiaries, while a will instructs who will receive your assets after you die. Having a will does not ensure that your loved ones will receive financial coverage after your death. Moreover, a life insurance policy will override whatever is listed in the will.

Can You Get Life Insurance if You are Unemployed?

Even before COVID-19 struck, getting life insurance while unemployed was difficult. Not much has changed — it’s not harder and it’s not easier. The reason that getting life insurance is hard if you’re unemployed is that coverage requires the payment of monthly premiums. If you are unemployed, there is no guarantee that you will be able to make those payments. In this situation, applying for Guaranteed Issue no-exam life insurance might be your best option — almost everyone who applies is approved.

Do the Application, Price, and Underwriting Processes Remain the Same?

Unfortunately, due to COVID-19, the entire life insurance process is already changing, albeit slowly. Life insurance companies don’t like risk, and now, the mortality risk is greater across the board. Additionally, COVID-19 is a new disease, so underwriters can’t rely on the statistical comparison that they regularly use to assess the risks of other health issues.

In practice, applying for traditional life insurance policies is getting more difficult because doctors are swamped, so obtaining medical records and scheduling an exam can take longer than usual. Due to these delays, many people are turning to no exam policies because they:

• Don’t require a medical exam

• Require little-to-no health information

• Can be applied for entirely online

• Have a quick approval process

(Source: Newsanyway.com)