Does Your Health Affect the Cost of No Exam Life Insurance? Find Out Here.

Click here to get this post in PDF

If you’re considering buying a no exam life insurance policy, you may wonder what kind of premiums you can expect to pay. Unfortunately, it’s hard to get a price quote before filling out an application, since monthly premiums depend on many factors that are very personal. Two people who are the same age and weight may be quoted vastly different premiums based on any number of factors.

But why? Why does it often happen that two externally similar people get vastly different life insurance rates?

The answer is because there are multiple factors that impact the cost of life insurance, and even two people who seem similar can be entirely different.

Here are some of the factors that affect the cost of no exam life insurance.

Amount of coverage

With any life insurance policy, the cost of your monthly premiums will be higher the greater your coverage is. The general rule of thumb is that people who pay for less coverage have lower premiums, while people who pay for more coverage pay more.

The policy’s term

Another life insurance basic, the duration of your policy’s term will impact how much your premium costs. Just like higher coverage means higher premiums, longer duration usually means higher premiums as well.

Type of life insurance

The type of life insurance you buy will affect how much you pay in monthly premiums. Traditional term life insurance typically costs less than whole life insurance (which doesn’t have a term length) and no exam life insurance. While the cost of term life insurance is usually less, many people choose other routes because term doesn’t offer the coverage (like whole life insurance) or convenience (like no medical exam life insurance) they need.

Age

Your age has a significant impact on the rate of your monthly premiums. Generally, the younger you are, the better rates you get, and the older you are, the higher your rates are. This is why life insurance advisors recommend buying life insurance at a younger age. By doing this, you can lock in lower rates for the entire duration of your policy. Of course, even if you didn’t buy life insurance in your 20s or 30s, that doesn’t mean that you shouldn’t get life insurance at all. Life insurance will protect your loved ones no matter what age you get it at.

Smoker or non-smoker

Just because you’re looking into life insurance that doesn’t ask many health questions doesn’t mean you can escape disclosing certain information, like whether you smoke or not. The use of tobacco is considered a significant factor when determining a person’s life insurance rates because tobacco use is associated with various health issues and a shorter life span. However, just because you smoke doesn’t mean you can’t get insured. It just means your rates will be higher. Today, many no-exam life insurance providers offer rates for people who use tobacco. And while these rates are usually higher than for those who don’t use tobacco, the actual numbers depend on what tobacco product is used, for how long, and how often.

Career

People who work in careers that are considered risky, like police officers or race car drivers, will usually get higher rates than those who don’t.

Hobbies

Similarly, people who have hobbies that are considered dangerous, like rock-climbing or skydiving, may get higher premiums.

If you are applying for traditional life insurance as opposed to no medical exam life insurance, there are two additional factors that will affect your monthly premiums. These include:

Your health

Health is one of the big determining factors that life insurance underwriters take into account when determining how much you will need to pay in monthly premiums. While health is a general category, traditional life insurance applications get specific and ask detailed questions about BMI, chronic diseases, medical history, how often you exercise, and more. While it can be tempting to fudge certain facts when answering questions about your health, resist the urge — it’s not worth it! If the insurance company finds out that the information you provided was not accurate, it has the right to refuse to pay out the death benefit. This defeats the entire purpose of getting life insurance.

Family medical history

Like it or not, your family medical history is another factor that life insurance underwriters consider when determining how much of a risk you pose. Unfortunately, a family history of genetic diseases or medical predispositions can cause premiums to go up.

No Exam Life Insurance Means No Prying Into Medical History

As you can see, there are many factors that impact the cost of life insurance. But when you apply for no exam life insurance, whether it’s whole or term, you don’t need to worry about your health or family history affecting your rates. That’s just one of the many benefits of no exam life insurance.

To find out whether no exam life insurance is right for you, you can ask the insurance experts at Sproutt. They are not affiliated with any insurance company — their only incentive is to help consumers get the best rates.

You may also like: Benefits of Life Insurance in Perth, Western Australia

Image Source: Rawpixel.com