Aside from actually purchasing life insurance, it’s important you get the perfect policy available to meet your needs. Determining how much life insurance you should buy is a vital step in the process.
Not having enough life insurance coverage is one of the worst mistakes you could make for your family. If something were to happen to you, and your coverage were too small, then your family would be responsible for leftover bills and expenses they wouldn’t have the money to cover.
When family’s start calculating their life insurance needs, they are surprised to see just how much coverage they would need. In fact, the vast majority of our clients decide they need at least a million dollars or more in life insurance coverage.
When you’re applying for a million dollars of life insurance coverage, the company is going to review many factors to determine how much they are going to charge you for insurance protection. They are going to look at any pre-existing conditions you have if you use tobacco, and they will also require you to take a urine test. The urine test is going to look for any health conditions and reveal if you’ve taken any drugs in the past several months.
If you need more than a million dollars of life insurance coverage, then you won’t be able to get out of the drug test or the medical exam. The more coverage you get, the more information the insurance company is going to require.
At MillionDollarInsure.com, it’s our mission to ensure you’re getting the best plan possible.
This article is going to look at the different ways you can skip a drug test and still get the coverage you and your family deserve.
Drust Tests and Life Insurance Coverage
Unless you buy a no exam policy, you’re going to have to take a urine and blood test. These tests are going to show any tobacco you’ve used or any various drugs.
The results of these tests will play a major impact on how much you pay. If the tests show any drug use, you’re going to pay more.
The life insurance companies aren’t going to call the cops and you won’t be arrested, but it’s going to cost you, especially if it shows serious drug use.
The most common case is applicants smoking marijuana. If this is you, you won’t be declined, but you’re going to get smoker’s rates.
One important note: DON’T LIE ABOUT DRUG USAGE. Lying on your application is only going to create more problems.
Avoiding The Drug Test
If you’re looking to skip the health exam and the drug test, there is an easy way you can do that, by purchasing a no exam life insurance policy.
These plans will allow you to purchase life insurance coverage without having to take the medical exam, which means you won’t have to take the drug test either. If you’re looking to purchase a million dollars in life insurance coverage, then you’re going to be limited to only a few companies.
Most insurance companies are only going to allow you to purchase around $500,000, which isn’t enough life insurance coverage for an average family. There are only a few specific companies on the market which will allow you to purchase a million dollars of coverage without the medical exam.
One of the most popular no exam companies is Haven Life. They are one of the rare companies which will let you get up to $1 million without the exam hoops.
Haven Life isn’t the only carrier which sells this much no exam protection, but they are one of the most specialized.
They have created their own algorithms and application process and have refined it as much as possible. Through this work, they have made an application which can be completed in 25 minutes.
Advantages Of A No Exam Life Insurance Policy
The biggest advantage of a no medical exam policy would be the speed of approval.
You will not have to wait for the insurance company to schedule the exam, come to your home or office and complete the exam, get the results and then run them through underwriting.
The whole process could take up to a month if you had to go through all of those steps, but with a no exam plan, you can get coverage in just a few days!
If you are wanting to get life insurance coverage as soon as possible, a no exam plan is going to be the best way to do that.
Disadvantages Of A No Exam Life Insurance Policy
There are also disadvantages to these no medical exam policies which can make them a less efficient choice for many buyers.
One of the biggest drawbacks is the premiums will be much higher than a plan with the medical exam. The purpose of the medical exam is to give the insurance company more information on your health and to determine how much risk you are to give life insurance.
If it comes back you or very little risk, then, in turn, your premiums will be lower, which could be a huge saving!
Without the medical exam or the drug test, then they are taking a higher risk. They are going to offset this by charging you higher insurance premiums.
If you want to get the lowest premiums, then you will need to apply for a traditional policy which requires the medical exam.
Finding The Best No Exam Million Dollar Life Insurance Coverage
There are numerous companies on the market, and they will all give you different rates depending on which company you contact and their medical underwriting.
If you’re someone who wants to avoid the exam (for whatever reason), you have the option to. Don’t settle for a policy which doesn’t meet your insurance needs.
Finding the perfect company could be the difference in getting an affordable policy or getting one which is going to break your bank every month.
Instead of wasting hours calling companies, simply use the quoter on our site to get instant policy and rate options.