Life insurance Without an Exam Not a Good Idea

Are you one of those people who always gets nervous at test time? If so, you may be intrigued by the prospect of buying a life insurance policy that doesn't require a physical exam, but you could be making a huge financial mistake.

"While it may be more convenient to buy insurance that way, it will cost you a fortune in the long run," says Byron Udell, founder and CEO of AccuQuote, a Web-based company that offers free online insurance quotes. "These policies are significantly more expensive than their fully underwritten counterparts because the insurance company isn't being given the opportunity to really evaluate its risk."

People who might want to consider life insurance without an exam are generally those with some sort of medical issue or problem. But if you fall into this category, compare rates first! It depends what type of medical issue.

Most people with "impaired risks" would do better if they apply for and obtain a product that is fully underwritten. The savings can be dramatic. "Sometimes products without exams cost as much as three times that of products with full underwriting," points out Udell.

What's included in the exam? A simple blood and urine test is usually all that's required and it's done in the comfort of your own home.

Want to know what rates you can qualify for under a fully underwritten policy? Log on to www.accuquote.com and fill out their simple online form. You'll get back quotes from several different companies in a matter of seconds.

If you like the numbers that come back, you can click on the quote for instructions on how to obtain a policy. An AccuQuote agent will act as your liaison with the company you select.