Reader’s Question

I have seen and read a lot of advertisement about no physical exam life insurance in New York. Are these legitimate before the law?

Cindy

New York, NY

How are you, Cindy?

I hope you find this reply in good health.
Certainly there are policies out there which are offered through newspaper or magazine ads or made available to members or subscribers, may it be a professional or fraternal organizations. With the vast media coverage these days, including internet revolution, it is natural for someone like you to be skeptic about the legitimacy of these paid advertisements.
For one, no exam life insurance policy is a legitimate policy. The question is, who is the carrier and will this carrier give you a fair amount of coverage based on your premiums?

In most no exam life insurance policies, the amount of coverage might be of a limited sum and most would have a contestable period of a year or 2. Within the contestable period, the insurer can either modify or cancel the policy if there are discrepancies found in your application (say, non-disclosure of medical condition, and the like).

No exam life insurance might be a faster and convenient way to get life insurance coverage. However, they are usually more expensive for a relatively low coverage. I would advise you use this as a supplement for your existing life insurance, if you have any.

It is always bright to do research before you buy from these companies in New York that invest so much on marketing and advertising. There are so many ways by which you can gather the needed information.

Enjoy your shopping for no exam life insurance!