No Medical Exam Life Insurance
Tips to Avoid a Medical Exam to Get a Life insurance Policy
Nov 15, 2009
One can find any number of specific kinds of life insurance policies which guarantee acceptance to all who apply. In other words, no medical examination is necessary. In general, they are simple and expeditious to obtain and are a pretty good solution for those with particular health issues. They are also typically much more costly than other policies.
Who Should Apply for Life Insurance?
In today's busy and frenzied environment, most people just cannot take a day off to get a physical examination for the purchase of life insurance. People would rather not waste a vacation day and anyway, who likes to take a day off to go to the doctor and the insurance company? The option of No Medical Exam Term Life Insurance is the solution to both issues: the insured gets the satisfaction of providing for his loved ones and he does not have to deal with the inconvenience of going to the doctor.
The majority of life insurance policies which may be purchased without a medical examination are obtained as term policies. They may carry terms of 10, 15, 20, or 30 years and may be renewable. Amounts of coverage purchased may be as low as $20,000 or as much as $500,000. But one must remember that these policies are more costly due to the fact that they do not require a medical examination.
Applying for Life Insurance
To receive this insurance one may need to respond to a questionnaire where the applicant indicate his age and gender, together with completing the application for the plan in which he is interested. The person must also disclose information concerning the status of his health and data, if any, regarding medical history.
Once the applicant submits the data, an online agent evaluates the information and makes a decision regarding his eligibility and while it is not absolutely certain that he will qualify for the insurance, it is best if the person is young and in perfect health. Generally, those who are both young and healthy will qualify without problem for the coverage.
Again, policies which do not require a medical examination are more expensive than those that do. This is due to the fact that the company trusts the applicant to be honest about his health and medical history, and by doing so they are assuming a certain amount of risk. It is understandable for the comp
any to require higher premiums for policies without a medical examination than for those which do. The best scenario in considering a no-medical exam life insurance policy is if one is less than thirty-five years of age and has other insurance coverage. These policies are not recommended if being purchased for convenience or due to privacy concerns as they are simply too costly and too restrictive.
Reference: usainsuranceonline, site viewed on 11 Nov. 2009
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