Your Guidelines in Life Insurance No Medical Exam

Much have been written and said about life insurance no medical exam. However, some people are still confused on this type of policy because of erroneous information that they obtained from unreliable sources. In a nutshell, the very name suggests what it is about. It is a type of plan wherein conducting a medical test prior to approval of application is no longer necessary. In this article, the guidelines regarding life insurance no exam will be presented for the awareness of the prospective policy holders like you who might have plans on buying this plan.

Who can qualify? –it primarily caters to people who are young yet ill want to be insured, elderly people who already have serious medical conditions and to those individuals who have been living an unhealthy lifestyle yet do not want to change the current habits. However, it can also cater to persons who are physically well but cannot find the time to undergo a medical examination just to evaluate their insurability due to lack of time or any other reason.

Two basic types

• Standard life insurance –there is permanent life version of life insurance no medical exam in contrary to what most people think. However, not all carriers offer this type of policy. This is because there is not much market that can be catered. Definitely, it has higher life insurance quote compared with its opposite number as even the standard permanent plans already have higher premiums. Since it is permanent, this type of no medical insurance will be legal and binding until it expires upon the death of policy owner.

• Term life insurance –the coverage of term life no medical exam, as opposed to permanent life plans, will only be in effect for a specific period of time depending on how many years the policy holder prefers. Normally, term life plans are available in 10-year, 15-year and 20-year terms. But these will differ from one insurance company to another so you need to check with your preferred carrier to figure out what your options are. Term life insurance no medical plans are often applicable for senior citizens due to the possibility that they will not be living for long.

Pros

• No medical exam –of course, as it name implicates, there is no medical exam that the possible plan owner should go through before the application is approved or declined. There are a few reasons why most people do not want to go through medical test. It includes fear. Some individuals are either afraid to be examined by doctors lest a disease will be diagnosed or some has a thing for needles which cannot be avoided.

• Fast and easy underwriting process –normally, when you are applying for whole life insurance and term life, it will take you 6weeks at the most before insurance companies can arrive into a decision. But in no medical life insurance, it could only take you just a few days. It promises ultimate convenience. You can even apply for one online so you would not have to allot special time for going to your preferred carriers.

Cons:

• Higher premiums –this may be the biggest drawback in this type of insurance. There are only few disadvantages of no medical life insurance. Definitely, this is not designed for people who do not have the means. The high premiums you will pay will help lessen the risk that the carrier has to shoulder the moment they approve their application. This is because a big percentage of people who avail this plan are in close proximity to death due to old age or sickness. The premiums will help the carriers cope up should the plan holders die at the earlier part of the plan.

• Presence of medical questions –if you are purchasing the guaranteed issue no medical life, you can be certain that your application will be approved no matter what. However, there are other forms of this type, the simplified and graded benefits. These variations of such plan will not make you go through medical test. However, you will still be asked with questions pertaining to your medical history if any, or the background of your family in the same aspect.

Unlike in low cost life insurance plans, you will be paying higher premiums with life insurance no medical exam. So if you are able and you are planning to avail this plan just because you do not have the time, you better rethink as this plan is not for everyone.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life insurance rates and instant term life insurance quotes, visit his site today.