The No Medical Life Insurance Policies Too Offer Various Options.

Usually, life insurance no exam policy is a term life policy that will let you skip any kind of medical exam. You may be presented with questions related to your health and if the answers are good enough, then you are eligible to get insurance coverage straightaway. This should not be taken in the wrong spirit that you can hide or not provide important information about your health and you will be scot free. Yes, the policy gets issued instantly, however there is a time period where the information submitted to obtain the policy will be verified by insurance carrier. If carriers find the information given is not 100% true, then the policy may even be cancelled by the insurance carrier.

You must understand that a life insurance policy is actually an agreement between the insurer and the policyholder. Under this contract, the policyholder promises to pay a certain sum of money to the insurer as premium at a regular interval. In return, the insurer promises to pay the designated beneficiary a stipulated sum as death benefit upon the death of the insured. Now, such a contract can only stand on some basic principles and utmost good faith is just one of them. If the policyholder is found providing misinformation even unintentionally, the contract will become void.

This is one of the reasons why subscribers have to be very careful while filling the form specifically towards life insurance no exam. We need to know instant term life insurance policy and its benefits and short comings. Instant term life insurance policies are provided instantly to people who subscribe it. They are also called as simplified issue policy as they do not take time to get issued as the time taken to get the policy issued is real quick.

Now, to be fair, let us talk about the con side first. Today instant term life insurance quotes are available online. You must understand that quotes are not the final price; they just provide an idea about the price that you may expect. Anyway, if you compare quotes, you will find that in comparison to traditional term life policies, these instant policies are highly expensive. Indeed if you are more or less healthy and do not use tobacco, you can get the same amount of coverage at a far cheaper rate if you opt for a traditional fully underwritten policy instead of this.

However, such no medical life insurance policies have quite a few advantages too and that is why many opt for them in spite higher rates. Here are some of the advantages:
The coverage is instant
The purchase procedure is simple and hassle free
Every transaction can be completed online
There is no need for any interaction with life insurance agents and paramedics
This also saves your valuable time
If you want to conceal facts such as occasional cocaine intake or certain physical condition, you can avail such a policy, but with caution.

One must understand, if there is a medical condition or a habit that is making you get your insurance requests rejected, then you may have to pay an exorbitant rates to get it. If so, you can get insurance without undergoing any medical tests or not by paying any additional amount as fees as well. One must also understand that insurability is a point that if rejected by the carrier earlier then the request may be rejected once again.

There is also guaranteed issue policy which is also one of the types of no medical life insurance policy. This type of policy not only get you exempted from taking the medical test, it also helps you stay away from concerning health related questions. The coverage is for sure unless you have been admitted in a hospital for a considerable period of time. They are far more costlier compared to simplified issue policy, however this can be one of the options for someone who coverage is rejected.

There is another type called graded benefit life insurance policies. These contain complete life policies which also have saving components attached to it. They are even more expensive than guaranteed benefit policies. Each of these policies has the starting point as getting life insurance quote on line. Ensure you get number of quotes to compare them next to each other. Apart from this, you need to know what kind of insurance is ideal for you and what will be beneficial to your lifestyle. Importantly, you need to know whether insurable interest is available. Most people do not need coverage when they are over and above 65 years.

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