Online Calculator | Getting A No Medical Exam Life Insurance

Getting A No Medical Exam Life Insurance

Have you heard about life insurance without medical exam? Every insurance company requires physical exam as part of their underwriting process when you decided to purchase a term life policy. This is a basic rule to ensure your health status before the company can price your policy consistent with your life expectancy. The insurance companies want to make sure that they remain in business by qualifying those who can get an insurance policy and being healthy is one of those.

But because of the demands of our changing times, term life insurance companies are now offering policies that do not require any medical examination. In a no exam term life insurance, you need not experience the inconvenience of scheduling physical exams since all you have to do is to answer health-related questions. Gone are the days when you would set up an appointment with a medical examiner or nurse to have some blood samples extracted. No exam life insurance is designed to give life insurance coverage to those who do not want to go through the tedious process of medical and physical exams. Make sure, though, that you provide honest answers to the medical questions of the insurance company. If for example you declared that you are not a smoker yet you cannot get by a day without any cigarettes, then you run the risk of having your insurance benefits challenged in case of claims in the future.

The most common insurance policies that do not require medical exams are the term insurance policies. The terms may be in 10, 15, 20, or 30 years, may have to option for renewal, and can range from $20,000 to $500,000. However, you should be aware that no exam life insurance tends to be more expensive because of the fact that the insurance company is willing to take more risk because of the no medical exam requirement.

Most of those who have themselves insured in this kind of policy are the young and healthy individuals who have busy schedules and do not have the time to undergo medical exams. If you are over 50 and with a serious health condition, it is still possible to take out a no physical policy but this can be very costly. Anybody can buy a no physical exam term insurance policy but take note that there are certain things that you have to consider before deciding to get one such as the cost of the policy and the terms and condition governing this type of insurance.

Filed Under Online Calculator | Leave a Comment

Tagged With ,

Comments

Leave a Reply