Life insurance is definitely a good thing to have; for the benefit of your family when you are no longer around. It is common knowledge that getting a life insurance policy will require that you have a medical exam to determine your state of health. Having said this, the market also plays host to a different kind of life insurance which does not require a medical exam. It is referred to as the no medical life insurance plan; and there are a few insurance companies that offer it. In simple terms, you do not need to contend with needles or have your blood drawn to get a policy. This product employs varied parameters in its life insurance calculator. Below is an insight into the no medical life insurance; what it is and how it works.
No medical life insurance as hinted to above does not require the client to take a medical exam. To get approved for this plan will however require that the applicant answers a host of questions to determine whether they are eligible or not. The main difference between the life insurance plans is that where there is no medical exam, the policy will be term cover. This simply means that the cover will be paid when the policyholder dies within a limited term of 5, 10, 20 or even 30 years. Different companies have different policy amounts that may range from $250,000 to $500,000. Again, the life insurance premium calculator and terms therein will vary from insurer to insurer.
There are many reasons why one would consider a no medical life insurance cover as follows. This policy is ideal for people who are looking to get covered right away without wasting any time. It also goes without saying that this cover is ideal for people who do not enjoy getting medical exams. Physical medical exams are a real bother to some people. This plan is also great for people who want to remove the burden of funeral expenses from their families. This cover is also excellent for those who are looking for a smaller amount of life insurance. Others simply do not have time for medical exams and in this regard, this option is best.
This no medical insurance option is more expensive than one that requires a medical exam. This is because the insurance company will take on a greater risk to cover people whose medical fitness is unknown. This means that higher premiums will apply. On the brighter side, applying for this plan can get you approved within 24 hours; making it a more convenient insurance plan. It is worth noting that there are many types of no medical life insurance policies. There is graded benefit whole life, rapid decision senior whole life, guaranteed issue, simplified issue term life, simplified issue universal life; and the list goes on. In this regard, it is important to know the type of plan you are getting.
The many options ensure that you find a policy that works effectively to cater to all your life insurance needs. Above all, get all the information necessary before choosing a policy. In addition, provide correct information while applying to make the process easy and fast.
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