Factors to Consider When Buying No-Medical Exam Life Insurance

Many people are resisting medical checkups for various reasons. Some of the people fear getting pocked with needles while others do not have the time to undergo a medical exam. Other people, due to personal and religious reasons, avoid medical tests. Fortunately, many insurance companies are coming up to provide products that cater for this group of people. Furthermore, if you have a pre-existing medical condition, you can consider the no-medical exam life insurance. This type of policy is processed fast and requires very little paperwork. Some of the providers are providing the product online and thus no paperwork is required. The following are some of the factors to consider when buying the no-medical exam life insurance policy:

· Contact a professional company

If you are looking for quality products, it is important to get in touch with an A-rated company. With this type of company, you are assured of investing your hard-earned money in a company that guarantees a good return – a company that will be able to honor the claims in good time. Therefore, you do not want to put your money in a company whose future is uncertain.

· Process of application

The no-medical exam life insurance policy is easy to apply. The applicant is often required to respond to several basic questions including their age, gender, weight, height and state of residence. Some companies may also require the applicant to respond to basic questions pertaining to their health. Once the application is made and submitted, the company will be in a position to review the application to determine whether the applicant is eligible. Therefore, with this type of policy you can expect to receive a response within a span of 24 hours.

· Guaranteed acceptance

Many of the companies that offer this insurance cover offer a guaranteed acceptance. Therefore, you are assured of receiving coverage once you submit your application. Therefore, if you are looking for coverage you should be looking for a carrier that guarantees to provide insurance. This is particularly important for a person with a pre-existing medical condition. Some companies limit their acceptance to the young and healthy. Therefore, if you have a serious health problem like cancer, heart disease, AIDS, psychological disorders, nervous disorders or diabetes you may not be qualified for the policy.

· Premiums payable

Many of the insurance carrier demand higher premiums for the policies. The high cost is attributed to the high risk of not knowing the health of the applicant. To benefit from reasonable rates it is advisable to shop around. Make sure to get several quotes from multiple insurance companies. This will give you the opportunity to compare the coverage and price.

More on Term Life Insurance With No Medical Exam Quotes

Term insurance with no medical exam is fast becoming the favorite choice among individuals who want to safeguard themselves. It is a package that can be put to different uses and as such, considered an essential component in anyone’s life. Before going out to get this type of cover, it is important to learn more about the quotes and what it entails.

The Quote
In most cases, these are designed to cover individuals for certain duration and this might vary from 5, 15, 20 or 30 years depending on the agreement reached between the individual getting the cover and the company providing it. In the event of death, the beneficiary gets paid the value of the agreed sum and this is often known as death benefit.

When getting these quotes, it is ideal to note that they are quiet varied and this is because there are several factors that play a major role in influencing the amount paid. It is dependent on the company offering the cover and the individual receiving. Some of the factors that play a major role include the age, face amount and the health history of the individual since they don’t have to go through medical checkups.

Older people are known to receive high quotes for this cover while those who have a healthier history are known to receive lower quotes. This is because the former presents more risk as compared to the latter and the company must ensure that its interests are safeguarded as well.

Research
Before committing yourself to any life insurance with no exam quotes, it is always important to take some time and carry out thorough research. In this case, it is advisable to get as many quotes as possible and compare the amount you are expected to pay against the backdrop of the benefits. This will come in handy in giving you a clear picture of what to expect.

In addition to this, you can also get some extras which are known as riders and which are purposely used to enhance your policy. Most of the term polices are not known to accrue any cash value and as such, the premium on rider is offered by some companies to compensate for this lack. It is precisely due to this reason that it is deemed important to weigh all your options carefully.

When getting quotes for this type of policy, it is always advisable to tread carefully and read the fine print which is part of the agreement. This is the only way to ensure that you understand what is expected from you as well as what to expect from the insurance company.

Life Insurance Quotes With No Medical Exam

For many, particularly the elderly, the topic of insurance is not very popular. One reason why they shy away from insurance policies is the long list of requirements set by insurers. However, the good news is that it is now possible to get hold of these policies through quotes that need no medical exam results. Regardless of age, sex and health status, any person is now legible for an insurance policy. This kind of policy does not require individuals to go through an intimidating medical and physical examination.

The quickest and most accurate way to find out suitable insurance for your specific needs is to directly talk to an expert. Normally, before one can obtain a life policy, he or she goes for a thorough medical check up to prove his or her insurability, regardless of the insurance type. Nevertheless, it is possible for one to get almost any type of insurance without having to go for medical checkup. One form of these policies is the whole-life insurance that does not need medical exam results. It can be obtained by any person. There are various other forms of this type of life insurance policies including:

1. ‘Simplified issue’ life insurance- This type of insurance policy does not involve a medical checkup. Nonetheless, the insurers often ask the buyers to supply some medical information verbally, during the course of application.

2. ‘Guaranteed issue’ insurance- This is also called guaranteed acceptance life insurance. It does not necessitate one to undergo a medical exam nor do they ask any medical questions. This type of insurance hardly ever turns individuals down.

3. ‘Graded benefit’ insurance- This requires no answers to questions relating to one’s health, nor does it necessitate anyone to go for a medical exam. Persons who are in their middle-age and ages that are more advanced are the major users. However, purchasing and making payments of this policy is more complex than for the others.

One reason for buying no-exam insurance is that it gives an opportunity to people who would otherwise not qualify for a life cover. The majority of regular insurers refuse to give cover to individuals facing old age or complicated health issues. Benefits from life insurance without medical cover can even be used to cover funeral and other minor expenses. It is a great choice for those who are afraid of needles or uncomfortable around doctors. The process of applying for these policies is simple and quick. However, most of these insurance policies are quite expensive, because of the high risk the insurer takes.