The Good Vs The Bad On Life Insurance No Medical Exam
Have you heard of Life Insurance No Medical Exam?
This type of Term Life Coverage has recently been made available. You need to look at the benefits and drawbacks of this type of life coverage to see if it is right for you and your family.
This kind of life coverage is available from many different life insurence companies. By not having a physical exam that normally accompanies a new life policy (term life coverage or whole life coverage) the insurer is essentially taking more of the risk.
Benefits of Life Insurance No Medical Exam:
- Convenience: no appointments for a life insurance physical exam
- The normal options available for Term Life Coverage are still available for this
- Possible to be insured immediately
- Sometimes you can print the policy right at the computer (term life insurance online)
- With No Medical Life Insurance you may now be insurable as opposed to life coverage that requires an exam
- Another way to increase your coverage to another term life policy
- Add more coverage to the current policy you have with your company
This option provides convenience. There isn't any headache of having to deal with setting an appointment for the physical exam and basically you just go through the questionaire truthfully and you can be insured almost immediately. If you are going to purchase life insurance online you can have a policy within the hour.
Negative aspects of Life Insurance No Medical Exam:
- By not have the physical you put more risk on the insurer which translates into higher premiums to you
- Death benefit is limited up to $250, 000 worth of coverage
- By skipping the physical exam you instantly increase you premiums
Our advice:
The exam is just a small hassle that was always required to get a life policy. Besides, the costs of your premiums will be reduced DRAMATICALLY getting insured with an exam than without one. You can get the right amount of death benefit / term coverage with the physical exam.
Once you apply for life coverage and the application is preapproved for insurability then the life assurance company requires a short medical examination. About 10-15 minutes is all that you need for the examination. You decide on the time and date of your appointment.
The person performing the physical will:
- Go through your application with you
- Ask you a number of additional questions about your heatlh
- Take your blood pressure
- Take your pulse
- Have you provide a urine specimen
- Take a small blood sample
- All this is done within 10-15 minutes time
The physical is covered by the life insurance company. This exam is normal procedure for every new life policy. You will not be charged if the insurer finds that you are not insurable. The physical provide them with a clearer picture of your health and if you are insurable or not.
With this small inconvenience you now can save more on coverage and have more options to choose from.
If you don't have a problem with taking a medical exam (which most people shouldn't have) then you can now take your savings even further find insurance quotes and compare them.
Looks at several Life Ins Quotes from the top insurers and choose the Best Life Insurance that fits you and your family. attainable using this method and it will save you hundreds of dollars in the long run. You will not need to worry about your monthly or annual premiums increasing with a term life policy because they are locked in for the life of the policy. Term Life policies can range anywhere from 1 year up to 30 years or more.
Do not forget the reasons behind why you are going to buy Term Life Coverage
It is an important financial product needed in protecting those that are dependent upon your income (your children). By choosing to skip the exam you may put yourself in a position where you do not have enough life insurance. This will still place financial difficulty on the family if something happens to the breadwinner.
Compare Online Life Insurance Rates and get the physical exam done. You will have your term life policy in no time.
Evan Povich is a representative of BaseQuotes.com Insurance Quote Comparisons Site. BaseQuotes.com offers cheap insurance quotes from over 100 of the top insurance companies offering life insurance quote / life insurance quotes, car insurance quotes, health insurance quotes, homeowners insurance quotes and Long term care insurance (LTC Quotes). BaseQuotes.com strives to provide cheap life insurance quotes online. In order to save money on your insurance it is imperative that consumers insurance quotes comparison for whatever insurance one is planning to purchase.
Article Source: ArticlesBase.com
