What You Must Know About the No Exam Life Insurance Policy

The Term life insurance with no medical exam life insurance policy is a new way of getting coverage without having to go through the hassles of getting a medical exam done and submitted along with other information to the insurance company. They offer all the benefits of medically underwritten coverage but without the trouble of collecting the needed information. The process of getting the medical exam and other important information is usually very tedious, time-consuming and an expensive affair. Therefore, this option comes as a welcome relief to those who would wish to have coverage but cannot.

For the normal coverage that requires a medical exam report, it takes almost two months for the process to end, but with this term life insurance with no medical exam, it takes less than twenty-four hours. To get this type of coverage, one can choose from three different choices:

· Graded benefit life insurance – the process to get this type of coverage is easy and is available to anyone that cannot get the traditional coverage. The terms for this coverage, however, is very complex and may involve a few medical questions.

· Simplified issue life insurance – here, the applicant only needs to fill in an application that has medical questions, which is then underwritten in the contract. However, the applicant will not undergo any physical medical test.

· Guaranteed issue life insurance – here, the applicant will not answer any medical questions during the application. The coverage is available to anyone that may want it. When you fill this one out, there is a guarantee that you will receive the cover.

This form of life insurance has many benefits over the traditional forms of coverage. They include,

Quick acquisition of coverage – in most instances, due to the lack of a medical exam, the applicant may get the coverage on the same day.

Shortened process of application – there are few requirements for an individual to get this form of coverage and thus they do not have to waste a lot of time trying to get it.

Guaranteed coverage – this type of coverage enables people with medical conditions to get coverage. Many traditional insurance companies will not agree to offer coverage to anyone that has a pre-existing medical condition. In this type of coverage, everyone has a guarantee when it comes to coverage.

Avoiding the doctor’s office – for people who may not like the idea of visiting the doctor, this is the best option. One does not need to go to a medical facility but rather just complete the application and they get coverage.

If one wants to get this kind of coverage, it is important to note that term life insurance with no medical exam comes at a higher cost than the traditional forms of insurance. This is because this kind of insurance has a lot of risk on the company itself. This is due to the lack of a medical exam that leaves the company without information on the applicant’s medical history.