No Exam Life Insurance- Life Insurance without a Medical Exam
No Exam Life Insurance
People have many reasons for updating their life insurance policies. But many people suffer difficulties in traditional life insurance with their health or medical problems. No exam life insurance is one of the best solutions for them. Guaranteed or no exam life insurance is actually a new insurance product that offers an individual the opportunity to purchase life insurance online with only a credit card and receive coverage without having to undergo blood or urine tests or to have their blood pressure and weight checked. Considering this freedom and flexibility, day by day this type of life insurance getting more popularity and inUSAnearly 70% of all life insurance sold by Non-Medical Life Insurance.
Flexibility and Benefits of No Exam Life Insurance
Like all life insurance, no exam life insurance policies also provide financial security for anyone. But when comparing no exam life insurance policies, there may be found several flexibility and benefits with traditional life insurance. Here are some benefits:
* The application process is very easy and short time consumed. Approval time is also very short and most cases it takes not more than 48 hours.
* No doctor’s visit is required. It is like a bypass of the medical exam. Unless anyone in a hospital or long term care facility, he or she will not be turned down.
* It offers very quick coverage. By shortening or totally eliminating the underwriting process, many no exam life insurance policies can be issued the same day of apply for coverage.
* Policy renewal valid up to 95 years of age.
Why is no-exam life insurance little expensive?
No exam life insurance can be a bit higher. There are some reasonable reasons behind this. Consider the point of view of the insurance company. If they are able to offer a traditional term life insurance policy to someone and subject them to a health exam, they are able to assess the risk of insuring that individual via the underwriting process. But in no exam life insurance policy, the company cannot able to get a full picture of the risk involved. To cover the cost of this risk, the companies raise the premiums and this makes no exam life insurance somewhat more expensive than traditional.
Is it possible to get a policy with pre-existing health problems?
Past or present health conditions do not always prevent from getting no exam life insurance. There are many no exam life insurance company those offer a life insurance only by answering a few simple questions and even without having to give a blood sample.
Types of no exam life insurance anyone can choose from
There are mainly three types of policies in no exam life insurance. These are:
Simplified issue life insurance: In this case people don’t need to face any medical exam. It only requires answering some simple questions about their medical history.
Guaranteed issue life insurance: This is commonly known as guaranteed acceptance life insurance. Here no medical exam or no health questions are required to answer.
Graded benefit life insurance: It is also same as the previous types but here the purchase and payment process can be more involved. It is usually best suited to late middle aged or older people.
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