Coverage Is Not Guaranteed Under Life Insurance No Exam
Life insurance no exam is a typical policy wherein you need not appear for the mandatory medical test. People have many wrong misconceptions about this policy because of its uniqueness. So before clarifying on those lets see what is term life insurance.
The original form of life insurance that started in Rome is the term life insurance. Then this type of policy was reinvented in London and from there it was exported to US in the eighteenth century. Find below the most important points that differentiate term life insurance from other kinds of more popular life insurance policies:
• The only benefit of term life insurance policy is a large death benefits from the premium that you pay. They do not provide you any form of cash benefits or any investment opportunity.
• Term life insurance policy is provided only for a stipulated term period. It is valid for a period of 1/ 5/ 10/ 15/ 20/ 25/ 30 years. So you can get the benefits only if you die within the assigned time frame. If you do not die within the duration set then you will not be able to get any benefits. All the money that you paid towards the premium will be a gift to the insurance company.
• You will get the coverage only if the carrier is sure of your insurability. If he believes that you will not outlive the term, he may refuse coverage or may charge at high rate.
The advantage of a term life is that you get large coverage at a very cheap rate if you are young and healthy. Life insurance no exam, as I said is a term life insurance valid for a specific term only. However, such a policy is almost three times more expensive than traditional term life insurance, which means that you have to pay three times more for the same amount of death benefit.
The only benefit that you get by paying three times more is instant coverage. Therefore, always sit for medical tests to receive protection at affordable life insurance rates. To be truthful there is not much of problems in taking a test either. Moreover, such tests are held at your convenience, at a time and place of your choice. The carriers will pay for it and you will not have to pay a penny.
Taking a medical examination is easy, a paramedic will come to the place and time of your choice. The normal test is measurement of your height, weight, blood pressure and pulse rates, collection of your blood samples to check cholesterol, glucose, protein, HIV etc. and urine sample to check glucose, protein, creatinine, cocaine etc. He will then take down your own medical history and that of your siblings and parents to ascertain if you are prone to some hereditary diseases and enquiry about your lifestyle. That’s it nothing else.
People have the idea that since there is no medical test it is very easy to get a term life insurance policy even if they have some serious life threatening disease. But that is not correct, no insurance provide you a policy without checking your insurability even though you pay three times more than the normal charges. Even though there is no medical examination they will definitely run you through Medical Insurance Bank and Motor Vehicle Report to check your health and have some glimpse into your lifestyle. Also you need to fill up a detail health form on you condition after which the actuaries will review and confirm on your insurability.
The only advantage life insurance no exam is instant coverage. Under normal circumstances, the underwriters take weeks to judge your insurability and provide the coverage, but when it is life insurance no exam they do that immediately. Therefore, buy life insurance no exam only if you are in hurry, or else go for traditional term life insurance policies. It is not for those with medical conditions.
If you have some terminal illness like cancer, do not loose hope. As there are insurance company that provides custom made policies to meet your needs unless of course the cancer cells have started metastasizing. These policies are designed specially for different ailments. All you need to do is contact some experience brokers who will able to assist you in getting such a policies as that is there are of specialty. You can also search the internet to gain some knowledge about these policies so that you can approach the right insurance company. So never try to buy a life insurance no exam policy by trying to hide things from insurance company as you may fail.
For more informational articles by David L. on cheap term life insurances , click to find out.
