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The Truth About No Medical Exam Life Insurance

April 06, 2012 | Comments: 0 | Views: 167

A no medical exam policy is exactly what it tells you in its description. It is a life insurance policy that is offered without the back-up of a full medical examination. This means an applicant will not have to go through the lengthy process of filling out medical forms and waiting for test results to get cover.

What it also offers is a policy from a large company for individuals who have been refused in the past. What this means is that the criteria is relaxed and more people qualify for cover.

Where is the catch no medical examination life insurance?

Just because it means that an individual can now get coverage doesn't mean that they have struck it lucky. The whole point of life insurance is to cover one's self financially in the event of death. Million dollar pay outs are definitely not going to happen.

Although there is no medical exam there is still a comprehensive questionnaire to fill out and a background check carried out. Depending on your honest answers the insurer will issue a relevant policy.

The premiums are higher than normal coverage and the pay-outs are a lot less depending on an individual's circumstances. Some companies will stipulate that the policy will have to be paid into for a certain amount of time before any money can be claimed and this can be up to two years depending on the company.

An insurance policy should be looked upon as something that is necessary to have especially if there are loved ones and dependents that may have to burden any debt. If you have been declined by a number of traditional insurance policies, no medical exam insurance is definitely a great option. But great care should be taken before jumping on board and accepting the terms and conditions; they should be fully understood before any money is handed over.

It is a no medical exam life insurance? that will accept almost any applicant. There is no medical exam to take which means that the strict criteria that is used on a conventional policy is not applied.

With most normal policies an applicant will go through a lengthy process of filling out forms, completing family history checks, and of course submitting full examination records. Once the applicant's state of health has been determined then a policy is either issued or in some cases declined.

What is the benefit to the no medical examination insurer?

Firstly it means that they can now offer policies to those who they have previously turned down. But one of the biggest benefits to the insurer is it costs less to provide the coverage. There is no need for expensive medical examination and checks to be done. The system is more streamlined and this cost saving is passed onto the customer.

Rosa Herrera wrote this article to illustrate the importance of owning quality no medical exam life insurance.

Source: EzineArticles
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