Have you heard about life insurance without medical exam? Every insurance company requires physical exam as part of their underwriting process when you decided to purchase a term life policy. This is a basic rule to ensure your health status before the company can price your policy consistent with your life expectancy. Doing so assures insurance companies that they remain in business, since they have policyholders who are healthy.
But because of the demands of our changing times, term life insurance companies are now offering policies that do not require any medical examination. In a no exam term life insurance, you need not experience the inconvenience of scheduling physical exams since all you have to do is to answer health-related questions.~You do not have to go through the inconvenience of scheduling physical exams in no exam term life insurance since you will only be provided with a set of questions asking about your health.} Gone are the days when you would set up an appointment with a medical examiner or nurse to have some blood samples extracted. No exam life insurance is designed to give life insurance coverage to those who do not want to go through the tedious process of medical and physical exams. Make sure, though, that you provide honest answers to the medical questions of the insurance company. For instance, if you stated that you do not smoke, which is untrue, you take the risk of a possible insurance benefit challenge in case of a claim in the future.
The most common insurance policies that do not require medical exams are the term insurance policies. They may carry terms of 10, 15, 20, or 30 years, may be renewable, and can be purchased for as low as $20,000 to as much as $500,000. However, you should be aware that no exam life insurance tends to be more expensive because of the fact that the insurance company is willing to take more risk because of the no medical exam requirement.
Generally, applicants of this type of policy are the young and healthy individuals who barely have time to breathe because of their busy schedules. It is still possible for individuals over 50 years old and with serious health condition to purchase this policy though it may be very costly. Anybody can buy a no physical exam term insurance policy but take note that there are certain things that you have to consider before deciding to get one such as the cost of the policy and the terms and condition governing this type of insurance.
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