Term Life Insurance No Medical Exam...What's the Catch?
Term Life Insurance No Medical ExamIf you can reasonably prove that you're a healthy person, you now have the option from some insurers of getting life insurance without having to endure what most people hate most of all about life insurance: the medical exam. Term life insurance no medical exam has arisen as a market response to getting life coverage on people who know they are healthy but despise medical exams. It's also a response to people wanting things faster and faster with less hassle. Most healthy people can quality for no medical exam life insurance. As long as you are free of major medical conditions like cancer, diabetes, AIDS, or a heart condition, you will in all probability qualify for a term life insurance no medical exam policy. All you need to do is answer a medical questionnaire. Your policy may go into effect the very same day that you apply for it. There are a couple of things to keep in mind with term life insurance no medical exam coverage. One thing to remember is these policies only provide you with limited death benefit. However, this can still be a fairly substantial amount of coverage. It depends on your age (the younger the better, of course), but it's possible to qualify for as much as $300,000 of death benefit for no medical exam. Most of these policies also require that you take a minimum amount of coverage, such as $50,000 (or less if you are of relatively advanced age). You also have to remember that since you aren't taking a medical, the insurance company has the right to modify or cancel the policy for the first year or two, during what is called the "contestable period". They would do this if they discovered you had lied or been inaccurate on your questionnaire. Remember that there are national, centralized databases available to life insurance companies and if you've had medical exams and life insurance policies before, your records are there. A life insurer would also examine the results of an autopsy if you died in the first two years of the policy, and findings contrary to what you wrote would likely mean no death benefit paid out. Another problem with these policies is that they are more expensive for the same amount of death benefit than a medical examination required life insurance policy. Remember, insurers have to mitigate their risks. If they have nothing to go on but your word they may give you a policy but in exchange they will offset their greater risk with greater premiums. It's probably best to get one of these term life insurance no medical exam policies if you are under the age of 35 and have some other life insurance coverage as well. They should not be purchased for convenience of for matters of privacy--they are too expensive and have too many limitations. The best way to go about finding the best deal on a term life insurance no medical exam life policy is to talk to an insurance broker and get various premium quotes. These policies can vary widely between different insurers. Some insurers find these policies a priority to have in their portfolio, while others aren't as keen on them. The eLifePolicy.com website offers one of the quickest and most convenient ways to purchase term life insurance coverage. Their easy 3-step process can be completed from the privacy of your home or office without speaking to an agent or requiring you take a medical exam. Just answer a few health questions. If qualified, you can print your in-force life insurance policy in minutes!Click Here
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