No Medical Exam Life Insurance
Do you want to get a life insurance policy without having to go through the hassles of getting a medical exam? If so, you might want to take a closer look at no medical life insurance policies.
As the name implies, no medical life insurance policies do not require potential policyholders to undergo a medical examination before they are issued a policy. Rather, insurance applicants are asked a few simple questions and the policy is either approved or disapproved based on these questions. As such, no medical life insurance policies are frequently offered through online companies, which means you can apply for and receive a life insurance policy in a matter of hours without ever having to leave your home.
Although no medical life insurance is certainly far more convenient to purchase than traditional insurance, there are some potential drawbacks to purchasing these types of policies. The main drawback is the fact that these policies tend to be more expensive than those that do require a medical examination. Therefore, if you are seeking a no medical life insurance policy solely because you dont want to be inconvenienced by a medical exam, you need to decide if the extra expense is worthwhile.
This is not to say that no one should purchase no medical life insurance coverage. For those who are young and who are in great health, a no medical life insurance policy can be an excellent addition to an existing policy. On the other end of the spectrum, those who are suffering from certain medical conditions or are looking for life insurance for smokers, may find it difficult to purchase a no medical exam rather than a traditional policy.
Of course, this does not mean that those with health conditions, like diabetics, should lie or provide misleading information when applying for no medical life insurance coverage. In fact, you need to be certain to answer the questions as honestly and thoroughly as possible. Otherwise, your policy may be canceled or future claims may be denied if it is determined that you were not honest on your application. If you are being treated for medical conditions speak to an agent who has had success with high risk life insurance. There are agents out there who specialize in this and will be able to leverage that relationship to help you find the right policy and potentially save you thousands.
The bottom line is that you need to proceed with caution when purchasing a no medical life insurance policy. Just as with any type of life insurance, comparing policies and rates is an essential part of the purchasing process. You should also be sure to check with the Better Business Bureau and with A.M. Best to find out how the life insurance company is rated. After all, it doesnt matter how convenient it is to purchase a policy from a company if the customer service is terrible or if your beneficiaries will not be able to receive their claim if you do pass away.
Finally, you need to make certain to carefully check over the conditions and terms of the policy. Just because it is a no medical life insurance policy, it does not guarantee that the terms and conditions will be favorable.