Instant Coverage.. just by opting for Life Insurance No Exam policy
Not ready to wait for the policy? Buy life insurance no exam. It is a form of term life insurance that provides coverage almost instantly, but yes of course you need to pay a cost for it. If you compare the rates of these policies and the policies that you would get after clearing the medical examination then you will see that these policies are almost three times more expensive than the other one. I will further explain my point in depth.
Let us talk about the term life insurance first because Life insurance no exam is a form of term life. For a better understanding of the pros and cons of life insurance no exam you need to understand the basics of it. A term life insurance is bought only for a specific period of time and expires ones the tenure gets over. The death benefit is given to the beneficiaries only if the policy holder dies within the tenure of the policy and if he outlives the policy then no benefit is receives as these policies have no cash value. The reason why these policies are preferred by the people is because it is the most affordable way to get the coverage.
To buy such a policy, you should first contact some reliable brokers and receive quotes from them. Most of the big brokers have gone online and so you can do it from the comfort of your home or office. Go to their website and fill up the quote form posted there. As soon as you press the relevant button, relevant quotes from a number of insurance carriers will appear on the screen. It is for you to choose one and apply. A representative of the broking firm may call you next. He will surely take up from here and see that whatever has to be done is done promptly.
One of his important tasks is to assist you with the paramedical examination. He will arrange for a paramedic to come to your office or home or whatever place you choose and carry on certain tests. The report of this medical examination is all-important in deciding the term life insurance rates. The actuaries appointed by the insurance carrier will take it into consideration along with your age, gender and tobacco use to determine the exact rate of premium.
If you decide to opt out of the medical test even then some carriers will provide you the policy but at a higher rate because the actuaries, in such a case, will have to depend more on Medical Insurance Bank and Motor Vehicle Report to determine your insurability. The data that they will have in their hands will be minimal. There is a myth that all those who apply for life insurance no exam policy get it because there is no refusal in it, trust me this is just a myth and not true because one needs to fulfill certain criteria’s to get the coverage.
The medical examination that we are talking about in this case is not the typical medical test. What a paramedic does after visiting your place is:
- Takes the measurement of your height and weight
- Takes the measurement of blood pressure and pulse rates
- Collects the blood samples to check cholesterol, glucose, protein and HIV
- Collects the urine sample to check glucose, protein, creatinine and cocaine
- Takes down your medical history
- Takes down the medical history of your siblings and parents
- Enquires about your lifestyle.
The above mentioned points are mandatory for the ordinary term life insurance policies but in case you are opting for life insurance no exam, you may not have to undergo Number 1, 2, 3 and 4, but the rest will be applicable. You will be required to answer all the queries. They will look for the details like whether you have undergone treatment or have been advised treatment for coronary disease, peripheral vascular disease, cancer, diabetes, hepatitis B or C etc. the list goes on and they will also consult the MIB to check the accuracy of your answers.
They will also want to know about your lifestyle and occupation. To check your life style they will run you through MVR. You may have to pay extra if your occupation is deemed hazardous. The only benefit of life insurance no exam is that the coverage is provided almost instantly, while under normal circumstances, the underwriting process takes a long time and the coverage is provided months after submitting the application. If time is not an issue, it is always better to opt out of life insurance no exam. You will save almost $100 on your monthly insurance premium. Multiply that with relevant months and see how much extra you will have to spend if you go for full term. Is that really worth it?
For more great write-ups by David L. on cheap life insurances , click to find out.
