No Exam Life Insurance
No medical exam life insurance is also often known as instant life insurance. This is because you simply answer a few basic health questions in order to arrange insurance cover and a policy. A lot of people like the simplicity and quickness of this system. However, this type of life insurance can end up costing you a lot more with regards to your premiums in the long run.
The main categories of individuals who choose no exam life insurance are those that suffer with their health. They may be overweight, physically unfit, tobacco smokers, heavy drinkers etc. and uninsurable by most insurance providers, especially when it comes to term life insurance policies.The arrival of term life insurance no medical exam has meant that these individuals can secure life insurance when needed. It may be however that they can’t get as much cover as they would with a medical exam but they will very rarely be turned down altogether. In addition there is a good chance that their premiums will be a good deal higher than with a regular life insurance policy, simply because of the increased risk that they will die before the policy ends.
Life insurance no medical exam policies are not for everyone though. Fit, active individuals that pose very few health risks are often much better off financially with a medical exam. This is because insurance providers can rate a person much more accurately when they have access to their medical exam results than they can with the answers to a few generic health questions. Submitting to a medical exam can therefore lower your premiums and increase the amount of cover you can take out on a policy. The only real drawback to this type of policy is that it takes a little bit longer to put in place than the instant no medical exam term life insurance policies mentioned above.
Term life insurance no exam policies are ideal for individuals who require instant life insurance and those that may be uninsurable due to ill health or life-affecting habits. The premiums are generally high and the death payout is rarely as much as it would be with a medical exam.