Why Buy No Med Exam Insurance
Did you know that there is a life insurance that requires no 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. The insurance companies want to make sure that they remain in business by qualifying those who can get an insurance policy and being healthy is one of those.
Consistent with the changing times, term life insurance policies are now offered without any medical examination required. 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.} Unlike before, you would not have to have your blood sample extracted by a medical practitioner or nurse. It is designed to give life insurance coverage to individuals who are not so keen about undergoing medical exams just to have an insurance. However, you have to make sure that you are truthful in answering all 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.
Term insurance policies are the most common form of insurance that do not require medical exams. The terms may be in 10, 15, 20, or 30 years, may have to option for renewal, and can range from $20,000 to $500,000. This early, you should know that no exam life insurance is more expensive that standard polices because the insurance company takes the risk of insuring you by just relying on your statement that you are indeed in good health condition.
Most of those who have themselves insured in this kind of policy are the young and healthy individuals who have busy schedules and do not have the time to undergo medical exams. 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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