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No Medical Exam Life Insurance
- Life Insurance
- No Medical Exam Life Insurance
Life insurance is something that almost all people know they really should have—but don’t. Simply stated—people never like thinking about the possibility of their own death. However, many people can get past this uncomfortable thought because of their love for their family and the desire to make sure they are financially secure in the event of some tragic event. What most cannot get past, however, is the medical exam that is typically required by the insurance company prior to issuing whole or term life insurance. No Medical Exam Term Life Insurance is an option for those people who want to take care of their loved ones but don’t want the hassle of a doctor’s visit (note that issuance of any policy is not guaranteed and will be determined by an application process).
In this fast-paced and hectic world, most simply do not have the time to take a day off for a medical exam to buy some life insurance. Nobody wants to use a vacation day and who wants to spend a day off going to the doctor’s office and insurance company? No Medical Exam Term Life Insurance solves both of these issues and still provides the insured with the peace of mind.
Risk Factors Considered For No Medical Exam Life Insurance
Insurance companies collect large amounts of demographic and medical data to help them determine risk factors. While it may seem very sinister and morbid, insurance companies use the information collected on applications to help them project the life expectancy of someone applying for a policy. A troubled medical history, smoking, excessive weight, even being single--these are all factors that tend to lower life expectancy and thus increase risk for the insurance company that a policy will need to be paid.
To compensate for increased risk, companies charge higher premiums when applicants provide information that points to a lowered life expectancy. The very fact that a No Medical Exam Life Insurance policy does not require a doctor’s visit will increase risk. After all, the insurance company does not know what conditions the applicant may have and that is why a person will pay more for a life insurance policy that does not require a an exam than for one which does.
Coverage in Life Insurance With No Exam Policies
Another factor that will play a critical role in premium prices for any life insurance policy is the amount of coverage. The higher the coverage, the higher the premium. An insurance company may be nervous about writing a No Medical Exam Life Insurance policy when the applicant is asking for excessive coverage relative to income level.
No Medical Exam Life Insurance is a form of term life insurance. It is generally available in 5, 10, 20, or even 30 year increments. Once the premium is determined for the policy, rates remain fixed for the duration of the policy. However, if the term expires and a person wishes to renew the policy, rates are liable to increase.
So, for anyone looking to help safeguard the financial security of their loved ones in the event of an unforeseen tragedy, No Exam Medical Life Insurance is a hassle-free option. While the rates are generally higher than for similar life insurance policies that require medical exams, the convenience and peace of mind that comes with this specialized life insurance coverage may make the added expense well worthwhile.
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