One special type of term life policies life insurance no exam is valid for specific time period only. Following similar pattern of other term policies this special category is offered for particular term. In case policyholder dies in stated term the beneficiaries get face value of insurance in the form of death benefit which ordinary term policies too do. This policy doesn’t have cash value hence when a policyholder outlives term of such policies no single penny is offered. Premiums paid in such policy too go into insurance category for coverage.
Three major basic differences are between normal term life insurance policies and life insurance no exam insurance policies:
• Undergoing proper medical test before preparation of quotes is necessary in normal term life policies which make one eligible for life insurance coverage. But when you buy life insurance no exam policies you are given coverage without medical examination. Mere reply of some health related questions is enough.
• When normal term policies are bought underwriting process takes some time and one gets coverage after several weeks of submitting application but in life insurance no exam you don’t bother about time as get coverage instantly. Even underwriting process is simplified.
• Usually term life insurance rates remain cheaper. But when you buy life insurance no exam term policy you are asked to pay more. It may even go almost three times more than usual term life insurance rates.
Not everybody who applies for life insurance no exam is provided coverage. The carriers will ask you quite a few health related questions and then they will run you through Medical insurance bank or MIB as well as through Motor Vehicle Report or MVR. By running you through MIB, they will make sure that you have no major health condition and running you through the MVR, they will want to make sure that you have not been booked for rash or drunken driving. Being served a warrant or a ticket will prove that you are not as responsible as they would like you to be.
Therefore, if you had believed that you could get coverage in spite of having serious health conditions, you are wrong. They may even deny coverage if you indulge in dangerous sports or are in a hazardous occupation or may exclude those from the scope of insurance. It is always prudent to find out what the particular life insurance policy excludes before paying for it.
I have briefed earlier that life insurance no exam is a category of term life insurance policy offered without medical test and higher rates are charged. This category is an option for instant issue of policies and carriers issue policies instantly. You may search life insurance quotes for life insurance no exam policies on internet if running short of time to appear for medical examination and are in hurry to get insured. It has similar process to buy insurance for which you ask for quotes before buying life insurance no exam.
Take proper decision about coverage term and amount prior to asking for quotes. Usually quotes are prepared by keeping age, gender and tobacco use and coverage amount and term as a basis. You must note it that insurance companies ask about tobacco use at the first stage of quote preparation. Life insurance rates get increased due to tobacco use and it is applicable in life insurance no exam too. Women and young people get lesser rates like it is applicable in other term policies.
Once you have filled up the initial quote form and hit the relevant button, you will be supplied with a number quotes. Choose one that suits you most and apply. Now you will be supplied with another form. There will be a number of ‘eligibility questions’. Answer them honestly or if they find out that you have lied later on, they may cancel the contract. Life insurance is after all nothing but a contract. It will be worse if that happens after your death…
It is better to appear for medical test if you are not in a hurry and don’t have any allergy to paramedics and needles. Such tests are arranged according to the convenience of policy buyers. These tests consist of measurement height and weight, blood pressure and pulse rate etc. Samples of blood and urine are taken for checking cholesterol, glucose, protein, creatinine, cocaine and HIV. Besides this test few questions are also asked about one’s family and medical history of both to reconfirm about any hereditary diseases and the possibility of catching up any of them. The moderately healthy condition of yours will lead you to get best life coverage at reasonable rates then you shouldn’t pay extra funds if it is easily available in cheaper rates.
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