subject: No Exam Life Insurance: The Basic Points To Remember [print this page] A no exam life insurance offers a very convenient way of getting insurance coverage. As the name suggests, this is a type of insurance policy that does not call for the person who wants to be insured to undergo any medical examination. If you have excellent health, you can easily qualify for this type of protection. Conversely, if you have a history of cancer, heart ailments, and other serious disorders, you will not get approved for this kind of life insurance. But the good news is that even older folks can qualify for a no exam policy through a guaranteed issue life insurance.
When applying for a no exam life insurance, you need to keep in mind that such a policy typically costs more than ordinary types of life insurance. You have to realize that with a no exam policy, the insurer will have no way of figuring out if a person who wants to be insured has a high probability of getting ill. So, to help lessen their risk exposure, insurance companies offer no exam policies at higher premiums. In relation to this, there was even a time when only younger individuals could get approved for insurance policies without medical exams. The reason was that insurance companies believed that most young people are healthy.
Now, you may be wondering how insurance companies can know if a person applying for a no exam life insurance policy is indeed in tiptop condition. Well, before an individual gets approved for this type of policy, he or she needs to answer a questionnaire. It is very important for you to be honest when answering such questionnaire. Lying about your health condition can only result to your benefits being denied. If the insurance company finds out later on that you have preexisting health problems during the time of your application, the policy that you hold will be immediately terminated and you will get no coverage.
One good thing about no exam life insurance policies is that the rules being used by companies that issue them are now a lot less rigid than years before. The huge advances made in health sciences make it possible for most people to take good care of their wellbeing. This means that insurance companies are a lot less exposed to risks while policyholders can get appropriate coverage. With this in mind, you should not be surprised at how popular no exam policies have become today.
by: Russell Rabichev
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