subject: Getting No-medical Life Insurance [print this page] While most people understand the importance of adequate coverage, they fail to seek information for a number of reasons. One of these is that they balk at the idea of having a physical examination done to qualify.
While this is understandable, this is not always a valid concern. Protection can be obtained through no-medical term life insurance.
It may seem a bit contradictory that no-medical insurance actually exists. After all, insurance companies are known for protecting themselves.
A basic check will show that many companies are genuinely interested in protecting individuals and families against eventualities. An agent can help you decide whether a no-medical exam life insurance is the best option.
Understanding No-Medical Term Life Insurance
Term policies provide coverage for a specified period of time which will be outlined in the policy. This type of policy is strictly a death benefit policy that comes without any additional benefits.
Other types of coverage may add a clause that covers accidental dismemberment. Such options do not exist when protection is offered for a specific period.
It is important to understand that getting coverage without a physical generally means buying a term plan. This kind of policy has been used successfully by many individuals. The coverage offered by these types of policies is not inferior to that provided by other plans.
People may choose this type of plan for a number of reasons, including:
* Their finances may not enable them to buy another plan. These plans are generally cheaper although this depends on the length of the term.
* Term life insurance policies are sometimes a better fit for future plans. An individual may just need coverage until their children have finished college. With type of policy they can be comfortable knowing that tuition will be covered should the need arise.
* To provide a means of dealing with final expenses. This includes funeral expenses and outstanding debts.
Obtaining No-Medical Term Life Insurance
This is actually one of the attractive features of this type of coverage. When buying this type of policy, the individual will not have to be declared fit for coverage.
Possible factors that will influence the provision of coverage include:
* Age
* Medical history
* The amount of coverage being sought
* One company may vary its packages depending on the state
Getting a no-medical plan will mean answering health questions in addition to providing other information. Health questions usually require simple yes or no answers.
In many cases coverage can be provided in a matter of minutes. These questions help to calculate and establish the amount of coverage that will be provided. A person in good health will generally pay less to obtain the level of protection they require.
Even with no-medical exam policies, package options may vary. So it is best to clearly understand the alternatives before choosing. Some policies can have an automatic renewal date, and some may allow a switch to full coverage when the set period is over.
No-medical term life insurance is a good way to protect yourself and your family at a reasonable rate. Quotes can be obtained over the phone, by mail, online or from a local agent.
by: Brian Greenberg
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