Life insurance policies that do not require the applicant to take medical examinations are a new product on the insurance market and many people do not fully understand how they work. Is life insurance no medical exam required worth your money? What benefits can they provide? How does underwriting work? All of these questions and many more will be answered in this article.
The underwriting process
Probably the main and most attractive feature of these policies is the simplified underwriting process. Normally, when applying for life coverage, clients would have had to go through different medical examinations which include blood and urine tests, MRIs and physicals. Going through all of these tests is time consuming and a better alternative is offered by no medical exams policies!
The underwriting process being a lot simpler, you only have to complete a questionnaire. Based on the answers you give, the agency will determine your eligibility and will set your premiums. This method of underwriting is a lot easier and more comfortable for many of us. It also allows people with health problems to get life coverage.
Life insurance no medical exam required has several advantages that may make you consider purchasing a policy. Here are some of them:
It is issue very fast! Because the underwriting is a lot simpler, these policies are usually issued in 24 hours. A typical life coverage plan is usually issued between 30 an 60 days.
It is easy to qualify for coverage! People with pre-existing conditions have higher chances of being eligible for life insurance if they do not take a medical examination. However, keep in mind that terminally ill people, AIDS or cancer patients will not qualify for a plan!
You will save a lot of time! Applying for this type of coverage is very time-efficient. You can do it online by completing a simple questionnaire. You will no longer waste time visiting doctors and hospitals for examinations!
The speed and the simplified underwriting process come at a cost. The premiums for life insurance policies that do not ask for medical examinations are always higher. These plans can be quite costly and they are not a very good investment from this point of view.
The other disadvantage is the limited coverage. Some policies offer coverage up to $300,000, but you will mostly afford small values like $50,000.
Is it worth the money?
Normally, because they are expensive and have low coverage value, no medical examinations life insurance is not worth the money. However, in certain circumstances it can be beneficial.
If time is very important, or if you are suffering from a pre-existing condition, purchasing a no medical exam life insurance policy is your best option. Otherwise, it is better to go through the tiring underwriting process of a typical plan.
If you want to purchase cheap life insurance that does not require medical examinations, visit our website and compare quotes from top providers!