Most of the time, while searching online to get a life insurance policy to fulfill your needs, you would have come across through many advertisements propagating life insurance with no medical exam. And often you feel that these advertisements are trying to rip you off. Well, it is absolutely possible to get life insurance without giving any medical examination. There are few options provided by the insurance companies which are only a click away on your computer. Only the thing you are required to do is you have to check yourself the terms, conditions and eligibility criteria suits you or not.
To obtain life insurance without any medical examination, you have to answer a set of questionnaire regarding your age, gender along with the online application for proposed insurance plan. You are also required to submit the facts regarding your health status and information about your medical history if any. After submission of this information, the online agent of the insurance company will assess the answers and information to the questionnaire and decide whether or not you are eligible to get life insurance without having medical exam.
Although it is not certain and no one can assure you about your eligibility regarding this policy, you do need to be in perfect health and young to avail the same. Normally people who are young and healthy can easily qualify for life insurance no medical exam. And remember one thing, while submitting the information or answering the questionnaire about your health always tries to remain truthful and honest. If you try to give false or wrong information and thus try to mislead the insurance company; then this reason is enough of the life insurance company to deny you the coverage.
Once you have completed the formality of submitting answers and if you are happened to comply their conditions and so becomes the eligible applicant for life insurance no medical exam then the further procedure is quite simple. You can pay for your insurance premium form your credit card using online transactions and get the printed copy of your insurance policy without medical exam for your records.
When you surf the net to purchase life insurance without medical exam and if you are eligible for it then prior to choosing the appropriate life insurance plan for you, you are needed to be much more educated regarding life insurance plans. Generally all life insurance policies are classified into two different categories.
1.Standard Life Insurance – Also known as permanent life insurance plans, these packages offer the coverage for the whole life of the insured person. As the coverage is meant for life long time, usually the premiums of such policies can be high as these may continue till the death of insurer.
2.Term Life Insurance – this is also known as temporary insurance plans. As the name implies, these policies are meant for short term coverage. These policy normally offer a coverage which expire after a set term of 5, 10 or 20 years. The premiums you are required to pay for these policies can be low as death is not certain during the policy term. Hence term purchasing term life insurance can be a less expensive process compared to the standard ones.
Most of the time, life insurance with no medical exams offered come under term life insurance policies. Hence, most of the time, these no medical exam life insurance plans are less expensive with a premium around 300$ per month for a coverage of 1,50,000$ for a term of 15 years!
The rates offered by such no medical exam life insurance policies remain constant throughout the duration of the life insurance policies. This gives you a tremendous benefit as while the policy is in effect, and in case your health start deteriorating or you fell sick there is no way the insurance company can increase the premium or alter the amount of coverage offered. So once you are qualified for life insurance without medical exam then in case of sickness these policies have edge over the others.
Another type of insurance policy you can obtain is guaranteed issue individual life insurance policy. Often marketed to the elderly or overage persons, any one can get insured without even answering the questionnaire and without giving any medical exam. These are short form life insurance policies that are designed to arrange the funeral expenses policy.
The premiums of such policies are usually high. As guaranteed issue life insurance policies don’t consider medical information to set the premiums, these plans are more expensive to purchase. Because the rates are rather high, the coverage offered is low; these policies are often used to supplement the existing one rather than to serve as the basic insurance option.