Some Important Facts to Consider Before Choosing No Medical Exam Life Coverage

No medical exam life insurance is a policy that offers coverage to people who have been turned down in the past. However before taking a policy out, an individual should understand how these work and the down sides to choosing this level of coverage.

This type of life insurance coverage is gaining a lot of exposure on the internet and in the media. It offers polices to nearly all types of people and can mean for those who have been refused they can now get life insurance coverage.

Although on paper no medical exam life insurance sounds like a great offer there are still criteria that have to be met and the pay-outs may not be as generous as one may think.

Important facts about no medical exam life insurance

Firstly there is no medical exam to undergo. So this means that most people will be accepted. There is however still an extensive health background check and a comprehensive questionnaire to fill out. The company will still base a policy on your health but will not refuse you altogether.

The premiums can be considerably higher than the average one and this should be taken into account. Also the company may ask that the premiums be paid for a certain amount of time before a policy can pay out.

Older people are able to get no medical exam insurance coverage but the payout may only cover funeral and hospital costs leaving not much left over.  Overall the pay outs on no medical exam policies are considerably lower than conventional policies. This is something that should be kept in mind before making an application and the costs weighed up.

These are some of the important facts to consider about no medical exam life insurance. If you are young and healthy then this could be a good quick alternative or if you have been refused in the past then you may want to consider this too. When considering any financial commitment it is important to look at the advantages and disadvantages first. 

Posted by on Apr 4, 2012 in Blog | 0 comments
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