Factors to Consider When Buying No Medical Exam Life Insurance

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The cost of some insurance plans can be very prohibitive. It is advisable to shop around to get an affordable no medical exam life insurance plan. Making positive lifestyle changes, such as losing weight, kicking away your smoking habits or managing your health problem with medication can get you a cover with better rates. It is important to give honest answers in your application form. Do not lie, perhaps about your weight, height or health to save you money. If the insurance company discovers you have not been truthful, this can lead to an automatic decline. Worse still, the carrier can refuse to honor future claims. Therefore, it makes a lot of sense to be accurate up front.

Application process

Insurance companies allow buyers to use various channels to make their application. If you are interested in buying a medically underwritten plan, you will be required to take a medical exam. For this reason, you may need to visit your medical doctor or the insurance company can send a paramedical company to your home to take a blood and urine test. The exam can take about 30 minutes, while the results take several days to be derived. Therefore, you can expect to wait for several weeks or months before you are approved for a traditional plan. On the other hand, the plan does not require a medical exam. Nevertheless, some insurance carriers may seek for answers pertaining to an applicant health, although they do not base their decisions on the response given. The application process of such plans are easy and can be done online or through the phone.

Type of insurance

It is important to know which type of insurance caters for your needs and budget. Although they are many life insurance plans available in the marketplace, they fall into two main categories: Whole life policy and term life policy. If you are interested in a plan that provides coverage the rest of your life and builds up equity, then the whole life policy makes a lot of sense. However, you must be willing to pay a more for this type of policy. Unlike the whole life policy, the term no medical exam life insurance provides cover for a specific duration. It can assist your loved ones to take care of their needs within a defined term. Make sure to buy a term policy with a renewal feature, so that if your term expires and feel you still need insurance your cover can be extended readily.

Amount of coverage

It is important to buy enough coverage. In order to determine the right amount of coverage, consider the needs of your family. Prioritizing your needs helps you determine how much financial support your family would require if you lost your job or died prematurely.

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